New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-05-16
THE WEEKS OPERATIONS IN STOChS'

The action Of the stock market on the closing
DAVIS of the week created the impression that
tho enthusiastic bull movement had for the
nresent spent its force. OF course. IL is essen
fiauy war market. and until hostilities are
over its course will in great measure depend
upon the progress and conduct Of the war LeaV-
ing out Of consideration technical conditions ma
terial factors warrant a higher level Tor the
majority of issues. but so long as war continues
the position Of the countrys industries VIII oc-
cupy a secondary place as considerations al
fecting the market value of securities lhls wal
will certainly not injure the actual worth Oh
stocks and bonds. but unfavorable deveIopnlehts
would have a temporary effect upon specu-
Iative fluctuations. On the other hand victory
for the feet under Admiral Sampson should be
followed by the same kind OF market as 'hd'
witnessed after the Manila victory.
Speculative enthusiasm waned somewhat at
the end of the week. stimulus is needed to
encourage further public buying, and the street
Is placing its trust in Admiral Sampson to fur
nish the public mind with sufficient incentive 10
bux stocks for a further rise in values II shouid
no horne IN mind in reading the current market
that the liquidation OF important holdings ana
the heavy foreign selling have caused large
accumulation Of stocks in weak hands. and that
the floating supply Of securities has been meas
urably increased. When the public is acling
under the force Of speculative enthusiasm the
supply Of stocks finds ready market anu Tic
mower Of absorption Is heavy enough 10 pre-
vent any inroad upon the level or values. DuI
the moment the public demand siackehs ''e
offerings become greater than the demand Win
q consequent decline in values. AT the close OF
the week the selling came from local specu-
lative interests and foreign houses. ana coi"-
cident with this movement there was dlniiiiu
ton in the public demand. the result Of which
was lower prices throughout the hst. "he'nei
or M, the reaction has reached limit at which
wealthy interests desire TO renew their opera
lions for a rise will be answered by the course
NJ values tomorrow. although any faVoraDie
war news will Immediately cause renewed puo-
uc buvins irrespective of technical conditions
or the intentions OF important speculative IN
terests.
~ the inportant features Of the week
The most noteworthy was the change OF condl-
+ions in the money situation. The fall in money
rates the resumption of currency shipments
from the interior and the increased demand by
the hanks for mercantile paper were disappoint-
ing 10 the prophets Of evil. but they were re-
freshing incidents OF situation filled with en-
couraging prospects Bankers are convinced
that war with Spain involves no panicky posi-
bilities And business men in general realize
that individual growth has never been seriously
menaced by hostilities. and that the onward
march Of prosperity must gain In force as the
weeks go by, despite the punishment OF Spain
and the attempts OF the men who cried for
war to hold up the war revenue measure by
means of their silver and fat money fancies.
Actual business through clearing houses was
about 10 per cent larger last week than In the
same time in 1892. outside this city. and about
10 per cent larger here. Railroad earnings de-
spite rate wars. are heavy. The course OF the
wheat market reflects something Of greater i'm
portance than SPECTATORS profits. 1t means a
splendid wheat year for the farmers and in
creased transportation for the railroads
Foreign selling OF securities and easier money
rates have caused frmer sterling exchange
market and gold imports have been suspended.
The country's trade balance abroad however,
remains heavy and bankers renewing the
nurchase Of sterling bills for collateral on loans.
The return of interest rates to a more normal
hash means that funds accumulated in expecta-
ton of a heavy bond issue have been released.
and that business interests will not be starved
by an over-conservative policy OF restriction
among the banks The Federal Treasury is los
ing money at a rapid rate. and IL is unfortunate
that certain men In the Senate cannot their
way clear to come to the Governmentss relief
as they did when the President asked for a
war fund Of S50.OOO.0OO The country holds
more money than ever before in its history. and.
although cranky Senators seek TO use the war
as a means of promoting their unwse currency
views the public spirit. patriotism and intei-
gence Of the people at large will not permit the
Government to suffer from lack of money.