Show INO 1 ° TNE IN STOCKS Profittaking Drove Prices Below Fridays Level REVIEW OF THE WEEK SOME EXPLANATIONS OF DRASTIC TIC LIQUIDATION Views of Experts On the Movement of Money Prom New York to the Interior Londons Persistence I Buying American Securities I race of Decline f New York Feb 26The stock market was listless and without decided tone today to-day 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 profittaking by yesterdays yester-days buyers drove prices below last nights level The close was above the lowest but net changes were much mired The course of prices was unsettled un-settled and conflicting in the final dealings deal-ings some stocks moving upwards and others downwards simultaneously and apparently ap-parently without manipulation The whole of tho trading was by small room traders trad-ers and large operators were apparently content to stand by for the present and watch the course of things Canadian Pacific ruled higher Northern Pacific preferred was notably firm all day WITHOUT EFFECT The bank statement was without particular par-ticular effect as the conditions disclosed had made themselves felt during the week The heavy decrease in loans Indicates Indi-cates liquidation on the stock exchange but probably does not fully measure i 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 G points lower than a week ago Declines in the speculative bond issues are 1 to 3 per cent government bonds are IVi to 3 per cent lower call money rates have risen from IV to 3 per cent and exchange has fallen to the gold import point with S2000uO engaged for shipment or In passage I pas-sage encage brief represents the I changes last Saturday in the financial situation from I DRASTIC LIQUIDATION Prices of stocks are considerably above the low point of Thursday morning when the downward plunge took on panic conditions con-ditions for a time The weeks drastic liquidation in the stock market was forced by the marking up of call loans Coming on a market poorly supported because be-cause of the threatening outlook of the Cuban question and with many orders to I sea out long stocks these offerings precipitated pre-cipitated a decline that wiped out all margins mar-gins and brought a torrent of stock on an already weak market From a technical tech-nical standpoint the stiffening of money rates precipitated the decline The higher money rates were in turn due to withdrawals with-drawals of currency from New York banks for shipment to 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 settlement settle-ment and Is thus to meet regular business busi-ness demands or whether it is a cautious safeguarding by interior banks against a possible need growing out of present complications over Cuba As against the latter view it is to be considered that interior banks are permitted by law to count a in their legal reserves a certain proportion of money that is on deposit in New York banks designated as depositories de-positories the same as though i were In their own vaults I is also true that there is an Increasing amount of commercial commer-cial centers paper offering < at Interior financial LONDON BUYING The London market has persisted in buying American securities in face of the violent decline In prices Even the gold movement to New York estimated all the way from 10000000 to 50050000 has not put a stop to London buying of American Amer-ican securities a result which usually I follows almost Immediately arge cap I itallsts and corporate Interests on the i lookout for bargains are credited with having absorbed large lines of stocks in I New York as well as in London at the i low 4t prices reached FALL IN BONDS As for the sharp falling of the bonds a rise In the money rate Is naturally coincident co-incident with a fall in governments The banks which became depositories for the Union Pacific payment to the government govern-ment had to give government bonds as security and the demand thus created made record prices for the bonds Now the government Is withdrawing its deposits de-posits and reissuing the bonds to the banks thus making them available in the market MONEY MARKET Money on call steady 2 per cent last loan 2 Prime mercantile paper Swii per cent Sterling exchange firmer with actual business 1n bankers bills at 484Y 104S4t for demand and 4Fi for WdaVS I Posted rates JS3ffr4S3Vi and 4SoAg4M > Commercial bills 4S1 ½ Silver certificates S5J5G Bar silver 5W Mexican dollars 454 L i State bonds quiet railroad bonds steady government bonds Irregular new 4s registered 124 new ts coupon 124U 14s registered 111i4 4s coupon 112V4 2s registered 2S 5s registered and coupon 112 Pacific 6s of 99 102i SALES OF STOCKS Total sales of stocks today 178400 shares including 13703 C B Q 3WO L N 7975 Manhattan 3S90 Metropolitan Metropol-itan 3330 Reading preferred 4045 New York Central 7JJSO Northern Pacific preferred pre-ferred 5500 Pock Island 13S20 St Paul G430 Union Pacific 6635 Peoples Gas 27 925 Sugar 3SS2 eather preferred 5S54 Western Union BOND QUOTATIONS U S hew reg1244 N T C Ists 116 U S new 4s N J C Is1135j coup 1244 N P lets115 US 4s llltt lf P S3 COlt U S 4s coup 112 N P 4s 95s4 U S 23 SSV Nor W CS125 U S 5s reg112 Nwest cons142 U S 5s coup 112 Nwest debs SsHTTfc Can S 2ndslOS0 Nay Ists HiD Hi-D Li R G lsts109 O Nay 4s S4 D R G 4s 00 O S L 6s t r22 H TC5sIO9 ½ OSListr99 H T C con O Imp Ists t r109 Cs 105 O Imp 5s t r 57 Iowa C Ists100 Reading 4s S3 1C P con t r106 R G W Ists 81i K P 1st Denver U P lets12704 Den-ver div t rl31 > 4 U P D G La new cons 4s 88 Ists 85 M K T 2nds 60jVnbash 1st 5S10S M K T 4s STifcJWabash 2nds 7S STOCK QUOTATIONS Atchison ll1St Paul 92 Preferred 27i Preferred 145 Bal Ohio 1C So Pacific 19 Can Pacific S Tex Pac 10 Ches Ohio 20iUnlon Pacific 20 Chi Alton 1C2 ill P D G Si C B Q 93iWabash 6 Del hudson 1t < Preferred 1C J7 L V150 Adams Ex112 D R G 12 American Ex125 Preferred 47l United States 52 Fort Wayne165 Vells Fatgo115 GL N pfd 154 Colo F 1 204 Illinois Cent100 Preferred 78 Lake Shore 131 Gen Electric 32 Mich CentitS Lead 30 Mo Pacific 2G ii Preferred 103 M K di T 11Ore Imp Co 26 Preferred 36 ½ Pullman Pal177 Nor West 13 Silver Cert55 N Pacific 21 Standard R Preferred Cl T 4 i O n N 47 Preferred 110 0 S L 27 Western Union S65i Pittsburg 169 Sugar 122 Reading IS1R G W 23 Rock Island t5H Preferred 57 SAN FRANCISCO STOCKS San Francisco Feb 26The official closing Quotations for mining stocks today to-day were as follows Alta J5i ulla 2 Alpha Con Uustlce 4C Andes Kentucky Con 2 Belcher Z Lady Washing Best BMcher 3S ton Con 3 llil IlMevies Caledonia 33 Occidental Con 1 53 Challenge Con SOOphlr 4S Chollar r Overman 12 Confidence C3 Potosi IP C C ti Va SOlSavage 23 Con Imperial IjScorpion 5 Con New York 2 Sierra Nsvada 1 OS Crown Point 14Sllver Hill t 3 Kschequer Union Con 10 Gould Curry IP YellowJacket 25 Hale Norcross 1 Standard 160 |