New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1897-11-08

Wall Street lost it's nerve last week on a
mistaken idea Of the meaning of reduced Re
publican majorites throughout the country
stocks sold off rapidly on Wednesday ENldenCe
OF hvsteria then began to accumulate. on FIJI
day the attack became more violent. ana every
body in the Street save the shreWd people VINO
buy stocks outright all paniCs. was apparent
Is daft one broker said that 1t was as
gushing sight" 1t certainly was pltfuI spec
tacle And that conservative BODY OF men CON-
posing the New-YOrk Chamber OF commerce
was unconsciously responsible in part LOT the
slump through the passage of its coast defence
resolution Apart from the seriousness OF the
losses sustained by the violent break IN the
prices there were phases of comedy IN me
course Of the day especially when people began
TO sell stocks on the report that Mr.. Croker was
dead The Cuban situation has worried wan
Street for two years Whenever the bear eie-
ment is short OF ammunition II REEVES DISCUS
sion on the possibility of war. ana WhlIe no
dealer can truthfully say that he believes mere
will be an armed conflict between the Ohteu
states and Spain he works himself into con
dition of merry business bordering on hEs'efia uPo
the first appearance Of Cuban discussion WIN
Wall Street in such state OF nind IL Is use
less TO discuss all the splendid features OF trace
and commerce. If railroad earnings ana n ni'!
markets of international exchange condlllohs
and Industrial progress and expansion lhese
were factors which received absolutely no at
tenti5n last week The Street preferred 10 listen
to fairy tales. But a large number or people VINO
recognize the actual worth OF securities came
quietly into the Street and bought on all weak
spots and declines. They filled their strong
hoXps with investment securities purchaser d.
sacrifice prices. and they went away cohlehlsu
and happy and confident that they had MADE
Onnrstors for a decline had most success
g., ,yaek In the stock market. 1t does not seem
ncssihle however, that their victory can pc
carried materially further. The market VIII
coon he oversOld-just IL was oVerbousht
last sunmer-and when that condition appears
advances will be made, despite any adverse
factors which may then exist The weakness
last week materially strengthened the mar
ket It's technical position was improved by the
passing OF stocks from weak TO strong hands
and by the creation of large short interest
That the bears have little confidence IN their
own theories is proved by their unwillingness 70
leave their contracts uncovered for any length
Of time. An active buh movement In the Sc
curitv market, however cannot reasonably be
looked for so long as the Cuban situation re-
mains unsettled and until important financial
interests feel satisfied that bun movement
can be conducted without the spectre OF war
and without the development of conditions
harmful to the traffic business of the country.
one important factor accounting In part for tne
present indispositon of capitol to engage IN
market operations lies in the Union racine re-
organization now under way An enormous
amount of Wall Street money is being tempo
rarily employed in the Union Pacific purchase
and REORGANIZATION and until the affair has
been settled in full It seems unlikely that the
capitalists engaged In it will put much money
into the market for securities. ProDaDIy the
final instalnent Of the purchase money VIII not
be paid over to the Government before the mo
die of January. The whole transaction IL Is
asserted will be made without any disturbance
70 the money market for by the arrangements
made with the institutions designated as de-
postory banks the operation VIII merely III
volve the transfer of the money from one bank
TO another A considerable part of the purchase
money will not become payable before Janu-
AIRY !. and that date the government
win have to pay out S29904.952 for Pacific
Railroad bonds then due the money received
on Union Pacific account will be paid out about
IL Is Received. From present lndlCa-
tons the money market will remain easy FOR
long time to come.
The following tables show the movements or
the chief active stocks and bends in the week:
STOCKS.