New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-03-13
financial.
THE FINANCIAL WORLD

frst day since the decline set in 'hs
seemed 10 he wholesale liquidation .re
hausteo margins. There was n little =, 80. Il
'he d'p last month but nothing con,, On
"nat was done yesterday. The ev,,. 70
o'ihes occurred then In the more vola,no pe'
whose 9yratlons excited no Special ~
yesterday the liquidation was In the so,,, Prise;
t"e dVIdend payers. and In all classas =. -"
harse operators who have been on tho - 's
were steady buyers. II II had not hear y S'e
purchases prices would have gone - nelr
rover level They had the best opnor,,,-,' ''ucn
the world 10 cover for stocks were 40 my N
thrown at them. - '" speak
me Dark statement showed a rur,ho,
'loh OF Hl"0oono in the loans This mai. ."F
'''''" III Two weeks. evidencnR tho a.. N-''
'"e Hfu'oaton. AT the same time ,h,
oeeh no disturbance in the money rat. u"
we are ca7hlng our large foreign orad,,. az
DRINKING over the gold. over Sl5 ooo 900 ana
iiiS J" sinoa the 2ith Of February ia ,ho M
tent OF S'"oooWD Of credit money tn. l
IN 'he market since tho week before ~. =, "s
uiSaSter ut had reached top and va. SIN,
oach"ard then) has been so great ,h. ing
'"iu III the street the blowing up n, -.
mas cost US S2oOOOo00O II would N
inquire up something Ike that on pans,
terhays selling was apparently started ~
ORDERS or the Government mobilising N. ~,
along the Atlantic seaboard: and tho 80"
dispatches Indicating that a Spanish VA 81
Involve European complications had sor,. .''
INITIATIVE effect "m'
What the market Is preparine ,or ,s..
entation Of the Maine inquiry repor, r,,t :.
consular reports. and the Message ~ N. D.
ueht transmitting them This is oxpeo,e. -.
| IN Few days. The tenor ~ documents
/ portant gets known beforehand I, Il. No, -
/ sary that details should be known. tho o.,
! bearing Is enough for the stock marie, NIT
| promptly proceeds to discount H. either O..
bad. As prices have been falling Nor. -.
more as the time approached for the uas..r..
come. II Is safe to predict that the uor., no,.,,.
view which may be taken Of IL Will hav. 49,.
discounted when II does come n ,bera ;.
rally In the market before that time fv,,., ;,
doubtful. It Will come then or all preo.s1..'
will be at fault '
Surprising the Message. with abuna,r, 49,.
sions OF wishes and hopes for peace. Vet no,r,.
towards war through forcbe interven,,or =.
cuba. This is the worst that can be lookss o.,
The market had pretty well discounted .,,.s =.
situation. 1t has by its decline. an,,c,na,a. -.
/ "a
tell whether the next steps may not he 3, -.
direction Of peace. n rally in prices ror-.,.-,-s
this situation is logical and 70 be expsc,sa
After the market has adjusted i,sel, % 49,.
1t will he time then 10 Speculate on the Nv,
move. Let IT be understood that the devotion.
nents trend towards war At the noare., !,
must he forty days away Both sides viii need
that time. There seems to be no earthly proh,.
/ bility thai "A Lioxy vim ba
ginning Of May. assuming that We are coming
to blows at all. about which one may have NJ,
own opinion. Before the Is; ~ May something
may nave turned up. such as an expression n,
willingness by Spain 10 sell Cuba which may
dissipate the war clouds in an hour. II wo,lt
be awkward 10 be short Of the marke, on N.
day Spain made such proposition On IN.
other hand. II war actually does come. 4, viii
be seen to be coming day by day. the nar,s,
will discount H. just az it is now discountnr N,
presentation ~ the Maine report. and On ~.
day that war should actually be declared stock,
would be a purchase. because they would al.
ready be at that level which represented N,
public estimate OF all its possible adverse ~.
fects.
In the present situation OF affairs trade.
who is short OF stocks on thin margin IL IN
just IL udue'i'uN Il I'NltlNn as one VINO - long
Of them on a thin margin Perhaps h. isa
little more so. For the market has been falling
and falling to meet certain stage Of a political
situation. which is about reached while outside
Of politics every favorable circumstance seems
to combine TO furnish material for a bull market
almost as II to mock rs with rs impo,encs
against the influence Of the dominant issue Tha
railroads are not only paying large dividends ~
] ..g,A
are now selling. but these dividends are 50 large
ly within the margin 81 their earnings that We
may reasonably look forward to an increase IN
them. SO far the war scare has not affected
general business. which continues 20 grow. and
10 promise yet larger traffic sor the roads The
Supreme Court. by it's decision in the Nebraska
rate case. has finally and definitely extended
Federal protection TO the roads against Popu'
listic aggression. We are not IN debt abroad.
but on the contrary are calling in credits despite
the enormous amount ~ securities which have
been returned to ne in the pas, two years And
We have the best prices FOR our eyPofiaMe i'oi
products which have been seen f'r long line
past Wherever one looks the domestic con-
dtions are go favorable that. "a Mr.. Keens 'ai
yesterday It seemed criminal % sell STOCKS u
the face OF them. But-there's the rub The
war cloud came up and no one can tell WI"
wasting forces II may let loose Il II bursts
As before said the market Is waiting lor 'u'
Maine report with the Presidents Message "'
ia ready for IT, There viii he no panic over H. nO'
anything like panic II It should be as ""'"'
as II will probably be peaceful In It's eNp'es''"'
The insurance against this is tho h4ui9a"'
which has already taken place. the low ~
which prices have reached as mo result ~
and the short interest IN he market ""
made the loan crowd yesterday sisnirS"'"'
large and urgent % borrow stocks II y 10,
probable that the larger operators have Jus
in whatever lines of shorts they cared 70 60
but there mus, bee a pretty big short lh''
made by the smaller class II traGers-l1s' W..
who would run quickest II anything came ~ "
give the market an upward turn.