The copper country evening news. [volume] (Calumet, Mich.) 18??-1907, 1898-05-21
JUR new YORK LETTER
PERIODS OF GREAT ElATiON AND
DEPRESSION ON WALL STREET.
Money Changers Nightly Affected From
Day to Day by the Current News-The
War Not Yet Real 10 Them-Conservs-
tive MISUNDERSTANDING Institutions.

~
hostilities it has been proved to the credit
of Americans that we are not an overly
mercurial people nor given unduly to hys-
terical excitement.
But 1t must be confessed that Wall
street. by which is here meant that part of
the business community only which is de-
voted to speculation in stocks and securi-
lies, has been first depressed and then
buoyant from day to day in strict accord
ance with the current war news. IL has
seemed from the beginning to the present
time, in fact, ms if the money changers of
the metropolis have believed that the con-
clusion of the war and the future of bust
ness rested each day almost entirely upon
the news from the front received on that
particular date.
Wall Streets Fluctuations.
Dizziness deadly and paralyzing began
to settle down upon the Stock Exchange
on the date of the blockade's beginning,
April 22 and increased steadily with each
succeeding day for period of about two
weeks, or until the arrival, on May z, of
detailed news from Commodore Dewey
that he had actually done all and more at
Manila than had been reported. AS soon
as Dewey's report was received however,
a.
vious day transactions on the exchange
had reached a very low ebb, only SO, 900
shares changing hands. Next day there
were transactions in $50, 900 shares, or
nearly four times as many, and a some
what similar state of affairs obtained with
regard to bonds, the dealings therein be-
ing more than twice as large on the day
after the reports reception as on the day
before.
This sudden change from virtual torpor
to feverish activity, this revival, was not
matter of only day or two either.
There was steady increase of hustle and
rush on the floor of the exchange till the
close of the week, the transactions one day
reaching the high aggregate of 455, 900
shares, not high water mark, to be sure,
but yet high enough to remind every one
of "thc good old times" and bring smiles
of delight to the faces Of brokers all, both
great and small.
Money, which had been phenomenally
tight, loosened up wonderfully, too, and,
while it was difficult. before Dewey's re-
port to borrow at 6 per cent, within two
days thereafter it was possible to "get all
you wanted" without difficulty, to use a
phrase of the street, at A.
War Yet an Illusion.
1t has been virtually the same ever
since. The slightest bit of good news has
caused everything to boil in Wall street
Bad news has caused slump of more or
less magnitude, according to the impor-
tance of the news. Until Dewey proved
that Americans know how to shoot and
are not afraid TO fight Wall street was timid
beyond what is written.
a.. e.. TO r.
cternally true, Wall street accepted as a
foregone conclusion tho dictum that the
| Spaniards are such feeble folk that moth
| ing OF moment need be expected from
them. while the close of the war must be
| O matter OF only few weeks or perhaps
loys. When the news of the killing of En-
s.En Bagley and four of his brave COM
$50 on the Winslow-sad indeed, but
| 6Nfv r dl1oAt foretaste of what must inevi-
tabfy -, before the war is over-was
receiyeS, 4 re were tremors again. Only
| n few such DISPATCHES us were received al
moss daily in civil war times were needed
arc needed today, in fact-to throw the
whole brolscrial force of New York into a
! veritablc blue funk
! 'sYet it may be said truly, in my opin
! ion declared II veteran of the street in
!
street men of 1898 have formed only the
foiptcst conception OF what war really is
| The struggle between the United States
and Stain is so far only sort of illusion
To them. a something whose greatest i'm
portancc lies in It's relations to the street
have no doubt that the present war still
seems u misty unreality to the great mass
of rho Dcople. too, though it cannot be 81
\ VII friends
relatives have gone TO the front either II
the volunteer army or on board the ships
of our navy.
Faith In Moneys Power.
Gone of the causes for quick recovery o
spirits by the run of Wall street men,
continued the veteran, has hitherto IAN
i'm the belief that the money kings OF Eu
rope, assisted perhaps by the kings en-
throncd, would not permit the war to con
tinue, since it's prolongation must caus
such tremendous interference with busi
ness.
"That the power of the European bank
crs is sufficient to stop hostilities were
exercised in earnest many of the younge
Wall street men do not yet doubt Tor
moment. This notion Is COMPROMISING
since for period of 30 years OF measurapi
peace the world over the power OF .pusl
ness interests has been supreme. tshOul'
be said for the real fnanciers OF New
York. the bankers, especially the olde
ones. that they do not share this notion .
any extent. There was time some week
ago when they had a hope that spain mign
be controlled through her creditors, pu
that hone has now virtually disappeared
BANKERS now look to see Spain hold on
until thoroughly thrashed, unless sh
finds it impossible to continue resistant
Inv reason OF internal discussions or finar
cial bankruptcy. Should either OF thes
causes bring tho war to speedy ana ia'
orable Conclusion or should the Unite
Statcs win a decisive naval victory, the
tbe Wall street brokers, especially IN
Younger men, will never probably reach
much clearer idea of what real war Is ina
, they have now. Otherwise they are likel
70 experience periods of nervousness besio
which the tremors through which the
have already passed will seem OF might
small account.
The Savings Bank.
The feeling of the savings banks an
: those who deposit their surplus earning
In these institutions is shown by the CT
. N