The times., 1898-02-22

The street came very near TO realizing
the full significance Of the troubles be-
tween this country and Spain yesterday
There was wild selling, and there was no
buying Prices dropped all the way from
] to points from a low opening. No
body wished 10 carry anything over the
holiday, for the fear that the crisis would
come before there was any turther
chance to get rid of stocks. The crisis
had not come, but everybody knew II
was coming and feared it would be soon.
This very sensible view of the situation
was despite the efforts all during last
week on the part of the Administra-
ton organs TO minimize the feeling to-
ward Spain. and to convince the people
that the disaster to the Maine was an
accident The Administration organs
have been for once utterly futile in their
efforts 1t is useless to predict the mar
ket for tomorrow. Today and tonight
may bring forth anything. The careful
observers of events are convinced that
the end of the situation is near at hand,
and they are also of the opinion that the
severance of our relations with Spain
cannot be avoided. A break Of 10 points
in the market is certainly most probable
within five days
Nothing was needed in the stock mar
ket to aid the Spanish-Cuban situation
in forcing down prices. There was aid.
however, from London, and of a very de-
cided kind. The Londoners were afraid
of foreign troubles themselves, and the
bears in London had control of the mar
ket. They sold our stocks viciously.
1t is futile TO talk of parts of a market
like this. The swing is of the whole.
The prospects of any particular security
in the way of good earnings or favorable
combination are excellent arguments
usually, but at present they must be
used, at best to suggest which stocks
will fare least badly. Indeed, it must
be taken into consideration that the price
of every stock on the board is far too
high at the present time. Without any
foreign troubles there is a bad drop due.
With the certainty of a split with Spain
ahead of us there will probably be very
little difference. Railroads and trusts
will go off together.
The situation in certain directions.
however, is particularly menacing stocks
like Metropolitan, Traction and Manhat-
tan that have been forced upward by the
rankest of manipulation far beyond their
value and must fall more precipitately
than the grangers and the Vanderbilts for
instance. 1t is certainly good advice to sell
them Immediately, even if the situation
has not materially changed before tomor-
row.
Sugar was the subject of particularly
savage bear attack yesterday that result
ed in the worst loss of the day, five
points There was talk of violent war
between the trust and the rival refineries
as explanation of the weakness. Sugar is
not likely to lose much more in the de-
cline. The trust is well equipped and has
shown it's ability to kill off all competi-
tors heretofore. 1t seems very certain
that if this cannot be done in the present
instance at least there. will be plenty o
chance for compromise.
There is plenty of talk of falling off in
the earnings of the Western Union during
the last few days. The meaning of this
fresh breaking out of the old story is not
easily traceabie. The affairs of the COM
pany are not as good as they might be
but that is not a new thing of recent