The morning times., 1897-02-26
The World of Business

Wall street will respond to the Cuban
news this morning. Au old specuiator has
made this estimate OF the situation for
this column. The thing has gone so far
now that there S NO possibility OF the
markets escaping a drop of something
like two points. Bat that is all, except
in the event of war. when the fall might
be five points. There is strong bull
underCurrenJ in the stock market these
last two weeks good, under ordinary cir
cumstances, to last several weeks longer
perhaps. and for several points rise
There viii be no panic on the street in
any event. The United States is too strong
for any prctext for q successful bear raid
out of possible or even actual war Sell
! stocks. If yuu can get in at the opening
| prices for temporary drop. Then buy
again when the furry is over. We haze
hot yet, by any means, seen the highest
prices OF the spring.
These prophecies Srem ell deduced
However, one would best tie wary of too
| much dogmdtiSTn over such a situation
The extent of the effect of war news is
hard to guess. If such news came ini-
mediateIy, and every hour now has its
acute possibilities we should see q sHInp
the street that the Mckinley adnInistra-
| ton. if it is left to take up the Cuban
| matter where it is now, viii be aggressive
| This idea is likely to prevent any rally
| from now till the new people get in. even
| if Cleveland and OIHey force Us to flagrant
inactieity. The whoic situation is one
strongly to discourage speculation. ex-
| cept as the rankest kind of a gamble
The market yesterday was character
| lied by its extreme dullHess and by the
! recent uscal absence OF any other than
professional trading. Early transaction
showed slight improvements in prices, but
| the news from here early in the day
| that the Senate had refused to let the
| Cuban question go over soon started prices
| the other way. All through the list there
| were concessions to the bears of from IA
| to l Ia the more active securities faring
| worse.
| Any individual favorable indications,
! and there are several stocks showing them
| at present, must, of course, be received
| with the portentiaHty Of the situation al
| ways in mind.
The story comes from good source that
| Manhattan is likely to pay its regular 12
| dividend. A director of the company states
| it as his opinion that Russell Sage views
| on the dividend question q 10 not find gen
| eral acceptance in the board of directors.
| Dow, Jones & Co. say of leather; Mr..
| James Fraser, heavy stockholder in
| the i.-ather company, says that since the
| foundation of the company it ha:
brought the quality of leather up to !, high
! degree of excellency, and is now manu-
| featuring better goods and cheaper thar
| before the formation of the company II
| has a good stock on hand, having bought
| hides at very low prices. The stock oil
the company on hand is as cheap az it has
been bought in the last forty years, and
| in view of this the outlook for bushes!
this year is as promising as at any time
| since the formation of the company TIL,
sales OF leather OF late have been heavy
| Foreigners are good buyers and the de-
| mantiis equal to the supply. The company
| every year charges a certain amount off
for depreciation. Mr.. Fraser predicts ont
OF the best years in the history of tn,
company
The tobacco investigation did not go
| nearly as far as had been expected, il
view of attempts which have been made
by rival tobacco interests TO harass the
American Tobacco Company in and out O.
court. The insiders were apparently awar
| that this would he the sjtua tion ao tho,