The sun. [volume] (New York [N.Y.]) 1833-1916, 1898-02-26
EUROPE SENDS GOLD HERE,
$4,000 OO ENGAGED ABROAD YEs-
IERDAY FOR SHIPMENT.
Recently. asa circumstances Are Such That
Shipping Gold IL tho Cheapest vay-Ds.
clinea OF u. 9. and RnnnInh nnnhn

Its TO Pay for American Securities Bourho
Recently, nud Circumstnncss Are Such That
Shipping Gold IL tho Cheapest vva,-De.
clines or u. 3. ana Spanish Ronda.
Gold amounting to 81, 200, 600 was engaged
for import to this country yesterday. The Ma.
tional City Bank will import from London
$500. 600. and the following firms will bring in
the rost: l.. Won Hoffman d. Co., $3.50, 900, part
from London and part from Paris; Heidelbaoh,
Ickelheimer & Co., $1,000 900 from Paris; Kuhn,
Loeb 81 Co., S250,O00 from London. The
shipment is traceable to the heavy demand
from abroad for American securities. While
domestic holders of stocks, uneasy because of
the possibility of wnr between the United States
and Spain, have been liouidating their holdings
in the past ten days. there has been n steady
picking up Of stocks at declining prices In this
market on orders from abroad. The importers
Of gold yesterday said tina. it was to pay for
these purchases that gold ia now shipped here.
The sitter rates for money in the local market
due to tho shipments OF cash to out-of.town
banks have contributed materially toward max.
Ing the shipments possible. Under the existing
conditions to send over gold is the cheapest way
to pay for securities bought here.
President James Stillman of the National City
Bank made the following statement yesterday
In explanation of the gold imports:
THE balance of international trade has been
very heavily in favor of the United States
for many months. and had it not been for the
amount of sterling retained on this side OF tho
water a great deal of gold would already have
been brought to America from Europe. The
retention Of this sterling has meant q practical
lending Of money to Europe. Within the last
ten days the balance in favor of this country
has been increased still further by the constant
buying Of securities in this market on orders
from London. These purchases must be paid
for, and it Is to pay for them that the gold i'm.
portationsa are now being arranged. How much
upon the supply of exchange. II London BUYS
moro stocks here the exchange market will con.
tl9 Gold weak sI1o ana more e gos ssH MI a6 be shipped here.
tho firm OF Muller, schall d Co.. Is now on It's
way to this city from France. but it is en- route
10 Cuba and Is not expected to stay here. The
day. influenced by the higher local money rate
drawn against foreign. purchases Of American
securities. Demand bills were offered in vol.
5 sp per ." cent ast over rs sun mGSeS fIie she a su lbCm AL TO
the local banks obtained during the day nearly
81 900. 600 In currency of small denominations
to be expressed out OF town to their correspon-
dents. It was estimated that the shipments to
interior banks approximated 81 800, 600 for the
The stock market enjoyed a,rally from tho
sensational decline on Thursday. The an
port together with further Buying HR for OF foreiEn
account and local buying, chiefly to cover con-
tracts nrnHsr Tor Sh9pt account, assisted in the i'm,
weak and recorded a further decline. The
coupon IA Of 1928 sold down to l24A. against
IA bonds Of the same issue sold AT l2sHa. Their
closing bid price yesterday was 1914. The talk
of war has undoubtedly made some persons
who had bonds nervous and they have sold, in.
fiuenccd by tho fact that war would mean the
large expenditure of money by the Government,
which money would have to be raised by the
selllng'of new bonds, This theory,has also un-
doubleday had its influence recently In produc-
ing weakness in the general stock market, as,
If conditions should come to exist entailing tho
sale OF Government bonds at more rcmunerativs
rates to the buyer than in the case OF recent is.
sues, railway and other corporation securities
would have to be. adjusted 10 these new condi.
lions.
Apropos of Government bonds, the following
table shows the decline in Spanish Government
bonds is 100.