New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-02-28
High Low. Feb &c Feb ie ch'gs Sales.
-ur WEEKS OPERATIONS IN STOCKS.

Total $40 'o''oVo
rur WEEKS OPERATIONS IN STOCKS.
tn. Cuban situation dominated Wall Street
..r,a,ion last week. II not only dominated
ejaculation but II came dangerously near de-
.,-sizing II; and had it not been for enormous
,r,chases Of securities for foreign account the
.,sat would have been in a serious condition.
Nav that London has come into this mar
rs, II will be interesting TO watch the ef-
Oar. upon foreign investment sentiment. There
u,s some buying for foreign investment ac-
coupt. probably more than at any time In the
last few years; but OF the aggregate transac-
,Ions the greater part as far could be learned.
r.presented speculative operations. Recent acts
a, London buyers in this market have not
shown an inclination on the part OF the for
s,gners TO hold securities for any length OF time,
and II may be that on the first substantial ad-
vance they will take their profits And in view
Of the beginning OF gold imports, LoA1on may
change its position at once 1t was hinted IN
the week that a part Of the European buying
was engineered from New-York, in order 70 PIE
vent complete Generalization in prices. but the
exchange market did not bear out this theory.
The gravity Of the Cuban situation respecting
This country's relations with Spain makes dis
cpssion of the current market from the business
min. Of view superfluous Were there no Cuba
the stock market would be far different from
vha. II is to-day The industrial factors TN
deriving securities values would then play a
mart IN speculation, and It would be possible 10
record advancing values based on legltimate
speculative and investment buying. 1t is be-
lieyed in some circles that market values have
touched bottom; that war has been discounted
Perhaps II is so, but the majority of conserva-
tive people do not look for material advance
in prices until the settlement OF the Cuban
question. A war with Spain could not possibly
cause lasting and serious industrial depression
or leave the country's business in condition cf
bankruptcy The opposite effect would more
likely follow. and stronger reason would exist
for buying securities than for selling. The first
effect however, upon speculative sentiment
misht be terrifying. Some investors might
sacrifice their holdings in order TO convert their
securities into cash TO hoard. and bear operators
might be viciously aggressive. Higher rates for
money might compel heavy speculative stock
market liquidation. and it is not impossible that
last weeks low level might appear high in
comparison. A war slump might be caused by
SPECULATIVE conditions and by the failure Of the
Stock Exchange to realize the strength OF this
country and It's power to repel any foreign foo
without Gripping it's industries. its finances and
,ts foreign and domestic commerce. rather tn m
BIZ any damages which war could infiict upon
American Industrial enterprises. People who
.oolshly sacrifice their holdings fail to perceive
IN the preparations for war the best preventives
o. war.
The stocks that suffered the greatest declines
last week have for a long time been under the
influence Of speculative manipulation. and their
losses were not surprising in view OF the con-
c.rted raid made against them. These issues OF
all on the list would suffer the least In actual
worth in case Of war. Manhattan Elevated.
Metropolitan Street Railway, Consolidated Cas-
Sugar Refining Chicago Gas Peoples Gas)'
Burlington. Missouri Pacific and Rock Island
would hardly lose any business. Wall Street
movements however. are Inconsistent and spec
ulatve manipulation is seldom based on actual
worth. While weak holders on margin have
been forced out Of the market it is gratifying TO
note that local investment buying has been
heavy and that men OF large financial means
appreciate the value OF American securities.
Each decline places the market in better posi-
ton for a sustained advance. which may come
sooner than many men believe possible In
vestors and men who can carry stocks on mar
gins large enough to protect their holdings
weaklmgs When all the petty spectators have
been cleared out stocks will be In strong hands
and further manipulation for the decline will be
without effect With war clouds on the political
horizon, it is a time for caution and conserVa-
usr. but not time for Mysteries.
The foreign exchange market attracted atten-
Ton last week owing 10 a sharp decline In rates
ana 10 the announcement of engagements made
IN Europe for gold exports 10 this country. Ster-
ing rates are now at a point at which gold i'm
ports can be made at slight profit Further
more, any advance in rates will not indicate
essening OF this country's ability 10 bring in the
precious metal whenever the needs OF the local
m9ney market demand help from this source
Inc United States has a great reserve Of foreign
credits that can be drawn upon IN case OF neces-
NY and fortunately the amount Of the mer-
enandise balance in this country's favor Is not
only heavy. bat is growing all the time. 1t is
especially fortunate. in view Of possible comph-
cauons with Spain. for in that case the local
market would need money. more money than the
average Spectator imagines.
Perhaps the weeks decline In Government
PONDS reflected the prospect Of Government
war loan, although it is more likely that II was
'he result OF higher money market. The cur
''ht advance in money rates has probably been
''e OF FACTOR IN the eAchapge market 'hah
we European buying Of securities. And IL rs
noteworthy that the only recent feature OF
.uength in the exchange situation, namely. the
'enahd for sterling an investment. has been
removed owing 10 the advance IN time-money
rates here 10 figures higher than those N Lon
''n The exchange market is often subjected TO
sudden movements and changes. but from, pres
eht Indications the only bar to continuous gold
imports NIL be an advance i'm foreign discount
rates SO far the foreign discount market has