New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-02-21
rur FINANCIAL MARKETS,
crcrBITIES VALUES LOWER.
,,r1ov OF THE FEDERAL TREASURY
RAILROAD EARNINGS.
Sunday. Feb. 2o-p. m.

Sunday. Fob. 2o-p. m.
- .re confusion and conflicting stories
s,- tho Maine disaster In Havana Har-
res". meme market remained unrutned. And
." ,o,evorthy that In the foreign markets
sa.r,sh per cent bonds showed no weak
w I'D that London financial houses ex-
'Hs or,v temporary uneasiness over the pos
Ts -us,,,ts ~ the sinking OF the Maine and
SO" ,.-,sd withdrawal 81 the Spanish Minister
tn' Nc country The penny dreadfuls"
90, more information regarding the pos
,,.,ss ~ war by watching the local money
So, ard II they would only moderate their
tive 70 a pitch warranted by changes in
NOV market they would save the expense
N..,,,e extras No I 20 100 or thereabouts.
-acejve the blessing Of the whole Wall
-. community. War j among the posi-
80 that have % he considered at times; but
=. Intelligent men in public and private
~. Relieve that at present II Is one OF those
renote possibilities that need cause no.
v" alarm The fact that the country's inter-
',si relations are not IN a condition border
% mon war is strongly reflected In the money
.o-sst. War requires money. The men who
'.~,-ol money supply the "sinews Of war.
usr stree. would ne the great reservoir for
"" .r,-e-rrneuf's financial needs. and case Of
-. fhsre would he furry in money rates tina.
~u'd give small operators IN stocks shock or
:, LITTLE severity.
~ mon, market is worth watching. outside
81. erv war cOnsid srations The argument in
- ~ higher prices for securities is based. in
-, on the expectation OF long period flare
= ~ora. rates hut * will be just we'll 10
saa- In mini that the future movement Of
-oney rates : a much OF an unknown quantity
- ~ future Of securities values.
Iris the opinion Of the best-intormed bankers,
,aVever that barring international compiled
,,s the money market VIII enjoy a condition
= sase fcr some time to come. Not on account
y. srv falling OF in trade activity. but owing
- ,ss large amount Of money held in all the
- AID Interior cities. The loans OF the New
~ hanks stand at the largest figures in the
,.,0-v Il The Clearing House Association. This
;,ss N, rcures NJ poor trade position. Accord
80 the weekly mercantile reports business is
-ssra,lv expanding and the demand from mer-
ss,,-Ie borrowers shows an active preparation
49, M spring trade. Business except on the
s.,,t Exchange has not been checked. Kali
-os3 earnings and bank Clearings continue
Say while foreign commerce exhibits a most
-s-,srkable increase in the countrys merchan-
iisa exports Factors underlying the real value
= securities are lost sight or on the STOCK En-
.ssnga when possible international troubles are
rrder discussion. and for this reason last Week
.ock narket cannot be considered from the
,oi-- ~ view n business conditions. To IN
,ss-o-s and legitimate holders Of prime Amer-
"a, securities the situation is not one in which
,bs value OF their holdings viii be lessened
Even war would not change the underlying
s.-srrth % the country's industrial activities.
-ba hest advice to investors is contained in
b-oks-'s letter - his customers. telhng them 10
hold their securities and TO join the Don't
uo--v Society,"" Naturally values are sensl-
.,ra a. this time II would be an abnormal
s,rstion II they were not. and 1t is surprising
tba- The recent Cuban developments did not
have more damaging effect IMAM RECORDED IN
ne week just closed. The fact that the market
stood the shock OF the Maine disaster so Wen
should afford encouragement 20 every pooy inter-
ss,ed IN securities values for II proved that
- ~
sst and that every possible precaution would be
,sker 10 avoid a panic.
TN,,urs possibilities in the Cuban question re-
,,rict stock -market trading. Nobody is WlIllng
- venture an opinion respecting the immediate
curse q prices: but the majority or w all
Street men are extremely optimistic over lhe
future Of securities values barring Cubah 1e
veopnsnts with cuba out of the way theF pc
lave that stocks will sell higher. But penang
the settlement ~ the Cuban question they 40
rot advise the purchase OF stocks on margins
:. Il not unlikely that Wal Street Will ba sub
jsr-ai 20 further shocks and aggressive bear
raids but selling by tirid holders will ind
ready BUYERS as reflected in last weeks opera
TONS and bear attacks VIII end without a pane
p-rss will not 20 in one direction for any length
o. tine and courageous operators Will douDtiess
have many opportunities 10 make handsome
turns on the long side Of the market When the
p-ssent nervousness becomes less acute Wall
Street will have sore interesting topics 10 dis
ass and 20 operate upon in the stock MARKET
Developments affecting the actual worth Of Sc
tine they must receive proper recognition. The
Increase by the Chicago. Burlington and Quincy
directors II the company's dividend 10 a > per
cent basis the completion Of the Union Pacific
reorganization by the purchase Of the Kansas
Pacific. the success Of the Rock Island refund
nr increased railroad earnings and minor hap
psn.ngs in the affairs OF commercial and trans
po-tation companies, are factors that VIII have
q bearing on securities values when Wall
Street resumes its normal condition. Stocks that
have been filed with speculative wind suffered
hsalihtul setbacks last week. notably Metro
psiian Street Dailway, which lost II per cent,
Is compared with the closing price week ago.
A further break IN this issue would surprise
nobody. Y will probably be a long time before
this scrip issuing Z per cent paying stock reach
IS 30 II Is not worth 200 al present. nor 100,
according % the returns IL makes 10 the stock
holders It's jump into speculative activity has
,sssened is investme following. as reflected
n he increased amount Of stock available for
SPECULATION and manipulation. Brooklyn Rapid
Transit stock and Pennsylvania promise TO be
among the favOrites Of future speculation.
The movements Of the chief active stocks and
h'n3s in the week are given in the following
tables