The age-herald., 1899-03-05
PRICE OF STOCKS
 SLIGHTLY LOWER
Appearance of Bank Statement
 Caused Sudden Slump.
TONE OF ENGLISH CABLES.
Was Favorable Toward American Secu- -rities, But Conflicting Reports were in Circulation as to the Cause
 The Bond Market


 today worked upward under the impetus of yesterdays movement until the appear ance of the bank statement showing loss ots over $5,OO0,0OO in the surplus reserve and another expansion in the loan account. Prices immediately gave way sharply in many shares, the recession being from one to two points, and leaving the standard stocks fractionally below yesterdays fig ures.
 A good tone prevailed on the London exchange for Americans, but advices as to the nature of the purchases were con- fiicting, some intimating that the move was initiated from this side, whie others affirmed it to be confident buying for Eng fish investment account. There were sharp advances early here in the steel stock, the anthracite Tobacco, Brooklyn Transit, General Electric and the prominent rail- ways, the latter improving a point in some cases Reports of some of the large bull interests seemed to land support to Bur lington and the steel stocks New York Air Brake was very strong spot after the appearance of the bank statement, when buyers threw over stocks and the market NsCSSNa losses occurred for the week outnumbered those which advanced over 2R to l. The market opened with show of strength on Monday and thereafter sagged until Friday when better tone prevailed up to the appearance of the bank statement, when prices again eased off The more prominent declines were Third Avenue, 21z; Metropolitan, T. Pittsburg, c. C. & St. L., g; Burlington, Central Pacific and Pacific Mail, over each. The conspicuous excep- tions to the general tendency were Amer ican Tobacco and American Steel, the former rising SA, while the latter was up S$s. A false rumor that Admiral Dewey had sunk German cruiser exerted an un- settling influence on the market, which was not altogether dissipated by the em- phatic denials of the rumor. .
 The underlying conditions were no less favorable than formerly, while there was many evidences of prosperity in commer- cial and financial circles. The prevailing feeling of confidence was reflected by the advance in the wages of iron and cotton workers in various sections of the country. The balance of trade usually considered dependent so largely on the foreign demand for American cereals was strengthened very much by the increasing exports of domestic manufactured articles, which are exceeding the imports by about 25- per cent. Indeed, the exports of such articles average in value million dollars for each working day. Commercial activity was also shown byssthe increase in bank clearings of 40 per cent. for the week as compared with the corresponding period of last year. The continued demand for iron and steel pro- ducts at rising figures had a stimulating influence on shares of companies connected with the trade.
 The graduation traction in the surplus reserve shown in the weekly bank state menk together with an expansion in loans, cannot be regarded as remarkable when 1t is considered that money has been deeded to finance many railway deals, but more particularly colossal industrial combina- tions. The capitalization of such concerns organized within two months exceeds $l,- 100 GOO. Then large sums were requlreo 10 care for American stocks returned from abroad but there were indications that some of these stocks were already begin- ming to be reshipped to London. A harden ing rate for money appeared at one time call money touching 412 but subsequently casing off to. 22 per cent The highest rates were established on securities which lack an active market. It is usual Tor money to be moving toward the interior at this time. but the temporary appear ance of a high rate started an influx Of money to New York.
 The improvement in the money rate was nromptly followed by a decidedly easier tone in the SteTl1ng eACHdHSS ACl' "i'Sh was taken to indicate the probability Of America's declining upon it's funds loaned abroad. should the money rate rise sharply. The import of nearly s36,000,00O in gold at San Francisco within the last seven months has not attracted much attention in the east. This inflow, however, has been fully reflected in the weekly bank statement or New York institutions. Scale buying by leaders of the street, together with some commission house purchasing, absorbed the offerings of timid holders and traders at times when prices were about the lowest. Tine industras generally received inside rnauipulative support preventing them in many cases from sagging away in sympa- thy with the weakness in the standard shares. The unsettling rumors which were. disseminated in the street regarding the po-- litical operations by investment interests, thereby reducing the aggregate of dealings and enabling the professional element to operate with more freedom
 The bond trading during the week was very irregular with a marked undertone of ffrmness. United States 3s and the 2s ad vaneed half, the new fours registered <, As coupon as, the lives A and the old As registered 1s