The times., 1898-02-27
MARKET LESS DISTURBED
Farther Imports of Gold May BE
Reasonably Expected.
Hebrew Capitalists Shifting Tteir
Investments From French TO
American Securities.

New York. Feb. 26.-Whatever the re-
suit Of the tension under which the peo-
nle of this country and Spain are labor
ing because of the condition of affairs
in cuba and which has been made acute
by the De LONE and the Maine incidents,
the fact is to be noted that the market
for American securities is in much better
shane to withstand an actual crisis than
il Was a week ago. In the last five bust
ness days there has been large hquida-
lion of holdings Of securities of all kinds
The movement has been most pronounced
In stocks in which speculative buying
had assumed threatening proportions
Throughout the remainder Of the list net
declines ranging as high as . S-4 per cent
in g B. & Q. have been reported. The
weeks operations on the Stock Exchange
have resulted in the transfer of a very
large amount of securities from purely
speculative holders, many of whom had
bought in excess OF their resources, 10
strong hands.
II seems hardly necessary 10 repeat
that London has bought between $780,
600 and 100000 shares, and by doing so
has precipitated shipments of specie 10
this center Today's steamers, according
TO all accounts, took out several million
dollars worth of various stocks and
bonds. In the opinion of the banking
houses making purchases for their for
eign correspondents. the absorption OF
our securities by Europe is likely TO be
continued on an extensive scale for some
time to come. This means, of course.
that further imports OF gold can reason
ably be expected. The logical inference
is that foreign spectators do not attach
much Importance to the rumors of rup-
ture between the United States and Spain,
IL they consider such an event pos
sible they argue il would not be detri-
mental to the transportation and indus
trial industries of this country.
A report was current today that He
brew capitalists in France. who. as is
well known, are transferring their funds
TO London, are shifting their investments
from French and other securities dealt in
on the Paris bourse into American sect
rites.
The assertion can safely be made that
the volume of securities available for op-
erations on the stock exchange has been
materially reduced this week by invest
menis and foreign purchases.
The speculative situation has been fur
ther strengthened by the creation of a
fairly large short interest.
The dealings today were comparatively
unimportant. In only three stocks did
the transactions exceed 10000 shares. The
professional element, or, at least that
portion of it which bought stocks at the
recent decline. sold because of a tradition
al reluctance TO be long of the market
over Sunday, particularly AT time like
the present.
The short interest was also inclined TO
take profits. in spite of the realizing sales
by its opponents. The market as a whole
was Irregular, with the net changes ia
Noring both accounts about equally
The weekly statement of averages of
the associated banks shows loss in law
ful money of over 5000. 600, all of IL in le-
gal tenders. An increase i'm specie of 81
sc e0o was somewhat of a surprise. 1T is
learned that 4 part of the gold received
by the banks came originally from Aus
tralia and from the klondike by way of