The times., 1898-04-15

Yesterdays market was indecisive and
not indicative of anything in particular
except the indisposition to risk money
in the face of the apparent certainty of
war, when nobody knows when it is to
come or how soon. There were slight rail-
lies in the forenoon all around that put
prices by o'clock nearly where they
were yesterday before the decline. Later
there was an awful dullness and very
few orders were executed. The street is
now of one mind that the war viii be
averted only by q miracle If at ALL There
were expressions TO this effect by th,,
most conservative people all day We'd
nesday's action of Congress seemed 20
knock the last hope of the peace crowd.
The only question talked now is as to
the date of the beginning of hostilities.
This is variously placed at the beginning
of next week and the end
There is some difference of opinion as
to the action of the market when hostiH-
ties are begun. Ladenburg, Thalmann &
Co. are certain that al the beginning
there will be big drop Of several points.
After that they are not inclined to ex.
press any opinion. Dow, Jones & Co.
say that there will be a bad drop but
they are not so pessimistic as to it's ex-
tent. The Town Topics people say:
The action Of the market must con-
vince everybody that good many inter
tSlS are uOt OIlly prepared Tor the worst,
but that they have made their calcuIa-
tions accordingly. If. therefore, there
should come quick reaction, buying or
ders in plenty viii be found in stocks
which will prevent anything more than a
| temporary decline. After the first shock
which. in the judgment of the most con-
! servatve people of the Street will be-
short and sharp, but not necessarily de-
cisiYe, the market will rally, and under
! the lead Of the international shares and
| western issues will then become stable
and in the course Of a few days will ad-
vance appreciably
These gentlemen, however, qualify this
opinion with the suggestion that it may
not be advisable at this juncture to load
up with the fancy issues.
The manipulation of tobacco is in
the hands Of a crowd that understands
| the business thoroughly. The deal has
been one of the best executed in many
a long day. The stock passed sugar YES
terday, something that has not occurred
! before for so long that the old market
! people We're hunting up their figures
! yesterday 10 ind the date If there was
/ one. Tobacco has gone up steadily dur
! ing the acute troubles since the Maine
! disaster from eighty something 10 III
| and a fraction the high yesterday. The
! general opinion is that there is very
! little real merit behind the boom or M
leaSt nothing 10 warrant the tremendous
rise that has come. The manipulators
have secured all the stock It is almost
| complete corner. A lot of little peo-
| pie have been selling short ana now they
cannot get hold of the stock TO deliver.
! Ihe question of how far the price will
! go seems to be only that Of the compass
sion of the pool or the satisfaction of
! their desire for profit The real sig
| nificance Of this remarkable pool is shown
! by the fact that 2 per cent was offered
| for tobacco over night at the close yes
terday.
Spanish AS went down again yester-