The times., 1898-04-01

The market reflected nothing yesterday
except uncertainty. Those who have got
ten into the habit of looking at the quo
tation board for news of the situation
could get no satisfaction. The reply of
Spain to the ultimatum was certainly an
uncertainty if there had been none before
in the situation since the Maine blew up.
The move of the American Administra-
tion have been foreshadowed with unfail-
ing regularity in Wall Street, but the
move that Spain win make was a mys-
terry yesterday though there was a very
strong belief in most quarters that she
would not consent to give up the island
without a fight. Wall Street is the last
place in the world to look for views of
this kind. Wall Street would very soon
show the world how to accept $500 900. 900
and get out of a war rather than lose
the island any way have the war and
lose the money, too. But there are peo-
pie the street who can appreciate
such QuiXotic ideas in others at any rate
The market opened a couple of points
down and went lower. Then there was a
rally which carried the prices above the
opening. Toward the end Of the day the
market sagged off again and the dullness
was marked The waiting for the answer
to the utimatum made everything in
the way of active speculative speculation
out of the question. Today there is likely
prices.
More gold imports have been engaged.
| The movement has been one of the
| largest in the history of the country, and
there is no reason to believe it is over yet,
as there is still balance of credit in ia
| vor of this country.
Mr.. Carley, of Carley. Stokes & Co. has
| this to say of the probable effect of actu-
| al war on stock market prices "In the
event OF actual war we do not believe
| prices will decline over three or four dol
| lars a share, and almost the same day
| On which the news is received the prices
| will be much above the lowest point of
| that day. The fact isl even war has
| been almost entirely discounted, even
| down to a small margin. If the United
| States should get into {. war and borrow
$500 600 600 or 100000 900 To be paid in thir-
| ty years from now, and then spend that
money rapidly among our people, business
| expansion would be seen in every direc-
| ton. 1t would be a sort of business in
| flation, and the railway properties would
| surprise their owners The fact is they
| are surprising everybody as it is Consd-
| ering the present price of money, the
| present business outlook of the country
| and the level of quQtat tqns. think the
| market is relatively lower than we have
| ever seen il" y
| The Vanderbilt properties are to be run
| under what promises TO be more har-
monous working plan in the future The
| New York Central road has undoubtedly
| lost much traffic from inharmonious
| management in the past, and if the new
| arrangement proves a success there will
| be a great saving. The Vanderbilts are
| likely To be among the foremost in the
| rally when that good thing comes.
| There is more talk of Il trade arrange
| ment between the Sugar Trust and the
| rival reiineries. If such combination
| could be formed 1t would undoubtedly
result in greater earnings than even the
| trust has ever had before The contem-
| plation of tn money that there would he
| in complete coalition of all tae sugar
| interests makes one frightened. ard yet
! there is no one fooIhardy enough to say
that the thing is improbable. On the
/ contrary, it is inevitable as long rs the
present gold system OF finances holds the
| country.
There has been no settlement of the
| late war. There is to be a second meet
| Ing of the committee on April -.
The city is full of the prominent New