Arizona republican., 1898-01-28
European Capitalists are Re-In-
 Vestin5 in Securities
A SITUATION OF INTEREST
Showing Confidence Is not Confined to this Country
The Effect of the Political Events of Last Week and the Probable Events Of Ne it Week Upon the General Stock Market.

New York, Jan. 27.-(Special.)- During the earlier part of the past week there was considerable realiz- ing of profits on the stock exchange, with some consequent fall in prices, the introduction of the Cuban ques- ton into the house of representative and the stir raised by the Teller res olution having helped this tendency. During the later days, however, these influences lost much of their force and the market showed some improve ment; but it seems likely that there may be some reservation of buying until a vote is reached on the house proposal to recognize the belligerency of the Cubans. In the general situa- tion of the stock market there is lit tie change All the good factors con- nected with the railroads continue and the prospects of a year of extra ordinary freight business receive confirmation from current experience. The aspects of domestic trade are
 
 spring business; and although some interruption may arise from the at tempts in New England to adjust wages to the still downward tendency of prices, that is regarded as the chief conditiom ne edful to a return to nor nal manufacturers profits, and there fore is viewed as wholesome in it's ultimate effects. Still, at the mo- ment, there is no really new bull fac tor calculated to give any important ssimulus to buying, and the market 8 therefore neutral and waiting for
 mething to turn up."
 The January refnvestment demand has centered so largely upon railroad bends that those investments have .risen to virtually unapprOachable ffftces, with the consequence If di- sSefting buying to the lower grade of mortgages and causing more demand for first class dividend stocks. These effects of the investment demand have tho speculative securities, but remain as an undiscounted factor to aid in some new combination of circum- stances helpful to an upward move ment in the stock market.
 Our current relations with the for eign investment centers present fea- lures of unusual interest. I have re- gently called attention to the cessa- ton of the return of our investments from Europe, which reached large d. Now. this current seems to have talk en the opposite direction. During last week, piobably Eot less tna-. 51,JU0 shares of stock were sent to London, Amsterdam and Berlin; and within the past week some scattering buying orders have been received, while there has been no evidence of any selling. Had it not been for the effects of short harvests in Europe, we should probably have witnessed large foreign orders for our securities; but the leading countries having had to make very unusual outside purchases of food products the exchanges have been turned against them to an i'm portant extent, and the controlling banking interests have not only dis couraged the making of investments abroad but also encouraged realizings upon such assets.
 This condition of the European centers has apparently not yet reach i- ,11y this country, it has resulted in the postponement of a very importarr amount of financial settlements, s< that in one way or another there ma tured balances owing to the United States aggregating not less, but pos sibly more, than forty millions O dollars-a state of things almost uu
 precedented (except once last year) il our financial history. It has beer supposed that such extraordinar. conditions would soon force their owl readjustments; but, at present, ther is no evidence of any abatement of tn
 abnormal conditions. On the con trary, our December exports exceede,
 our imports by s7600O,00O; which, af
 ter allowing for other net advers items in the exchanges, means an in
 crease in our foreign creditor accour
 of about $6OOO0, ,OOO, the settlemer
 for which will mature mostly withi
 the next sixty days. The facilii
 with which our foreign debtors hay
 found it possible to postpone pa.
 ment of these obligations is produciI
 fictitious ease in the foreign mone
 markets; and, should that tendenc
 go little further, an equalization (
 the rate of interest here ard abroa