The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1898-02-28
WALL STREET EXCITED
WAR TALK FINDS READY GRE
DENCE WITH BEAR FACTION
Effect Is Demoralizing to Prices of
Stocks and Bonds-Henry CIeyys
Lauds the Patriotism and Re-
sources of the American PeO-
pie.
Special to The St. Paul Globe.

Special to The st. Paul Globe.
NEW YORK, Feb. 27.-In his weekly
review of the financial situation Henry
CleWs says:
During the past week, the Maine excite
ment has taken thorough possession of Wall
street. While, among the public at large,
there has been q gradual abatement of feel
ing and a growing disposition to hope that
investigation may show the disaster to have
arisen from accident, yet on the stock ex-
change there has been each succeeding day
more inclination to apprehend an outcome
that may imperil harmonious relations with
Spain. This paradox admits of easy expla-
nation. Among the habitues of Wall street,
there is an element prone to sensations and
to exaggeration of the significance of ex-
citing events; ardent in their opinions,
quick, If not rash, in their conclusions;
given to the highly-seasoned contents of
some OF the daily papers and therefore prone
to accept the warlike bias with which the
unfolding this unfortunate accident is
served up day after day. These operators,
though restricted IN their transactions are
somewhat important in number, and their
sales have an exaggerated effect upon the
market; they have their influence on the
opinion of the moment, and its effect is de-
moraliZng. Herein lies the explanation
of much of the effect of the Maine disas-
ter upon prices.
1t is also to be taken into account that
previously the market was predisposed to
reaction from other causes Strong opera
IOrS nau actively worked the market to
a. relatively high range of prices. Two
weeks ago, they had begun to realize their
profits, and their sales had been interpreted
by the initiated as a warning of coming
squalls. When the news from Havana
struck the market it gave force to these
expectations of coming break and within
a few days has precipitated a fall of to
points which otherwise would have been
Spread over larger period. In all this, the
room bears have taken an active hand,
selecting the weak spots, attacking stop
ders and adding fuel to the excitement by
sensational rumors. From the nature of
the case, little effort has been made by the
"bull' side to arrest this drift of affairs.
1t is not by any means certain what the
official investigation into the disaster to
the Maine may develop. So far as it has
gone, though nothing conclusive has been
discovered, yet such partial information as
is CLEANED tends rather to encourage fears
Of trouble with Spain than to allay such ap-
prehensions. Amid this uncertainty, nobody
cares to buy largely even at the greatly re-
duced prices; for it hardly admits of doubt
that, in the event of q threatening outcome
of the investigation, prices would go still
lower. This is a prudent attitude under the
circumstances, and we cannot recommend
buying at presents except upon sharp drops
and for short turns. i
One helpful feature of the market has
been the revival Of the London demand for
securities, not less than sc, 900 shares having
been taken during the week. The news re-
lating to China and Africa has been dis
tnctly faVOrablesi Inc assurances given
out by the French government have di-
minished the apprehension Of trouble with
England over their competition for terri
tory in interior Africa, and Lord Salisbury's
utterances have had a like effect. In the
present sensitive condition Of her home poll
tics, 1t seems the'la last thing to be expected
of France is that. for the mere acquisi-
ton of raw territory of doubtful value to
her, she would rush into a war with one
Of the most powerfulE nations. Moreover
French jingoism is restricted to COMPARE
lively small group of speculative politicians,