New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-03-14
I1,e5 ! Low -Mar.ie Mar 3 Ch'Gs. sales
WALL
THE WEEKS OPERATIONS IN WALL
STREET.

.oo~ roada for National defence. FinanciaI ar
,airs have been moving in an orderly way Inc
banks and other money institutions nave "o'
Eel, the necessity OF adopting drastic measures
and Stock Exchange comWission-Eouses HaNo
NO, experienced any Of the hardships or Da'K-
ruptcy or assignment II trouble comes "ali
Street will be able to meet II without hha''c'a
ruin or permanent loss. II Will be abe 10 lace
financial disturbance incident to war because
Il has been preparing for possible emergencies
and because the underlying strength OF the
financial structure is practically impresnaoie
against the assaults Of international complica-
,,ons or the temporary decline in the prices or
investment. securities. Wall Street was prooa-
blv never before IN better condition TO face
crisis IN the affairs OF the Nation. and While
certain amount OF individual loss must neces-
sarily follow an upheaval in the political situa-
ton. there IS no good reason TO suppose tha' the
Greet as a whole will not weather any financial
or political storm that may be gathering.
Conditions in Wall Street have been placed on
a solid basis by the recovery In business OF the
last year The financial position has been made
doubly strong by the unusual strength or our
foreign trade relations as reflected In the enor-
nous amounts Of gold coming to this country
a. A season Of the year when gold is generally
going out The supply OF funds held at interior
points IS large and although a war will naturally
cause heavy Withdrawals from this centre. the
drain will not result in absolute injury to the
CITY institutions, owing to the offsetting infu
ence Of gold receipts from abroad. war would
mean high money rates. the effect OF which upon
Stock Exchange borrowers would be severe. In
emergencies call loans on Stock Exchange collat-
eral would be liquidated. and the sale OF this
collateral made necessary: hence there would
be decline in stock values. And this decline
would doubtless be accentuated by the iquida-
ton OF frightened holders and investors who
think II better in times Of war to convert their
security possessions into cash Many Stock Ex-
change houses have. in expectation Of nterna-
tional trouble fortified themselves with long
time loans. the advancing tendency In time
money rates last week indicating this. as well
as showing unwingness on the part OF
lenders TO put their funds far out OF reach. Call
loans were easily obtained at 112Q2 per cent.
Wall Street is prepared for tight money mar
ket but 1t is believed that Its strength
money centre and the wisdom and conservatism
Of it's leading men will prevent general panicky
conditions. 1t IS absurd 10 say, however, that
the sensitive stock market would not go toward
q lower level in case OF war with Spain. 1t Is
even possible that some firms would be unable
20 stand the pressure Of tight money and de-
cning markets in such contingency, while 1t
IS extremely probable that market values would
receive q severe and heavy loss The ability to
bear this loss without failure would depend
upon the accommodation and support that the
banks would give. In most cases It is likely
that the powerful financial interests in the
Street would come TO the help OF the weaker
houses and individuals The stock market has
already had heavy setback. but 1t has been
gradual and without apparent injury TO com
mission-houses. There is no occasion for gloomy
forebodinrs about the stock market for its fut-
ure, after the settlement OF the Cuban question
will certainly reflect the splendid business con-
di;ons tina: are now absolutely without effect
upon prices. Meanwhile public traders ought
10 stay out OF the market. That they are doing
this is proved by the frantic appeals OF some
brokers' who tell their customers that the worst
has been discounted ana that stocks will not
be cheaper this year. The chances are that
prices will sag until the cause OF the Maine ex-
plosion and the Presidents Cuban policy are
definitely known The character Of the Maine
report and the Presidents policy will then de-
terIn!re the immediate course OF values. The
country VIII soon know whether il is TO be war
or peace II war Is declared lower prices can be
looked for: II peace is 10 reign. an old-time bull
movement will doubtless be started. Stocks look
attractive e. the current level. but 1t would be
better 70 buy them several points higher than TO
take the risk Of purchasing in a time OF political
uncertainty
Stocks closed the week In a somewhat de-
moralized condition, and at substantial losses
from week ago Some traders were pessimis-
tic enough to say that the decline had just be-
gun. The prospect for better prices Is
cheerful.
BANK EXCHANGES AND STOCK SALES.
The bank exchanges Of the New-York Clear
ing House and the stocks sold at the New-York
Stock Exchange last week and for the same
week OF the preceding two years compare as
follows
Mar. u. &c. Mar IL 81 Mar IL as
Exchanges Sols $50 e37 435+e4. 40 &TS2 POI $40
No. shares sold l2li.55S T3409 2Is. rs
Total sales OF stocks for the week ending
March 8. cO73. 73S shares against 2Oo119 in
the preceding week.