The sun. [volume] (New York [N.Y.]) 1833-1916, 1898-02-27
r1x1xo1AI AND ConrMERoI4B.
SATURDAY, Feb. 20.

SATURDAY, Feb. 20.
Whatever the result Of the tension under
which the people Of this country and Spain
are lsboring because OF tho condition OF
affairs In Cuba and which has been made
acute by the De LONE and the Maine in.
cidents, the fact 10 TO DO noted that
! tho market for American securities is In much
bcttor shape to Withstand an actual crisis
than it was n week ago. In the last five
f, business days there has been extensive
liquidation OF speculative holdings of securi.
ties Of all kinds. The movement has been most
pronounced in stocks in which speculative buy
ing had assumed threatening proportions,
namely, Metropolitan Railway, Manhattan
| Elevated, Sugar Refining. and Consolidated
Gas. Throughout the remainder os the
list net declines ranging as high as
5a y cent. in G.. B.. and Quincy have been re-
corded. The weeks operations on the Stock
Exchange have resulted in the transfer of o
very largo amount OF securities from purely
| speculative holders. many Of whom had bought
in excess OF their resources, to strong
hands. A good deal Of the buying this week
has been by institutions and investors who
have paid for their securities and taken them
out of the Street.
1t seems hardly necessary TO repeat that Lon.
don has bought between 25o,000 and 100000
shares, and by doing 80 has precipitatod
shipments of specie to this centre. That
tho European purchases are Of q sub
s~tantial character is shown by the fact that
tho certificates arc being sent abroad. To-day's
steamers. according to all accounts. took out
several million dollars worth OF various
stocks and bonds. In the opinion Of tho
banking houses making purchases for their
foreign correspondents. the absorption Of
our securities by Europe is likely to
DO continued on an extensive scale for some
time to come. This means, Of course. that fur
Their imports of gold can reasonably be expect
ed. A logical inference from tho attitude
OF foreign investors and spectators toward
this market is that they do not attach much
Importance to the possibility of an open rup-
ture between the United States and Spain.
or, IL they consider such an event probable,
they argue that 1t would not be detrimental
TO the transportation and industrial inter
ests of this country. An interesting report
was current to-day, which unfortunately cannot
be confirmed. yet may havo some basis in fact,
namely, that Hebrew capitalists in Franco who.
as Is we'll known, are transferring their funds
to London, are shifting their investments from
French and other securities dealt in on tho
Paris Bourse into American securities.
The assertion can safely be made that the
volume of securities available for opera
lions on the Stock Exchange has been
materially reduced this week by investment
uDu ~ ia oatitio
interests identified with tho management of
corporations, the securities OF which are dealt
in on the Exchange. have bought large
amounts Of them with the view Of holding them
for profits of more than a few points. The
speculative situation has been further
strengthened by the creation of a fairly
large short interest. Tho circumstances emu
merated warrant the statement made above
that the market is In Il decidedly stronger
IT, ia A-& VI Al
ings to-day were comparatively unimportant.
In only three stocks did the transactions
exceed 10000 shares. Tho professional
element, or at least that portion of 1t which
bought stocks at the recent decline, sold
because of q traditional reluctance to DO
long Of the market over Sunday, partic-
ula-ly at q time like tho present. Tho
short interest was also inclined to take
profits. in spite of the realizing sales by its oppo-
nents. The market as q whole was irregular,
with tho net changes favoring both accounts
about equally. Those changes did not exceed
fractions except in the cases of Manhattan
Railway and . number of the usually inactive
stocks.
The weekly statement of averages Of tho As
ISOLATED Banks shows q loss In lawful money Of
over S.. 200. 900. all of it in legal tenders.
This change was expected. but an increase
in specie of 1885, 900 was somewhat
of a surprise. 1t is learned that o
part of the gold received by the banks came
originally from Australia and from tho Klon.
dixie by way of San Francisco. Canada supplied
a part of 1t, as both Montreal and Quebec have
been unusually heavy buyers Of securities in this
market at the recent decline. A decrease of
over So, 900. 900 in the loans is readily account
ed for by the liquidation that has taken
place on the Stock Exchange this week. The
two changes noted obviously bring tho do
posits down over so. 900. 900. and tho
net result reduces the surplus reserve to
about 500, 900. 600. The statement can hardly
be construed MS foreshadowing a more active
money market. particularly as speculative buy.
ing OF securities is likely to be restricted for
specie from Europe, which are likely to be con.
tinued. will from this on Offset Withdrawals of
currency by the interior.
AS compared with the final prices Of last
Saturday the entire list Is lower. The
more important net declines are in Metropolis.
tan Street Railway. liza y cent: Manhat-
tan Railway. 12k; Consolidated Gas, 7;
American Sugar Refining. Gle; Burlington
and Quincy. 81; Rock Island. $50; Reading
LIST preferred. 4as; Northwest. 4ia; Omaha, Al;
Missouri Pacific. Ale; Brooklyn Rapid Transit.
New Jersey Central, and New York Central, $50
each; Western Union. Ga; Pacific Mail. gle;
Peoples Gas and Coke, 8; Cleveland. Lorain
and Wheeling and Tennessee Coal and Iron. Ga
each; General Electric. 2s; American To-
bacco and Canada Southern. dig each: Illinois
Central, Louisville and Nashville, Northern
Pacific. and Pennsylvania Railroad, 24 each;
st. Paul, 9; Northern Pacific preferred and
Reading. 17s each; Wabash preferred, Ia
Atchison preferred, Chicago Great Western
and Southern Railway preferred. lHs each;
Chesapeake and Ohio. 1i2. and Erie LIST pre-.
ferred. / y cent.
New York stock EIchanEe-saIes Feb. 80.
CLOSING PRICES OF UNITED STATES BONDS.
Nd. Asked.I Bid. 1sksd
Tn st 2s,r r. I'm st %. c.
atplofo. ee% - ls2o.-..l24L i2b
Tn st 4b,r Tn st $751;
1907. ....1lla ll2ial 1904. lila ia
Tn st 49,. C, Tn st 5s. O.
1897 lloo ll3al 1904 IIo 49,,