New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-04-24
Sinanrial
The Financial World.

| obr,ptlv severed diplomatic relations; but there
uas no sudden fall. and some leading stocks
were higher than on March rs when the worst
s,umn If the year occurred. On that day Sugar
| dropped to 1914. on on Thursday 1t was ia:
Union Pacific preferred went to 46S, and Thurs
day It was 1875; ST. Paul, regarded as barom-
e,er because It Is the favorite trading stock
here and In London. went to sola; but since
then dividend Of "a has come off the price. 30
that Its lowest on Thursday Of S3% left It still
fraction above the March figure Rock Island
was lower last month, so was Burlington ana
| Northwest On the other hand. many active
,ssues Of bonds are lower now than they were
| last month
Tn general. It may be said that since the
| Maine disaster brought war probability, the
| most rand fall in the speculative market oc-
| ourred IN the week ending March 70; but In the
| investment or bond market, there has been
| continuous decline since then, without any SUD
don movement. United States As have gone
down slowly from 129ls to 117s-a decline rep
resenting the expectation OF further issues ana
| also dearer money. Looking abroad, we see THAI
the price Of Spanish As has been cut IN halves 70
the same period.
| So long as the Government does not enter the
market as a big borrower. money Is likely TO re-
| main comparatively easy The cheek 70 pus'-
mass activity would alone insure this IN the
| present strong condition OF the banks. Inc
| heavy country Withdrawals. recently feature
| of the money movement have already matted;
| as the people who drew In Apprehension OK
| trouble finding no employment for their fundA
| are beginning to redeposit Nor does II follow
that even when the Government does begin to
| borrow. there will be any disturbance OF tne
market. It depends upon the way 1t Is done
|
operating with able men here. will probably DO
his borrowing in such manner that the money
will be called for only as needed that IS 70 say
- will he paid out as fast II IS taken IN, %
that there will never be any large Withdrawals
! Of funds from circulation. There VIII. however
he some lurking fear persisting In respect to
| the money market until It Is seen what the
| Government needs and how 1t proposes to call
| for r. This fear will manifest Itself more In
| rates for time money than for money on CALL
| The speculative selling Of the past week up "a
| Friday was more foreign than domestic Eu'
| roma disbelieved in war. It heard more aoous
the action OF the Powers and the meoiatioh OK
| the Pope than OF the warlike temper OK Con-
gress; ard not until the Spanish Ministers gave
| out hostile utterances just before the assem-
| hing OF the Cortes did It abandon Its BELIEF
,ha, war would be averted. With the change
n, mind came a plentiful selling OF stocks. o0s
when Lordon started to sell in earnest tho iqui-
dat,on on this side had already been done'
Hence Il happened that London prices ca'ne SOW
eral DAYS IN succession mucn oelo" our S'os''
while the market here refused 10 toHo" Inv
| lead Much OF the selling must nave Oeeh ono''
..ock In no other way could Fridays LONDON
market be accounted for. II came h's"e' 'N"''
-r.ok clos. showing that the traders there
/
horn. in mind Also that experience has ecu
| Gated European spectators 10 conV'c'io" '"~'
war makes its lowest prices before 1t begins
| wv. ~. ro,v our war In one respect Il re
calls the experience OF 1912. in that It Is war
,ooa ~, congress- on q reluctant President
Madison who had been through tho war OF IN
denendence as Mckinley through the Civil war;
waa earnestly opposed TO going into anotneE'
but the war party IN Congress, Leo oy Souns
| Clay. compelled him TO declare It There - not
a shadow OF doubt II Congress had 'eit fres'-
dent Mckinley a free hand. he would nave con-
triyed some way other to avert war now
| but like Madison, Congress lett MIN no cno'Se-
Another interesting fact Is that our last foreisn
war that with Mexico. had It's inspiration IN tho
South yvh,le the North was at best lukewar
where not positively opposed our present ior-
eisn war has found its most enthusiastic adVo-
Gates In the North and West Chiefly the latter;
while the South as the Congressional DEBATES
and votes make clear beyond question. mas
merely acQuiesced. and rather coldly at that.
The reason for this change OF position lies on
ths ,urface The South wanted tho Mexican
war 70 get slave territory. which was cause
enough for Northern opposition: but in these
days the South has sickened Of the very name
OF war because of it's frightrul experience In the
Civil War: whereas the North and West are
fresh and unhurt and the new generation cravsd
the excitement OF hostilities.
1t Is a fact OF history certainly OF our history.
though we are credited with being peace low
ing people, that every generation wants its own
war. And II has had II.
! How long will the war continue? This is the
question most debated IN Wall Street now be-
cause OF its bearing OF the future OF speculation
A confident feeling is prevalent that 1t Will be
very brief. month or six weeks. possibly two
months. lightly talked Of This is nearly
| certainly deusion. IL have peace in six
months shall do we'll Note that one OF tho
papers which has done Its full share in bringing
on the war. seriously counselled Its readers on
the day the first shot was frsd to look FOR no
speedy termination. but rather 10 expect that
hostilities would continue into the fall. and pos
sibly into next year. Spain makes
peace" said one OF our big bankers and he cited
the long contests in which that unhappy country
has been engaged. II is true. She never wins
and she never sues for peace.
Long or short however shall probably find
It true that. as said before. makes its Lowest
prices before 1t starts. Apparently the London
spectators are acting on that theory, for yes
terday they were again buyers OF American
| stocks; and Spanish As. which had fallen to 80
on Friday morning. had rebounded to 30 yester-
day noon After the first excitements are over.
we snail md speculation SO shaping Itself that