The times. [volume] (Washington [D.C.]) 1897-1901, 1898-04-20
The Market Does Not Slump as
Expected.
SPECULATION AND PEACE
Hostiitties VIII Stimulate the Fro-
Vision Market and This VIII tie
Reflected in Many Other Lines
Failures Reported From Spain
Paris WIZ BE Loser.

reconcilable and finally at home the sub
jects of the queen are determined to re-
bel if she recedes an inch from the posi-
ton at present held.
This country has declared it's intention
to compel her to do exactly this thing
by force of arms. There is the deep sea
on the one side and his satanic majesty
on the other, and no side path.
In the face of this and while London
and Paris are selling Spanish bonds by
the wholesale, and driving down their
prices to low water mark, and London is
selling the American stocks. the New
York stock market is holding its own.
During the last week while all the trouble
of the entire Spanish-American situa-
ton has been eliminating the market has
not fallen off. This is probably a stu
alton entirely unique in the history of
war and of markets.
There are two theories as to the cause.
Many people say that the strong fnan-
cial interests of Wall Street still believe
that there viii be no war. There is
lobby representing 100000 that has
been working for peace all the time since
the Maine was blown up. 1t is suggested
that Wall Street believes this lobby has
not yet given up hope. Something in Eu
rope that the people as yet do not know
is also suspected by those who say Wall
Street does not expect war.
The other belief as to the cause of the
high prices and the apparent disincl
nation TO liquidate, is that the street is
fully expectant of war, but believes that
it has already been discounted" The
suggestion is that the drop in prices
three weeks ago was in the belief that
war was inevitable and that the drop has
already been sufficient to accommodate
all who wish to sell.
If either of these beliefs as to the posi-
ton of the heavy financial interests of
New York is the correct one these inter-
ests will certainly lose heavily in the out
come.
Wall Street. is usually on the right side.
Its sources of information are usually
the best and the absolute because usual
ly money talks and is all7pQYeerfqqlt /. In
ordinary matters of legislation Wall
Street is always well Informed in advance
/ of everything.
Hcyond Syndicate Control.
In this fact there is perhaps, the ex-
PLANTATION of the entire matter. The $780,
100000 syndicate has found something in
the present situation that it cannot con-
/ troll New York may not as yet realize
this. Europe has come to the conclusion
that 1t does not care to interfere with
/ the American people. This Wall Street
! does not realize either Because Wall
Street is usually betting on an absolutely
/ sure thing it cannot get away from the
/ idea that this time its sources of informa-
ton must have been equally unassailable,
/ New York is insular and Wall Street,
despite its shrewd men, is the most insu-
lar element in the entire population of
New York New York can hardly realize
situation where money does not talk.
Wall Street laughs at the idea as a
| dream.
If on the other hand the street does
expect war but does not expect anything
more than little diversion for the United
States, and so believes the situation 10
have been covered in advanc, there is
still the very strongest reason to believe
.
ways: there is to be war panic and a
drop of several points, when the first
gun is fired; the war is not TO be pre-
tense. a mimic affair gotten up by Spain
for the satisfaction of her honor. 1t may
last six months and even longer and cost
the United States millions of money.
There is reason to believe that there will
be fortunes lost by the people that usually
win them this week and next.
An operator, who is also a careful stu
dent of the market, and who, in addition
is not held fast in the yoke of the New
York narrowness of views, made this
suggestion to a reporter for The Times
yesterday:
II am Of the opinion that the war vii
be long one if Spain has any of hel
boosted valor and pride, and ! am in
clined 10 think she has. In the first place
why should a bankrupt nation be invest
ing millions in ships if the only intention
is to keep them bottled up in the Cape
Verde Islands or the Canaries out of thu
way of harm?
Spain has raised money when thu
whole world has wondered, and she hai
spent 1t on ships when the places that i
might have been expended TO excellen
advantage are legion.
In the second place Spain and TIT
United States are on TWO sides of the AT
lantic Ocean The United States is i'm
measurabIy more powerful than Spain
but If Spain wishes to fight the Atlanta
is a defense for her, a natural fortified
ton against attack from this country
The argument has been made that a
Spain has no coaling stations on thi
side of the Atlantic her ships will be help
less when they reach this side if sh
wishes to make an attack 1t Is certaini!
as true that the United States mas NJ
coaling stations on the other side. IN
United States has fewer coaling stacfor
than any DINER civilized nalicn in tin
world She has none IIe- ships will y
absolutely helpless in any remote water
if coal is made a contraband of war
ut is perfectly conceivable to me tina
Spain may be able 10 win battles ant
make a strong fight and lasting one
she shows any generalship Wall Stree
may believe that the war will be only
brush. In this Wall Street may be woe
fully mistaken.
But on the other hand while l believ
that there will be drop in the market an
a long one to squeeze the professiona
operators, when the actual hostilities be
gin. there is certainly reason TO believ
that the war will not be a disastrous on
to this country's legitimate business In
: terests. The general business situatio