The times. [volume] (Washington [D.C.]) 1897-1901, 1898-03-13
WALL STREET PUZZLED
The Marke. Govsrned By Apprehen
sion Over the Cuban Situation.
No Local Buying to Awaken Sense
of Insecurity on the Part of
Sort Interests.

New York, March 12.-Although the
speculative community has labored under
good deal of excitement and tension
this week the transactions on the Stock
Exchange have been comparatively light.
In stocks the daily average has been
about $4,000 shares, and in bonds about
two and quarter millions par value. The
net fluctuations. however, are important,
for they are general and in a majority
of cases serious. The market has been
governed all week by uncertainty as to
the outcome of the Spanish-Cuban situa-
ton. Other considerations. many of them
important. have been ignored. The pre-
parations for defense that are being made
naturally make speculative holders of
stocks regard the possibilities of war as
an actually. Several operators who until
a short time ago were engaged in bulling
the market are now taking advantage of
the circumstance mentioned by conduct
ing an aggressive campaign on the short
side. They have in their favor not only
the feeling of apprehension that prevails
in and about the Stock Exchange, but
also the inactivity of investors and of
substantial interests that frequently
shape the course of the market.
One of the reasons advanced by the
street for holding aloof from the market
is that the experience which the country
is now undergoing is practically without
a parallel; that is, the possibility OF hos
tilities with foreign power has not
arisen before since the early part of the
century. Other elements of uncertainty
in the situation are obvious, among them
the progress that has been made during
the last decade or two in war equipment,
both sea and on land. If precedent is
of any value it seems safe to assume that
the publication of the findings of the
Maine Court of Inquiry and of the pro-
gram of the Administration, both of
which it is generally expected will be an
nounced next week, will relieve the strain
that is now the chief factor in depressing
prices
OF course. the fact must not be over
looked that Europe is unsettled over
number of international propositions,
chief among which is the aggressiveness
of Russia in China. However, Europe
has, according to all accounts, compare
lively few American securities that are
held on a speculative basis, and internal
conditions in this country are unusually
it not for the possibility of international
complications the various markets would
reflect degree of unusual prosperity. AS
a matter of fact, all other considerations
affecting values are outweighed by the
interest which the United States has been
led to take in the unfortunate condition of
affairs in Cuba.
Fresh evidence upon this point was fur
nished by today's stock market which
was weak from start to finish, and closed
materially lower than yesterday. The
opening was influenced by a declining
market for American securities in Lon
don. where it was reported large OPP
orator in them well as in mining shares
had been compelled to liquidate. The
sharp decline at the opening induced some
taking of profits by the short interest
but the volume of liquidation was mani
festly so large that orders to close short
contracts were speedily withdrawn and
We're followed by fresh orders to sell In
consequence no rally of Importance took
place, though in some cases final prices
We're fractionaily above the lowest record
ed. The most noteworthy recoveries were
those OF more than a point in Sugar and
of nearly point in Northern Pacific pre-
ferred. a break in st. Paul that left
that stock 4 points lower than yesterday
was not without effect upon the general
list All of the grangers We're conspicu-
ously weak. and so were the local trac-
ton shares at net declines, ranging from
is to ga per cent.
London bought a few stocks at the
early decline, but there was no local buy
ing of a character to mitigate the fears
of speculative holders, or to awaken a
sense of insecurity on the part of the
short interest.