New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-03-21
THE WEEKS OPERATIONS IN STOCKS.


The market value Of investment securities and
purely speculative issues improved last week.
Technical market conditions ard professional
manipulation. rather thar good buying or a bet
termcnt OF the Cuban situation. were response
Die for higher range OF values. The severe
break on Saturday a week ago was followed by
a normal reaction Monday. and throughout
the week. with the exception Of two days. the
course OF values gradually moved toward higher
urices Whether or not the upward tendency
will continue depends TO a great extent upon the
findings Of the Maine Court of Inquiry and the
policy Of the President in the Cuban mater
The recovery in prices was not accompanied
by buying from important sources. ConserNa-
tive people. while allowing themselves TO believe
that diplomacy. rather than war. Will be the
means employed settle the Cuban question.
are not disposed to take par: in market opera
lions and conservative banking houses advise
their friends and customers 10 stay away from
Wall Street In the circumstances no better
counsel could be offered There have been so
many surprises in the Cuban question, so many
unexpected developments and so many oppor-
tunitles for professional stock gamblers TO play
havoc with the market that only men Of expert
ence and large financial means are able sue
cesstully to keep their heads or money in cur
rent speculation. Until the country knows the
Administrations course toward Cuba the stock
market will remain a purely professional affair
and exceedingly unsafe for people OF limited
means 10 touch
The attitude Of London in this market /, reas-
surfing London often has better info nation
than local interests. but in the present case II
is hardly possible that London bankers know
any more about the future Of Cuba than DO our
own financial men. Developments in the Far
and in that case heavy liquidation Of foreign
held American securities may follow II actual
hostillties do begin between Spain and the
United States. foreign selling IN this market
will doubtless be heavy. and. despite the local
Nqu.dation already experienced. there VIII neceS-
sarily be renewed selling pressure that accord
ing 10 many competent authorities, will carry
prices lower than the low level reached week
ago. There many Ifs and uncertainties
in the situation that declining market appears
more probable than advancing one, and,
pending the removal OF these uncertainties. 1t
does not seem wise to take an active interest
in speculation optimistic view of values
for the current week When Cuba is removed
as a market factor there will be some highly
encouraging reasons for a bull movement in
securities. Existing business conditions all
in favor OF higher prices, but their influence IS
held in check by the uncertainties in the pOliti
cal situation.
The strength OF the business situation is found
in the splendid condition OF foreign trade. This
has already been reflected in engagements OF
gold for import aggregating ST 100000, and in
the trade statement for February. issued last
week showing an excess OF merchandise exports
over imports in value Of Sal SOS 800 against an
excess in the same month IN 1887 Of S2O.5S37O9.
For the fiscal year 10 February 2S the excess
of exports amounted In value to S4l9 G61 1O5. a
record never before equalled in the history Of
the country. The imports OF gold have checked
any tendency to stringency in the money market,
while the continued improvement in Government
receipts has removed all fear abou: the success
OF the present tariff law as an income measure.
In addition 20 these favorable factors all lines
OF business show constant progress, desp'.e war
talk and war preparations. Railroad earnings
continue heavy and bank clcarirgs large The
only unfavorable feature Of the situation IS the
failure Of the roads in the Wes: to reach set
Element OF the present rate dcl. oralation II
the rate continues. earnings mus: neces-
sarlly be affected but the common sense Of rail
road managers AMI fuller realization OF thor
obligations to stockholders may at no distant
time remove this danger. !, is time for the rae
war nonsense to stop. and IL managers cannot
agree 70 end Il. stockholders should take hard
in protecting the interests Of the's properties
The incidents ~ the last week. the daily
changes in speculative sentiment and the SUPER
fetal strength OF tho stock market did not In
duce conservative interests 20 enter actively into
macket engagements.