The sun. [volume] (New York [N.Y.]) 1833-1916, 1898-02-26
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lE1nANs Ious 80
Although wall street was not trustworthily
advised to-day Of any material change in the
situation at Havana, Warrington, or Madrid.
the stock market reflected . decided change In
csntiment as compared with the last four or hve
dayn. This was due. obviously enough, to~tho
fact that weak and tlmid speculative hold
era Of securities have been shaken out of their
stocks by sensational rumors and their own
fears, both Of which have been intensified by
adroit and aggressive campaigning on the short
side Of the market. The principal operators for
short account appeared to appreciate the eH-
tent and character Of the buying during the
last two days, and in consequence were eager
70 secure their proats. In purchasing their
stocks they had to compete with foreign
nrbitrnre houses and also with the clients of
some Of the larger and moro substantial COM
mission firms. Foreign purchases OF stocks to-day
were estimated at upward of 40. shares, max
ing the total for tho last threo days about 1oO.'
600 shares. and for the last week or 90 q quarter
Of . million shares. Tho foreign demand for
securities has preoipitated, somewhat sooner
than was generally expected, imports OF gold
from Europe. Steamers sailing from French and
English ports tomorrow will bring $2,soO,ooO
gold TO this country. It In possible that $780,
600 of this amount is in transit to Cuba. The
shipment Of tho bulk of 1t, however, is made
necessary by the fact that specie 10 at present
the cheapest medium OF settling trade differ
ences between Europe and the United States.
The announcement that gold is coming this
way at a time when it 10 usually being exported
was not without effect upon the sentiment OF
the Street. Tho movement may also serve to
Offset tho effect Of to-morrow's bank statement.
which in all probability will show q consider
able loss In lawful money. owing to extensive
shipments Of currency to tho interior. That
statement 10 also likely to show a largo reduc-
tion In tho loans. resulting from the extensive
liquidation in securities this week. The deal
ings In stocks were about a third smaller than
yesterday. and in bonds they were 20 v cent.
smaller. The dealings in stocks were fairly well
distributed. with Sugar Refining. the Granger
group, Manhattan Railway, Northern Pacific
preferred, Peoples Gas. Brooklyn Rapid Tran
ait. New York Central and Louisville and
Nashville most prominent In respect to
activity. In tho early dealings the mar
ket showed some hesitation In tho face
Of decidedly higher prices for American
securities in London. This appeared to DO due
chiefly to the efforts OF the bear party to keep
the market unsettled. It's tactics were unsuc-
cessful, however. and prices advanced without
much interruption the greater part OF the day,
and final prices. though generally. and in some
cases materially, below the best figures re-
corded, averaged fully a point and q half above
those Of yesterday.
The trade reports for the week are. as for
some timo past. full of encouragement. Prices
for staple commodities are we'll maintained. ow-
ing to q steadily increasing foreign and domestic
demand. Payments through clearing houses
have been 57lo . cent. larger than for the corre-
spending period Of last year and 12io y cent.
larger than in 1892. Railway traffic returns
for the week are IL y cent. larger than last
year and over Gig . cent. larger than five yenrs
ago. Prices for both pic and manufactured iron
are again higher, and some Improvement is
noted In tho cotton industry. Business gen.
orally docs not appear to have been affected by
the considerations that have affected prices on
the Stock Exchange.