New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-05-09
THE WEEK IN WALL STREET.

The ,nDortant features OF the week bearing
,ron ctock market values and Wall Street SEN
t,ment were Influential IN changing the com
plexion Of affairs in the financial community
Wall Street reflected In an advance In securi-
ties values and a decline In money rates Tue
prevailing confidence fel: throughout the coun-
try IN q speedy termination OF the war ana
resumption on a prosperous scale or the c"un-
try's industrial activity. Commodore Deweys
superb victory at Manila gave another reason
Gov the confidence IN American ships and the
men who man them. And that confidence was
a nowerful factor In relieving the public MIND
OF all doubt over the result Of the present war
with Spain The week also brought into closer
,t.u, the weakness Of Spain at home politically
and financially.
In addition to the influence cxerted upon the
security market by the downfall Of Spain In
the Philippines the developments in the gram
animation were Of great significance in shaping
the course OF values and In indicating the SUI
perior position Of the United States as the grain
market OF tho world. The suspension OF the
import duty on grain by several large gram
consuming countries exposed the critical sltua-
ton of foreign supplies, and leo 10 an I'M
mediate rise In the local and Chicago wheat
and corn markets. the advance reaching unus-
uai figures and adding millions OF dollars 70
the industrial wealth Of this country. The eS-
norts OF rrain are heavy and exceed those Of
last year by large amounts they are above
those Of ordinary years and about the largest on
record II Is unnecessary to point out the
meaning Of the grain situation in connection
with the country's transportation business. 1t
a a repetition to remark upon the strength or
industrial conditions. but II IS impossible 10
refrain from mentioning the fact that the war
has practically ceased to exist as an adverse
factor in the Industrial situation. Business was
retarded and kept in uncertainty by appre-
hension until the began. but In the last
week conditions have undergone marked
change for the better and It is possible TO re-
port q distinct improvement In the demand TOT
products disposition among business men 10
20 ahead with their enterprises. and, what IS
better than anything else. an easing IN money
rates that has afforded universal relief TO IN
dustrial and commercial necessities
The change In the money market has had an
important influence upon securities values.
The easing of rates is directly traceable 10 the
victory at Manila, the confidence inspired by
that event compelling the banking community
70 believe that the war will soon be over. and
that accommodation can be extended to mercan-
tile concerns without fear or danger. AT the
close Of the week the demand from the banks
for commercial paper was heavier than al any
time since the Maine disaster and OF tho loans
made in the week the proportion on CONNER
ctal paper rose from 10 TO % per cent Of the
aggregate Gold imports began again last week
The financial strength Of the country is indi-
Gated by gold imports. which have already
amounted upward OF SI2OOO'OOO. and the
public freedom from suspicion the coun-
try's currency and credit is reflected In the
growing use OF go!d in settlements between the
and, he. House The
favorable factor In the whole situation at pres
ent IS the attitude assumed By certain men In
Washington. VIII, are endeavoring 10 embarrass
the Government by opposition TO the proposed
bond feature OF the war revenue bill.
All OF the considerations Just noted accurately
represent the existing situation. The develop
ments OF the week have opened the way for the
consideration Of conditions that support the In
tr!nsic value Of investment securities. evidence
of which is found in the result OF current opera
tions on tho Stock Exchange The stock market
has begun 10 discount q speedy ending OF the
war and the resumption In full Of commercial
and industrial activity. The advance In values
has been considerable. and for speculative rea-
Sons a setback s. not unlikely 10 occur; but. so
far as investors and people who can afford 70
protect their contracts with heavy margins are
concerned there IS little 10 fear. The general
outlook outside of technical conditions favOrs
the bull side of the market. Stock market
traders must bear in mind. however. that a war
contains many possibilities that can be used by
the bears well as the bulls. and that specula-
ton involves declines as we'll as advances
There will probably be sharp setbacks In values
and large operators who have sold their stocks
may soon be working to recover them at lower
values Speculation Will most likely continue
active with sharp movements In both directions.
and buyers who enter the market now should be
amply :nargncd. The market is from to u
points above the recent low level Technical
conditions warrant a reaction.
In considering the chances Of an immediate
continuation Of the upward movement. the tech
which should not be overlooked by intending
buyers When the war BEGAN the market had
1ust passed through long period Of liquidation
and preparation. There We're weak accounts
IN the market. Strong interests held the float
ins supply Of stocks. and the technical position
was essentially sound The advance Of the last
week and the broader market created by pub
lie demand doubtless induced heavy selling by
operators who had accumulated stocks at the re-
cent low level and their sales. II should be
noticed were accompanied by liquidation for the
the appearance OF being manipulated in
favor OF important speculative interests. and.
while II IS impossible 10 determine the amount
Of their sales. II Is safe say that they have
been very large The short interest has been
sii..... tad and many small accounts have been
created 1t is. therefore. reasonable to assume