New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-03-06
finanrial
The Financial World.

almost tho Law. of its movement. On each O.
cason something turns up to make US think
that this particular time 1t won't act that way:
but it does Details differ. and that is where the
deception comes In but the main movement 10
nearly invarable.
Last Saturday It was plain from the position
certain prominent operators had temporarily
taken that In the absence OF some startling
news over Sunday. there would be continu-
ance on Monday OF the rally which had started
after the big break 1t was iar calculation
that this rally would not continue beyond Tues
day noon. by which time the stocks bought for
turn would probably have been marketed.
Then would have followed a dragging market
with sagging prices.
But II happened that these calculations
were upset by Secretary Longs Interview, tbs
publication Of which had been preceded BY Soma
significant buying In certain directions. When
It did come out In the afternoon. the rush TO
buy for both long and short account was lively;
and the market which should have dosed that
day quiet and rather heavy. to accord with cal.
culations. did in fact close in blaze OF excite
nent with prices on the jump. Here then. Il
seemed that this time we actually were going
to sec something different from tho regulation
unconventional stocks were going right on ad-
Y.
cline. Nothing OF The sort It was again only
a variation OF detail in the progress Of the same
inevitable course BY Wednesday afternoon the
market had lost all It's vim; and sine. then.
whenever It has been at all active the activity
has been at the expense Of prices What Secre-
tary Long unknowingly did. was to postpone the
decline for twenty-four hours and raise the
level from which 1t had to start.
Thu question now before the street IL. whether
a dull spell. brief or protracted. is going 10 end
in another break like the last. carrying prices
below the figures then made or is the marke.
simply going to hang around the present level
and then go higher than before?
We may stop for A moment here 10 note how
much prices are above the level to which they
broke. They are less than might be supposed.
Taking the lowest figures made on the Oath ult.
and comparing them with the bid prices at the
close Yesterday. we find In the granger group
that Northwest Is y higher. st. Paul !. Burlng-
ton on: and Rock Island. which had the most
violent break is 4 higher. The only active stock
In the Vanderbilt group Is " Y Central; that
broke very badly, and is points higher now
at 1887. A group of active but non dividend
having stocks gives the following: Atchison
nreferred. "a higher; Louisville and Nashville. l.
N. X. T. preferred. L. Missouri Pacific ~. The
Pacific stocks most heavily traded in. show as
follows: Northern Pacific preferred. 3h higher;
and Union Pacific preferred q. Mt. Morgans
Southern Railroad preferred is point higher
Western Union Is actually a fraction lower
Chicago Gas (another stock which had bad
break) 10 Sh higher at OH. Much greater d.
vergencies will naturally be found in the group
OF "volates," comprising Metropolitan Man
haitian and Sugar. 1t was these stocks which
went down with a rush. and rebounded IN tho
same way Their lowest on that occasion ana
Yesterdays closing prices, were: Metropolitan
1919 and 145: Manhattan, 0S and 1O2h; Sugar.
1908 and 1861.
II will be seen that except in the last named
group, the prices Of stocks have dragged oacA
close to their lowest level on the break, ana
little more liquidation would carry them oe'o"
IT, Yesterdays bank statement snoweo no"
large the LIQUIDATION had already been IN tns
heavy decrease in the loan item. amounting 70
over $13. 100000 Part Of this. however. IS PROD
ably due to the Kansas Pacific payments
To come back to the question OF the imneo'-
ate future Of the markets. there 70 90 more
LIQUIDATION with more decline? Propfesy IS dsn-
eerous, 50 all one can venture to say 10 tnst
the signs point that way. The balance OF prop
ability seems to incline towards q lower range
being reached. 1t Is at least the part OF pra-
dence to be prepared for such an event Tns
chances are that the man who arranses his AZ
fairs to meet the contingency will bs sausued
that he did It.
The situat 1ustides It. All bull prophes'es for
this year have always been tempered oy INC
proviso-"provided there be no political d~-
turbance": which referred to possible compucs'
lions over Cuba Now II there were nothihs
hind the Maine disaster. that matter could o.
settled with comparative ease, ana most o''.
tainly without resort to arms; but this - n''
the case There Is behind 1t a sraver proDisni
and the Maine incident has brought IL 10 "e~A
The fact cannot be disguised that the 'e'npe'
Of the country Is strongly In favor OF 'e''""e
this Cuban business once for all tha' 90
said in this column last week tine oh''eu '
Government Is about to be brought UP s''a'e'
to making this plain proposition 70 the spa"0.
Govcrnment,-eithers sell this isana OF nav
taken from you" This is the actual s''ua''o'
at the present time. matter what may oe 'n'
finding of the court OF inquiry In respect 70 '.'
Maine. How will the Spanish people ta*o 'A'
proposition?
There IA where the trouble lies. II the SPANS"
people were in a reasonable mood they "ou'u
willingly let go this to them costly i''aho io'
a price which the United States couo We" -
ford 10 pay, II only to get rid Of trouoieso"'
neighbor. But in all that relates TO Cuoa 'ne'
are not reasonable. fervor OF patriotic passion
seems TO seize them whenever the subject cone'
up: and 80 while this Government and the Span
ish Government are carrying on their dipsoma"'
discussions and protesting nothing but peace
each side is pressing forward with all posS'o''
speed the preparations for what Is dipioma''cs,'
expressed as the worst" The truth is 'ha' Wv
most disquieting feature at this time Is '"'
almost feverish haste with which the GoVerh''"'
is accommodating munitions OF war IL ca
planned that this Is done as precaut'on aea'"''
a possible emergency. Precisely. And the re'os