New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-03-28
THE WEEK IN WALL STREET.

There is no evidence Of panicky conditions In
Wall Street There is reason 10 expect
panic or To talk panic. Five weeks Of prepare
ton for possible emergencies have put the ram
parts OF the financial community in solid con-
dition Of defence. and although stock values
NAV suffer further from the attacks Of profess
sional traders and from liquidation by timid
holders the general position OF Wall Street af-
fairs appears adequately protected against
serious injury from international complications.
The situation is ntrinsicaily sound. The banks
have strengthened their resources. Private
banking houses have cleared out all weak &C
counts and have made arrangements 10 meet
any unfavorable development that may arise
Small traders have either voluntarily sold their
holdings or have been forced out by the pres
sure Of circumstances. The floating supply OF
speculative stocks is small, probably smaller
than al any tim. in the last two years. AS a
rule, stocks are in strong hands. There are no
overextended lCng accounts. Light-Walsted
marginal traders have ceased TO engage in mar
ket operations.
Money is held at this centre in abundance.
drain from the Interior will be met by increased
gold imports from Europe and str!ngency in
rates viii cause little real hardship because there
are very few borrowers in he market and no de-
mand for funds Of a pressing nature Bankers
needs have been provided for. Stock brokers
are not in the market for money. The spirit OF
caution is reflected in the stiffness of time loans
and the general conservatism displayed in all
departments Of Wall Street operations. The
actual declaration Of war would doubtless cause
hieh money rates. further declines in the secur-
tiles markets and liquidation Of stocks by some
wealthy spectators and investors who. in time
OF war; would rather see their possessions in
cash; but the influence OF these happenings
he ffspf in no al be
formed men. by the wise precautions already
taken. The gravity OF the situation has resulted
in the perfection Of extraordinary preparations
IN Wall Street we'll in Army and Navy
affairs.
The danger to the stock market respecting
values lies In possible final fright among
wealthy spectators and Investors. AS yet these
interests have not. so far as can be learned
thrown their stocks upon the market. Small
Spectators do not hold stocks at present. Some
body them. and there is little evidence
that banking institutions powerful capitalists
not included In the class Of WEALTHY spectators,
have added materially to their holdings. Europe
has taken round amounts Of recent sales, and
interests identified with railroad and industrial
corporations have beer moderate buyers, but
they have taken securities in large enough
amounts 10 absorb all the mass of holdings that
have come upon the market. 1t appears prob
aOe that lnClNldual spectators, VINO have the
courage Of their convictions and sufficient fnan-
cial means TO protect themselves against sudden
breaks, the largest holders at present II
they decide 10 sell at current prices a material
decline must be expected and their sales must
necessarily be taken by rich investors and pow
erful financial institutions at prices well under
those now ruling The last-named interests can
hold indefinitely without financial inconvenience
and willingly. for they know that later on their
purchases Will show enormous profits. Many
people waiting for lower prices They are
anxious and willing 10 buy. II the stocks that
now In strong hands are sold they will be
taken by buyers If even greater financial
strength.
The market was weak last week until Satur-
day, when an active covering movement by the
shorts caused a substantial rally. on Friday
prices reached in most cases level close 10
the low points made On the slump OF March II
and In few stocks lower values were recorded
notably Sugar Refining. Technical conditions
will cause sharp rally on any encouraging
diplomatic Development but until the Cuban
question Is settled no sustained Improvement can
reasona bly be looked for.
The decline IN values since the day Of the
Maine explosion up 10 Saturday FOR the most
active stocks is shown In the following table: