New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-03-27
tnanfial.
The Eanci0I World.


ever 1t still left prices ,ppreclably below where
they closed last week. / was evident as soon AZ
the market opened tht certain interests had
combined 10 protect II. ,ock Island was heavily
bought so was Burlington and ST. paul The
force OF this buying 500 making itself felt
rush TO cover short stool was started and the
market ran UP quickly nd fcvcrishly. closing
at about the best prices his rally may b" con-
tinued on MOntay 10 sOnc extent. "a despite
the covering don, the shOn interest Is SIN very
lsrge This. Of course. s,pposes that nothing
occurs over night start fresh selling Assum-
ing that nothing toes. ought 10 see higher
prices until the short interest has been reduced
10 something like nTmal proportions II Is I'M
likely there will be much IL any advance in
stocks In which a shcrt interest does not exist
If any there be
Although the rise bought the usual crop q
rumors this time all peaceful none could be
traced to an authoritati'e gource. II looked
IL some Of the large capitalists aad agreed that,
in the face Of the authoritative outgiving on the
cause Of the Maine disaste- II was necessary 10
sustain the market: which without such sup
port might have had disastrous break In
buying the granger stocks. they selected the
safest group. since those are all sailing az Ipw
PRICES compared with their earnings and the
dividends they paying: and in tie event u
hostties, the granger roads would b. the least
likely TO be njurlously affected. Any one, there
fore, who was able to put up ample ma-gin and
desired to strengthen the general markd, would
BE- safe in buying the Western stocks this
level. for they bound to go higher wren the
depressing influence OF the expec, alton 4 war
shall have exhausted Itself.
This depressing influence viii vanish whel one
q two things happens-eithor a declaratla u
at vii. no
made II needs no argument TO show why prces
should rise on the latter contingency. That tsey
Will begin TO work upward again after the inst
gun is fred may be argued from the fact that
an event long expected and acutely feared 3
invariably discounted. The time Of depression
IS during the period Of anxiety and uncertainty.
For example. When Russia began a diplomatic
controversy with Turkey which ended In the
Russo Turkish war. Russiln . per cent bonds
(since converted into 3l2s) were quoted In Lon
don about 1913. They continued 70 fall while the
controversy grew sharper. until they struck Il
when the Russian troops crossed the Danube.
From that time they began TO advance ana
while the war was raging rose 10 %. This VIII
he the experience of our stock market, or all
presidents are at fault. The longer the aHaF
with Spain hangs in uncertainty, the worse VIII
be the effect on general business. about whlcn
complaint is growing loud now; and by conse-
ouence the worse for security values But the
last one per cent will be taken or them on inc
dav that decision Is made. II that decision he
,or warand II looks now as II could he
averted only by something like miracle-there
ebould he no doubt as to the result Only weak
moss md indecision in the high places or govern
rnent I'm the conduct OF such war couid make
IL ANYTHING but short. sharp, and decisive. Ihree
general engagements provided they are SUM
c,entlv bloody and destructive, ought 70 settle
the matter.
While waiting in doubt there Is hauh'hs
idea with many which contributes us snare 10
depressing values that some other nation may
intervene to help Spain. This is an ioie rear
Tn the first place every European nation mas 's
hands full at this time with It's own AFFAIRS. ana
&c not looking for more trouble. Secondly, IL TINS
we're not the case there would be no lnterrer-
orca bscause no other nations than Spain ana
.ho United States have any material interests
=, s,ake. and wars come only where there are
material interests at stake. or through dyhasuc
Influences as did the Franco-derthah war
Neither applies here. The only foreign influence
we NAV look for is such as may ne eNer'eu on
cna,n "a induce her TO part with Cuba by saie
instead Of losing It by war
7. &c ,bis ouestion which makes II equally 1910
~ talk Of arbitration Arbitrate what! Inc
puture of Cuba? This is the shape the contro-
versv has taken. There can be no arpl'ralioh
Of the question whether Spain. or the Cuoahs o'
Tho 1-nitea States shall rule in Cuba. II is FOR
Snain 10 say whether she Will Sell the lslahu'
T. not then the problem becomes one OF those
which must be worked Out Disiha'Nh '"
with blood and iron
I.,ba Sar,sta Ministry thought II safe 10 pro-
roes q sale II would not be we'll to be short OK
the market on the day 1t was known the propo-
sition had been made. The way II would jump
would be something 10 wonder at. Hther'o al
propositions made by this country 10 purchase
have been rejected with brevity. not 10 say
ohrun,ness Circumstances have changed. how.
ever; and the Ministry may feel that they can
afford TO bargain. OF course the new Cor'es'
elected to-day will be wholly OF Sagasta 5 party
the Liberal: but elections don't mean IN SPAN
What they do here; and the big Liberal majority
might go all TO pieces at once on Mlnis'er'a'
propositon TO sell the Island So We are all IN
tho dark about H. since whether such a propo-
sttion could be made and carried, depends en-
,irelv on the state OF popular feeling IN SPAN
on the subject: and any one counting on It's pos
sibilitv or probability, simply because the party
In power will return a majority OF Its own can
didates after the usual Spanish fashlon, WouIo
BE- wholly wide Of the mark.
II the Spanish people are willing 10 SELL there
Is peace; and II appears now as II peace "aS
only possible that way. Things change from Gay
TO day almost hour 10 hour. at this ume' anu
what seems probable or improbable to-day
seems certainty tomorrow. IL Is plain, now
ever. that we are quickly approaching a crisis
which must be reflected in the stock market
week ago II looked as II that crisis was at least
n month away. Things move more rapidly. how
eyer. as one nears the end and II the critical
moment the decision whether 1t is to be peace
or war. which means simply whether Spain u
10 let 70 Of Cuba either peacefully or otherwise
If this critical moment is reached within INC
next ten days II would not be surprising. mo