The daily morning journal and courier., 1898-02-26
EftIuMciaI.


 New York, Feb. 25-There was a sharp recovery in the prices of stocks to-day in which ths engagement of gold for import was the predominant infiu- ence. The coufse of the exchange market yesterday foreshadowed the early impprtatio4 of gold. which is the direct outeomS okthe stiffening in the rates for cali money. The amount of sterling exchange held in New York is variously estimated at from s4o,oooooo upwards. A large part of it has been used as collateral for loans and the large liquidation@of of loans has released quantity of this exchange, and brought E upon the market In other words, the rise ,e in the money rate makes it more profitable to bring home funds which have been left abroad on account of the higher rate hitherto pre- vailing there. The import movement of gold is likely to continue unless there should be a sharp advance in the mon- ey market in London and Paris. The calling in of this country's gold credits abroad is likely to put a stop for the present on the foreign buying of our securities. which has been large of late and which continued even to-day. The bears made an effort to retain control of the stock market at the opening to-day by raising a few of the special ties, notably Metropolitan Street Rail- way and Manhattan, but they were unable to wipe out the gains shown in sympathy with London. Trading was nervous during the first hour, but after that the upward tendency of the market became fairly settled and con- tinued throughout the day, with occa- sional slight reactions. A distinguish ed feature of business was the large number of small lots of stocks that changed hands, reflecting a large in- vestment demand which was invited by the low prices of yesterdays slump The large short interest created in the recent decline was material factor in to-day's rallies, the bears having evil dently placed stop loss orders, which were uncovered as the rise progressed Large corporate interests were credited with continued absorption of stocks to- day The days highest level of prices was not fully maintained, but net gains generally are from to 9 points. Great Northern preferred gained points on renewed rumors of a valuable distribu- tion to be made to stockholders. The efforts being made to adjust rate dif- ferences on western and rans-conti- mental lines was a favorable factor in the market. Money on call loaned at per cent, but later in the day be- come easier in response to the gold en- agreements. Rates were firmer in both the time money and commercial paper markets. There is a continued large movement of currency to the interior to meet an expanding demand for money there.
 With regard to assertions that this movement of money is designed to | strengthen the bank resources against | possible contingencies it should be borne in mind that banks are allowed | to keep a part of their reserve in the New York city banks, which are desig- | mated as Repositories. These deposits | still figure in the legal reserves of the | interior banks as much as though they were in their own vaults.
 There was sharp recovery in bonds l to-day in sympathy with stocks. Total sales, s2,640,OO0.
 United States new fours coupons de- clined IF; fours regular, 1. and the old fours regular and the fives half bid. The steamer Campania sailing for {, Europe tomorrow will take out 621, ,00O | ounces of silver.
 | | Following are tine closing prices re.
 ported by Prince & Whitely, bankers 1 and Brokers. 46 Broadway, New York