The age-herald., 1898-02-27
In Wall Street.

New York, eb. 26.-The stock market was llstless and without decided tone today. The net changes were trivial in most cases and the market moved up and down within a narrow range London buying gave a slight upward impetus at the opening and then profit taking by yesterdays buyers drove prices below last nights level. The close was above the lowest but net changes were much mixed. The course of prices was unsettled and conflicting in the final dealings of some stocks, moving up- wards and others downward, simultaneous ly and apparently without manipulation. The whole of the trading was by small room traders and large operators were apparently content to stand by for the present and watch the course of things Some few stocks were notably firm all day, such as Rock Island and Erie issues, Northern Pacific preferred and some of tho southern and southwestern roads.
 Canadian Pacific also ruled higher The bank statement showed the heavy decrease in loans, which indicate liquidation on the stock exchange, but probably does not fully measure 1t, as the loans which have been called have been in part replaced in time loans and commercial paper Prices of standard stocks are 1 to 6 points lower than a week ago, declines in the specula tive bond issues are to 8 per cent. Gov ernment bonds are F to 31s per cent.
 Exchange has fallen to the gold import point. with $2,200. 900 engaged for shipment or en-passage. This, in brief, represents the changes in the financial situation from last Saturday. Prices of stocks are con- siderably above the low point of Thursday morning, when the downward plunge took on panic conditions for time. The weeks drastic liquidation in the stock market was forced by the marking up of call loans. Coming on a market poorly supported by the threatening outlook of the Cuban ques- ton and with many orders to sell out long stocks, these offerings precipitated a de- DinG nd brought a. torrent of stock on an already weak market. From technical standpoint the stiffening of money rates precipitated the decline. The higher money rates were in turn due to withdrawals of currency from New York banks for special use in the interior. Competent expert authorities differ as to whether this movement of money to the interior is to be attributed to the preparation for the regular spring set clement and is thus to meet regular busi- ness demands, or whether it is a cautious safeguarding by the interior banks against possible need growing out of the present complications over Cuba.
 The Cuban question was. of course, the direct incentive for very large offering of stocks and bonds, but the forced liquida- ton was augmented largely by the banding uses for money in fields other than speculation. The hardening of money has been promptly followed by fall in ex- change and important movement of U thus drawn upon being estimated all the way from $40 900, 900 to $S0 000fo0O. The Lon don market has steadily refused to take alarm at our Cuban complications and has persisted in buying American se- curities in face of the violent decline in their prices This buying had added ma terially to the stocks of exchange. Even the gold movement to New York has not put stop to London buying of American securities, result which usually follows al- 4~I.r T fflIto tofC md corporate interests on the lookout for bar gains are credited with having absorbed large lines of stocks in New York as well as in London at the prices. As for the sharp fall in government bonds a rise in the money rate is not usually incident with a fall in governments.
 For another thing, the banks which be- came depositors for the Union pacific pay ments had to give government bonds as security, and the demand thus created made record prices for the bonds. Now the government is withdrawing it's de- posits and releasing the bonds to the banks thus making available in the market. The irregularity of the decline in the bonds points to some such special cause the price for four registered of 1907, having fallen below that for the fives. Prices in the bond market have moved in sympathy with stocks, but over a much narrower range and on largely decreas- ment bonds are from 1-2 to.3 1-2, the latter the new fours coupon. Money on call steady at per cent; last loan at per cent.
 Prime mercantile paper, 466 per cent Sterling exchange firmer, with actual bus mess in bankers bills at .$4.S4AG4.8fas for demand and at SASHA for sixty days. Posted rates, $4S3a4Ssh and $4.s5laa4.S6. Commercial bills, $4S1GD4-s11z.
 Silver certificates, 55asM56as.
 Bar silver, 55A.
 Mexican dollars, 45h
 State bonds quiet
 Railroad bonds steady.
 Government bonds, irregular; new As coupon. 1144; As registered, 111R; coupon, 1121z; 2s registered, 991a; 5's registered. 112; 5's coupon, 112; Pacific 6s of '99, 103k.