New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-04-17
Financial
The Financial World.

The reception Of the Presidents Message By
Wall Street last Monday, reflected In the
/ movement OF the stock market. was a simply
! bewildering example Of the national optimism.
/ Before the Message was formally delivered to
| Congress at noon, the market became strong,
evidently on that advance information which
the Street somehow but invariably, manages to
get On the reading Of it. there was momen-
tary drop: but this was quickly followed by q
rally. and Mondays closing prices were the
highest of the day
On the assumption that an event long ex.
pected is discounted. the rise OF the market was
logical If ST. Paul at 90 or Burlington at %.
Rock Island at SO. Louisville at 80. New-York
Central at H. or Sugar at 119-if these prices
discounted war, then the advance from them on
! Monday afternoon was reconcable with reason.
| But il developed the close that the buying
J was not based this theory at all; but on the
extraordinary assumption that the Message was
peace document so peaceful, In fact. that It
would bring high prices from London next
morning and send Spanish 4s up several points!
Here was a Message which said that interven-
! ton to stop the Cuban war was Imperative
/ that this involved the forcbe constraint OF both
parties to the conflict; and to exercise this con-
straint authority Of Congress was asked TO use
| the military and naval forces of the United
! States Incredible as II seem, sensiple men
were found ready to argue that the landing OK
q military force in Cuba by the United States 10
| enforce peace would not be opposed by Spainl
She wants peace there It was argued. so do we
therefore she will not object. On this theory II
was assumed that London would come away up
next morning and Spanish bonds soar sky
wards.
Nothing OF the sort happened. London prices
on Tuesday morning came lower than our close.
and Spanish Is were heavy. The foreign mar
kets reflected the sensible view that the Message
was a war Message but could not be effective
till Congress acted: and the action OF Congress
was yet an unknown quantity. This took all the
vim out Of our Tuesdays market which became
! dull and sagging.
on Wednesday Congress acted the Senate
FIRST IN reporting It's radical resolutions de-
handing the immediate withdrawal OF the span
ish forces from Cuba. accompanying them with
verbose document very violent in tone Late
1 the same day. the House adopted ITS more
decently expressed resolutions AS soon as the
| cono,e resolutions were reported. the market
| fell away: and as they were instantly caoled 20
London. the widest rumors became current
| there that war had actually been declared the
effect was to bring London prices on THURSDAY
|
4s touched their lowest at 42&
Bu. now the Street treated 10 one ~
| those neat turns which give life TO speculation
While the market opened Thursday ut about the
| low level OF the London quotations. 1t soon ap-
| peared that there were not many stocks press
| ing for sale while the short interest was I'M
| doubtedly large Prices began TO stinen after
the first dealings. and It was rumored about tia
street that a prominent operator was buying
stocks. He did. IN fact. issue sort OF statement
Of position. which was humorously referred T.
as "Mr. Keenes Message" pointing out that
| prices were low enough even II We had war
while there was n scheme afOot 10 avoid II by
| the purchase OF Cuba: or at any rate. thera
| would be delay. and delays We're favorable -
peace Concident with this. cables from Lon
| don said there had been sudden change inths
market there just at the close. Spanish As. ~efs
| Al bid and n new and important diplomatic d.
| veopment might be looked for from the Earn
| pean powers The united effect OF these In
! huences was TO get quite little scare into ths
| short interest: there considerable buying
for both accounts and before the close not only
was there a recovery from the low prices Of the
morning but part OF the previous days losses
! had been made up.
| The rally continued into the first hour OF bust
ness Friday morning. and then II entirely
| petered out The London story developed into
| the absurd canard that the six powers were to
unite IN n naval demonstration in favor OF
| Spain against the United States AS this in
| cluded Great Britain among the demonstrators.
| the camel was too big to swallow; and II did
not take long for the Street TO get on TO the fact
that this was another Madrid Paris trick, OF the
same stamp as last weeks story officially pro-
mulgated in London. that President Mckinley
had besought the Intervention Of the Pope.
Some very high personages in Spain must have
| been responsible for that which could have had
| no other object than TO affect the stock markets
1t did put up Spanish As five points: but taught
| by that experience. the traders were not TO he
caught a second time. and the mythical naval
demonstration story did not get two points out
| OF them. 1t is probable the continental origina-
| tors OF the scheme got left on their attempted
bull turn. Our market became heavy during
| Friday that even spectacular advance IN To-
| bacco stock failed 70 impart a semblance OF ami
nation 10 II: and yesterday 1t closed the week
in the same lethargic condition. Closing prices
| OF leading stocks. like St Paul. Burlington. ~
Y. Central. Sugar. Louisville and others. were
from . to 4 points below the best of last Mon
day-those made on the theory that the Pres-
dents Message peace document.
The coming week we shall have. according TO
| the present programme. tho agreement or the
| two Houses the Joint resolution: the signing
| of the same by the President: and then the sub
| sequent proceedings. which will start into ac-
ton other than legislative and diplomatic forces.
On the ground that there are slips between tho
| cup and the lip. there may yet something hap.
pen TO avert war but there Is no other ground
To look for IL. seeing that the troops already
/ on the move toward the expected scene OF &C.
| ton. The two countries rapidly approach
ing the point of collision toward which each
/ along COuNerslng lines has been moving since
the N q nj hn Mnina lisn fh.,o one side,