New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-04-18
THE WEEKS OPERATIONS IN STOCKS.


Wall Street sentiment last week was based
upon the operations Of powerful speculative IN
terests Views on the political situation were
rot guided by the actual progress OF Spanish
American affairs. but were made to agree with
the course Of values as engineered by important
professional traders. The comparative steadiness
Of nrjces was made possible by the absolute
cor troll of the market held by certain prominent
onerators Sentiment underwent sudden and al
most inexplicable changes Superfcially these
were the influences shaping the movement OF
values but the real factors were the manlpuid-
tions Of shrewd operators whose transactions
made prices and created sentiment according 10
varying fancics. irrespective OF political possloi-
tiles Part Of the week there was consideraole
licuidation in the progress OF which a huhoer
OF weak accounts were effectually cleared out
and the amount Of stock thus coming on the
market was absorbed chiefly by professional! In
terests whose control OF the market was thereby
made more complete.
The fact that the market Is so strongly IN
trerched In the professional fold makes It's nut
IRE course difficult to figure upon and extremely
dangerous for people who believe that current
steadiness reflects the buying Of stocks by pow
erful banking interests on the theory that there
will be no war Traders constantly pointing
lowest prices have already been seen and that
the declaration Of war will be followed by an up
ward movement throughout the list. Precedents
are dangerous in Wall Street. Because in Civil
War times the lowest prices were made in the
month in which war was declared there IS no
certainty that the market will follow the same
course In the event OF Spanish-Amerlcan con-
fict while 1t Is not at all unlikely that the un-
expected will happen this time, as 1t has nap
per ed many times before in Wall Street specu-
letion Time alone will prove what war VIII IN
vclve respecting the money and business mar
kcts and pending that time 1t is SAFE 10 move
with caution in making stock market transac-
tons 1t is far from wise to operate on the as
sumption that war cannot work Injury 10 the IN
dustries upon which is based the intrinsic merit
of securities
Fortunately spirit Of caution has been ex-
orcised in all departments Of trade and finance.
For this reason the shock Of war VIII not carry
with II the losses Of an emergency unprepared
for According to the reports Of the CONNER
cial agencies the expectation Of war has caused
some hindrance to business, but the industries
are still doing WELL owing TO heavy orders
taken before the Cuban uncertainty became so
critical. New orders are restricted by appre-
hension the money market an appreheh-
sion we'll founded. when 1t Is noted that. despite
recents ~ gold from abroad the local bank re-
serves have shown no material increase IN the
last two weeks. owing to the steady withdrawal
OF funds by interior institutions. Solid institu-
lions in this city and elsewhere are not alarmed
over the situation. nor have they occasion for
alarm Their resources are large; their con-
servatism and intelligent methods OF banking are
such as to insure them against panic. and they
have taken precautions on a scale large enough
10 protect their interests against all possible
emergencies This strength. however. Is not
reason to expect easy money rates. or cause for
stock market operators to believe that banking
facilities are in a time OF war, 10 be employed
in promoting a bull movement on the Stock
Exchange.
As vet the countrys export trade has not been
checked and 1t Is only necessary TO refer to
the March statement of foreign commerce to
realize the extraordinary extent Of the outward
movement of products and the reason for cur
rent heavy gold imports The position Of the
United States a creditor nation is being
steadily maintained. AS far be deter
mined by the international trade movement the
volume Of credits in our favor in Europe is very
large, despite the large amount already liqui-
dated By gold imports. and it is interesting to
note that in the month Of March the total
credits In favor Of this country were S51,3OO,-
600 being the value Of merchandise exports in
excess Of imports. And 1t Is also we'll TO note
that this amount exceeded the total estimated
investment exchange liquidated in this city
since the gold movement began. factor in
the exchange market at present is the light de-
mand for travellers credits. The import trade
has been contracted by the Cuban uncertainty.