New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-04-25
THE WEEKS OPERATIONS IN STOCKS.


The principal effect Of war upon the secur'"es
market to date has been continuation Oh 'i'
.,agna,,on In speculation characteristic OF the
,nerlst IN the last few weeks. spirit or eau
zion has prevailed IN Wall Street Fortunately,
~. hao,nn,ne Of hostil!ties comes after long
period Of preparation Banks and oankl"s
hou.es have nut their affairs In order and taken
,v1ss precautions against the possible influences
Of var upon the money and business markets
weak accounts on the Stock Exchange nave
heen Uouidated Traders Of limited means are
sensible enough to leave speculation alone anu
even the larger speculative interests sho" no
DISPOSITION to make extensive engagements on
either side Of the market. Enthusasuc ou"
speculation at this period is out OF the oues'ioh
An unexpected victory for the Spanish arms
would dsspate bull accounts and on the other
hand a series Of favorable engagements oy our
own Navy or Army will make dark Gay LOT
aggressive shorts" The fortunes Of war and
the course OF the money market are the lac'ors
now in control Of securities movements ana
any decided change In values must come 'hroue"
either Of these two sources
Tn. money market conditions will be governed
nv the duration of the war. upon which Will De
based the amount Of monetary requirements OF
.hs Government. popular Issue OF Govern
ment bonds may result in large interior WITH
drawals Of money from this centre for use IN
subscriptions to the loan and an Increased de-
mand for gold IN Europe may cause renewed
selling OF foreign-held American securities IN
order to protect European supplies OF the metal
which have already been depleted to the extent
Of SOS 900 900 imported or engaged for American
account This last factor is one which may nave
a greater influence upon local security prices
%hsn generally expected The very fact that our
L. lars n
huce the foreigners to liouidate 1t in securities
rather than In gold. for the condition OF EURO
mean money markets is not favorable to contin-
u.d withdrawals Of metal on account OF this
countrv. And II Europe should adopt such
.ourss II would doubtless come at time when
local liquidation OF securities incident to ne"
issue Of Government bonds Is in progress. Inc
chances DO not favor higher prices
There are too many possibilities and uncer-
+s,r+,a. IN the situation to permit safe epecula-
ton In stocks at present Recognizing this the
.veraee publIc operator Is wisely staying away
from Wall Street. leaving the market IN the
hands Of board-room traders and professional
manipulators, who understand how 10 take au-
vantage Of every turn OF fortune Tor QUICK
turn in prices. From the point OF view Of bust
ness conditions and the credit and industrial
prosperity Of this country there certainly ap-
paying stocks 20 sell their possessions or 70 con-
oern themselves about the daily fluctuations IN
speculative stocks. From the point or view OF
Army and Navy strength there is no reason ror
alarm over the eventual outcome OF the present
international trouble.
General news Of character TO inhuence Sc
curtties values in normal times is not OF any
particular use at present Prices are not NOV
fng on lines conforming to business progress.
Continued excellent railroad earrings are hardy
noticed. and even the unsatisfactory conoltioh
of traffic rates Is not seized upon by pear oper-
ators for lower prices. Despite the demoraliza-
ton In rats. the roads are returning handsome
increases in their earnings. but unless drastic
measures are soon adopted to end the current
rate war earnings will cease TO be 80 faVoraple'
Legislation cannot cure the rate-cutting tend
sncy and traffic associations have proved al
most worthless In holding the companies TO their
agreements. The stockholders should interest
themselves In this question. Cor their interests
are being tcopardized According TO the COM
mercial agencies. general business IS somewhat
contracted but according to the same authori
ties there Is no occasion FOR gloom in any de-
partnent Of trade. Railway earnings for the
first half OF April were IA per cent larger than
IN the same time year ago. and about per
cent larger than in 1892 Payments through
clearing houses are $50 per cent heavier than
at this time a year ago. and per cent heavier
than In 1892. Speculation in cotton and wheat
has established higher prices. The weekly bank
statement showed an increase in cash holdings
Of So 603. 500. and in surplus Of Sc 023
The following table compares current stock
prices Of a number Of issues with the lowest
Of the year. made after the Maine was blown up: