The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-02-28
HYSTERIA, BUT NOT WAR
HENRY CLEWS EXPLAINS HOW THE
STOCK MARKET IS JUGGLED.
Foreign News Favorable for Amer
lean SecurIties-War with Spain
Only Remotely Possible.

NEW YORK, Feb. 27.-The weekly letter
of Henry Clews pictures the commercial sit
uation in Wall street in graphic manner,
as follows:
During the past week the Maine excite
ment has taken thorough possession or wan
street, While, among the pubic al large
there has been a gradual abatement OF Ieel-
ing and a growing disposition TO nope tnat
investigation may show the disaster 10 nave
arisen from accident yet on the Stock Elk
change there has been each succeeding day
more inclination to apprehend an outcome
that may imperil harmonious relations with
Spain This paradox admits or easy eX-
PLANTATION. Among the habitueS OF Wall
street there is an element prone TO sensa-
tions and to exaggeration OF me SlsnlIiiciallce
of exciting events; ardent IN their opinions,
quick, If not rash, in their conclusions; given
to the highly-seasoned contents of some or
the daily papers and therefore prone to ac-
cept the warlike bias with which the un-
folding Of this unfortunate incident is served
up day after day. These operators. though
restricted in their transactions. are some
what important in number, and their sales
have an exaggerated effect upon the mar
ket; they have their influence on the opin-
ion of the moment, and its erect is des
moralizing. Herein lies the explanation OF
much of the effect Of the Maine disaster
It Is also to be taken into account that
previously the market was predisposed TO
reaction from other causes. Strong opera
tors had actively worked the market up sv 70
a relatively high range of prices. Two
weeks ago thew had begun to realize their
profits and their sales had been interpreted
by the initiated as a warming OF coming
struck the market it gave force TO these
expectations of a coming break, ana withln
a few days has precipitated fall or TO
points, which otherwise would have been
spread over q longer period. In all TINS, the
room bears have taken an active hand,
selecting the weak spots attacking stop or
ders and adding fuel to the excltement py
sensational rumors From the nature of the
case, little effort has been made by the
"bull'' side to arrest this drift of affairs. 1t
is not by any means certain what the OH
cal investigation into the disaster to the
Maine NAV develop. So far as 1t has gone,
though nothing conclusive has been dlscoV-
cred, yet such partial information as Is
CLEANED tends rather to encourage fears or
trouble with Spain than to allay such APP
prehenSionS. Amid this uncertainty, noDouy
cares to buy largely even at the greatly re-
duced prices; for it hardly admits OF DOUBT
that, In the event of threatening outcome
of the investigation, prices would go still
lower. This is prudent attitude under the
circumstances, and we cannot recommend
buying at present, except upon sharp crops
and for short turns.
One helpful feature of the market has
been the revival of the London demand Tor
securities, not less than $1,000 shares nav
ing been taken during the week. The news
relating to China and Africa has been dis
tinctly favorable. The assurances given out
by the French government have dlmlnlShed
the apprehenSionS of trouble with England
over their competition for territory in IN
terror Africa, and Lord SaliSbury'S utter
ances have had like effect. In the pres
ent sensitive condition of her nome polltlcs.
it seems the last thing to be expected OF
France is that for the mere acquisition or
raw territory of doubtful value to her she
would rush into war with one of the most
powerful nations. Moreover, French Jlngo-
ism is restricted to a comparatively snlall
influence with the government there Is
ready limit.