The times., 1899-03-01
STOCKS DEPRESSED.
BY 4 MANILA CANARD
A Wild Rumor of an Ameri-
can-German Rupture.
Its Effect Apparent in a Rapid De-
cline All Along the Line.
Prices Throughout the Day Were ir-
regular and Feyerish-Tbe Mar
kct Closed Weak and Active.

New York. Feb. 2S.-An improbable and
unauthenticated report that there had been
an open rupture between the American and
German forces at Manila, in which one of
the German forces squadron had been
sunk, was disseminated on the Stock Ex-
change today, and it was specifically, at
least the cause of n rapid decline in the
general market. The standard railway is
sues broke n full point, and in number
of the industrials the losses scored were
greater. 1t is likely that but for the ap
prehensions excited by last weeks mysteri-
Gus dispatch from Admiral Dewey the day S
rumor would have received slight credence,
but on a rather professional market its
effect was pronounced. While this rumor
was engaging attention there was a rise in
rates for call loans TO 3 per cent, and the
room traders exploited this circumstance
also in their efforts TO bring about reac-
tion. though the incident appeared to have
no Significance as regards the actual con-
dition of the money market Very little
money was actually employed at the rate
named, and under free offerings from vari-
Gus quarters the rates for call loans soon
declined to the general average of the
week. The course of prices was irregular
and rather feversh throughout the day.
The market opened higher, and in the
forenoon a number of stocks scored sub
stantial advances, the Northern Paciiics
being conspicuously strong. Upon the pub
lication of the Burlington and Quincy
January statement, however that stock
broke very rapidly. thus unsettling the
other granger shares and the general mar
ket
Foreign houses were again buyers on a
moderate scale. Ii is probable that the
incoming ships of the week will bring in
the last of the securities which were sold
in such large volume up TO two weeks ago
AS regards the effect upon the bank state
ment of the receipt of these securities an
exaggerated idea prevails. When foreign
houses sell securities in this market they
remit the proceeds at once and often bor
row upon their own securities in order
TO purchase the exchange necessary. When
they receive the securities from Europe
they deliver them to the local purchasers
and pay off their own loans, the securities
then appearing in the loans of the stock
brokers. So far as the local banks are
concerned. there is little or no change in
their loan account involved. The cor
rection of the reports in regard to the
state of affairs at Manila had little effect
upon the market which continued dull
and depressed.
The industrial shares which were ac
lively dealt in, were as erratic in their
movements as were the railway stocks.
A very sharp recovery in Third Avenue
stock was a feature of the market. and it
was based upon renewed reports that the
control of the road had been obtained by
the Metropolitan Street Railway through
purchases made outside of the stock mar
ket Among the specialties there was a
sharp break in Consolidated Gas while
North American advanced on heavy trans
actions. The general market closed weak
and active.