New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-04-11
THE WEEKS OPERATIONS IN STOCKS.

THE WEEKS OPERATIONS IN STOCKS
The o.tua, position OF Spanish american az
fairs so far as known developments ore con
earned gives littla -.ason for the assertion that
var e not In s.cht Yst TN certain circles
o. tho stock Exchange sentiment Is IN
clIn.d 70 take = cheerful view Of tho situation
Theirs "a little evidAncA that peace prospects ere
in,provine An inference that the delay IN the
tine for making public the Presidents message
meant an assurance Of peace was respors'o'e
FOR a spid upward movement IN securities val
ues on Wednesday. and. while the recovery vas
not maintained until the close, the market pre-
ssnted steady and confident un1ertore. Wall
Street Is a firm believer IN tho influence ~ the
European Powers "a reacemakers Indications
IN the week pointed toward an effort on the
psrt Of the Powers to coerce Spain into accept
Ing the propositions Of TIE United States. and as
a consequ .rce stock market traders reached
the conclusion that Spain would yield
~ diplomacy accor~plishes the solution ~ tho
Cuban problem there wiz doubtless he some
marked changes in stock values Conditions
making ror peace have not grown IN the same
proportion as Wall Street optimism and the
s.eadiness % securities' values has not been
warranted by the known progress OF interna-
t,onal affairs Stock market values At the cur
bordering upon bargain prices In ;he ma
toritv Of Issues quotations are we'll above the
range ruling a month ago. we'll as higher in
MANY instances than the level Of last November.
with the Cuban matter out of the way present
values might b. considered cheap. and # the
hesitsncv in business circles could be removed
81 once legitimate increase In values might
safely be predicted II Is not Yet possible 10
fudge Of the effect Of the Cuban question upon
general business conditions. hut IT is encouras-
ing 10 note that while there is uncertainty
there is as vet symptom Of depression IN
manufacturing concerns or decrease in demand
and consumption. # settlement Is not reached
for some time Il may he inferred that the ac-
cunnulatne effects Of uncertainty VIII he In
furious 70 the country's business hut not 70 an
extent that will cause a lasting depreciation I'm
the actual values IF investment securities There
,s no reason for holders Of good dividend-pay-
ing stocks and bonds TO worry about their pos
sessions Until the cuban difficulty ia settled
however tho adequate reason will exist for
,neculators to exercise caution in their opera
tons.
Opinion in Wall Street reflects belief that
the floating supply If stocks is small and mat
speculative issues I'm strong hands. NO
bcdy can safely say what present holders VIII DO
IN the event % war. but il is not unreasonable
70 expect considerable liquidation. The fart
that Wall Street has given unmstakable evil
dence Of confidence in a peaceful ending Of the
current situation is not sufficient proof that
heavy selling viii not take place II war actually
comes An outcome OF the relations between
Spain and the United States contrary 10 expec-
tstion may cause severe break IN prices ana
In. possibilities Of the future are not such IA
70 make the present level ot values attractive
ror speculation for a rise People who LOOK TOT
IN Immediate advance In prices Following
rossi,la declaration Of war should bear In mind
that powerful speculative forces conrdent ID
the future II values viii not oppose a decline In
values e they see good opportunities OF buylnS
a. a lower range "a compared with that now
current Substantial interests believe in Ameri-
ca, securities hut they are not unwilling 10 buy
a. the lowest possible figures. An immediate
end % Cuban uncertainties upon a peacefui ana
honorable basis will probably bring a large
rublic buying demand into The stock marKct'
and in that case lower prices for the time VIII
hardly be likely. There Is uncertainty on Doth
sides Of the oucstion and. pending definite de-
velopments making for peace or war 1t Is I'M
safe ~ be long or short Of stocks. except upon
MARGINS larger than the average Spectator can
command.
Tn. financial community has taken wise and
>arr,ach,ng precautions for war Tho banks
.re strongly intrenched and the majority OF
banjirg-houses are well prepared Cor possible
emergencies. Money market conditions how
eyer are not favorable t. extended bull specu-
la.icn in stocks and they will be more UNI
favorable ~ present Spanish American compli-
cations lead TO war. The demand for funds
from, the interior was heavy last week. and de-
spjte the large receipts of gold from abroad
the banks lost in both cash holdings and sur
plus reserve. The banks are exercising caution
IN making loans end I'm the event Of war this
caution will be more pronounced. For this rea-
son the hope OF 4 bull movement in securities
Is not likely 10 fulfilled. and people who
gre confidently predicting higher prices. or
no war should remember that substantial In
forests have taken no part I'm recent speculation,
and that realizing the dangerous possibilities
involved IN war, they have refused TO in
crease their holdings and do not believe in bull
speculat.on or higher prices on the mere theory
that war VIII stimulate Industrial activity.
There is no disposition on the part Of substan
t,al market interests TO borrow money. This
reflects an absence o. these interests from spec
ulation. TIE banks are not disposed to make
time loans The theory that war has been dis
counted in the stock market does not appeal to
conservative and cautious men.
RAILROAD AND OTHER STOCKS.
40 sxyi1