New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-05-02
THE WEEKS OPERATIONS IN STOCKS.

BUSINESS has practically been suspended in
the investment markets In purely speculative
transactions last weeks total dealings amounted
TO the smallest figures IN many months. and on
one day OF the week sales were about the lowest
ever recorded for a full business day. Condi-
tons In the money market are not favorable 10
higher prices for stocks. and efforts 10 create
bull enthusiasm at this period are not likely to
result in the enrichment OF any one save the
speculators who want a market IN which 10 dls-
pose OF holdings acquired at lower level 1t is
logical foI sentiment TO be more cheerful over
the prog .ss and prospects Of the war, but 1t
Is not wise TO operate in stocks on the theory
that cheerful sentiment will be followed by
heavy public buying Of securities. In relation
20 the price Of money. stocks at present are not
40 cheap az some people would have US believe:
and until monetary conditions develop an easier
market sustained higher prices for securities
cannot reasonably be expected.
Specula.ive movements may carry values
higher, but II does not appear probable that the
advanced level can be maintained for any
length Of time. Prices made considerable prog
ress last week speculative operations oaseo
upon war news and expectations. but the I'M
proverent was not accompanied by SUBSTANTIAL
buying or investment interest Investors were
not IN the market II was reasonably assumed
American
Asiatic waters and stock traders argued that
the effect upon securities values would reach
nv. poin, rally at least But the rally began on
.rnectatton. and II is possible that this weeks
market will show that following precedent the
market has discounted in great part the meet
ing OF the Spanish and American squadrons.
The calmer feeling which Is noted IN wall
Street as well as In business circles IN general
doubtless reflects that peoples opinions as 10 'he
effect OF war upon the country's industries nave
been considerably modified. and that eHasse-
rated expectations OF injury to foreign ana 40
nestle commerce have been considerably re-
vised.
The financial institutions are well suppheo
with funds but It 10 yet too early IN the war
70 determine with any degree OF accuracy 'ne
probable course Of money rates during the pe''0c
y, hostilit,es n 4. certainly unwise to operate
IN stocks on the theory that money rates WI"
M, 60 higher. or 10 expect a large public de-
mand for securities at present The amount OF
money required to finance the war Will depend
upon the duration Of the conflict but IN the
nrobable method 10 be employed IN floating
war loan precautions will. II Is believed. be
+aken 70 cause as little disturbance as posslole
On The money market In conservative circles d
short war is not considered likely, Out as lu'e
opinion is opposed TO the view that the ihllu-
ence Of the war upon industrial progress VIII
be excessively damaging. The country VIII
doubtless adjust Itself to war concitions' ano
while new enterprises will for time be re-
tarded. the general business situation WILL from
nresent Indications move In the line OF graouai
improvement
II IL a good time for conservatism and eau
zion. In spite Of the opinion that business con-
d,,,ons will not suffer material damage. II Is
not safe period 10 be long OF stocKs IN ="
mediation Of a sustained bull movement. Wheh
money becomes easier and war uncertainties are
out OF the way American stocks Will prove
very attractive speculation. At present the
strength In the market does not possess the
elements OF stability, and the current nuctua-
tons In values are due TO activity among t"e
larger speculative dealers rather IMAM 10
public speculative or investment demand Inc
existence Of a large snort interest and inc ces-
satton of liquidation have supplied the oppor-
tunity for the kind OF bull manipulation noticed
IN Inst weeks market Conservative people Will
not buy stocks until the end OF the war is nearer