Arizona republican., 1898-03-03
They Bade the Most Of the
 Kaine Disaster
WHY STOCKS TOOK A TUMBLE
The Market was Otherwise
 Awaiting Q Reaction
The Loncon Demand for American Securit, es Helped to Preserve the Balance. satisfactory Con- d!tion in ths Far East.

ditiOn in ths Far East.
 New York, March 2.-(Special. )-, During the past week the Maine ex- citement has taken thorough posses sion of Wall street. While, among the public at large, there has been grad ual abatement of feeling and grow ing disposition to hope that investiga7 tion may show the disaster to have arisen from accident, yet on the stock exchange there has been each sue ceeding day more inclination to ap- prehend an outcome that may impar harmonious relations with Spain. This paradox admits of easy explana- tion. Among the habitues of Wall street, there is an element prone to sensations and to exaggeration Of the significance of exciting events; ardent in their opinions, quick, if not rash, in their conclusions; given to the high ly seasoned contents of some of the daily papers and therefore prone to ac- cept the warlike bias with which the unfolding this unfortunate incident is served up day after day. These op- orators, though restricted in their in number, and their sales have their influence on the opinion of the mo- ment, and it's effect is demoralizing. Herein lies the explanation of much of the effect of the Maine disaster up on prices.
 It is also to be taken into account that previously the market was pre- disposed to reaction from other causes. Strong operators had actively worked the market up to a relatively high range of prices. Two weeks ago, they had begun to realize their prof it's, and their sales had been inter preted by the initiated as a warning of coming squalls. When the news from Havana struck the market it gave force to the expectations of a coming break and within few days has pre- cipitated a fall of to points which otherwise would have been spread over a larger period. In all this the room bears have taken an active hand, selecting the weak spots, attacking stop orders and adding fuel to the ex- citement by sensational rumors. From the nature of the case, little effort has been made by the bull side to ar rest this drift of affairs. It is not by any means certain what the official inv icyof int f1o Maine may develop. So far as it has gone, though nothing conclusive has been discovered, yet such partial in formation as is gleaned tends rather to encourage fears of trouble with Spain than to allay such apprehen- sions. Amid this uncertainty nobody cares to buy largely even at the great ly reduced prices; for it hardly ad- , mits of a doubt that, in the event of a threatening outcome of the investiga- tion, prices would go still lower. This is prudent attitude under the circum- stances, and we cannot recommend buying at present, except upon sharp drops and for short terms.
 One helpful feature of the market has been the revival of the London demand for securities, not less than SO,OOO shares having been taken dur ing the week. The news relating to China and Africa has been distinctly favorable. The assurances given out by the French government have dimin- ished the apprehensions of trouble with England over their competition for territory in interior Africa; and Lord Salisbury's utterances have had like effect. In the present sensitive condition of her hame politics, it seems the last thing to be expected of France is that, for the mere acuuisi- tion of raw territory of doubtful value to her, she would rush into a war with one of the most powerful nations Moreover, French jingoism is restrict ed to a comparatively small group of speculative politicians, to whose in fluerce with the government there is a ready limit.
 The Chinese question seems to have reached a solution which will preserve
 peace in the far east for at least some l years to come. England has cunclud-
 ed treaty with the Chinese emperor
 of far reaching consequences. 1t pro ! viGes for joint loan of e16090, GOO by Great Britain and Germany which
 insures the immediate return of Wei
 Hai~Wei to Chinese occupations and l shuts out Russia from the conll bling
 Influence at Pekin which she had hoped to cement through becoming the
 lender. England has also secured the Immediate opening of all the navisable
 all nations and the opening of tv'., free