New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-05-01
financial.
The Financial World.

since sold as low as tney ola on the day that
Minister Woodford was given his passports; and
our low level In the speculative stocks since the
Maine disaster was made In the week ending
March 26th. Since the first guns were fired. the
trend Of prices has been upward. The past week
the advance has been particularly strong. and
Yesterday the market ran into quite a little
hcom suggest live Of a lively days business to.
morrow. after which there Will probably be some
sort OF a reaction. II. in the meantime. We get
news OF a favorable character from Commander
Dewey, Monday ought to see some high prices
Some Of the larger traders. who have been
buying stocks, are already taking about the
war being too one sided an affair to have any
further adverse influence on the market This
"a rather q DANGEROUS state If mind to cultivate
at present, because it would inevitably lead to
a bad slump II our arms should receive nothing
more even than a slight check. which Is always
possible in war.
But the Importance OF the fact that the mar
ket advanced end advanced quite sharply on tho
news from Matanzas is the cumulative proof
u affords that louidation caused by the appre-
hension OF war was already exhausted. and
that speculation was ready to make quick re-
sponse to anything like good news. The sue
cessful gunnery at Matanzas was worth from
H., to points the leading stocks-which sug-
gests It might he good thing to put the ships
crews long of the market before they went into
action. ....
A more confident feeling wes observable IN the
street after Secretary Cages visit The confer
ence at which the leading bankers attended
seemed to be satisfactory, and this satisfactory
impression was reflected in the stock market
II is generally understood that the issue OF bonds
under the $500 100000 bill will be S2'w,oVo.Wo
or course this will be offered as popular loan.
Some experienced fnanciers do not think any
largo amount will be taken outside 81 the large
Eastern cities. In the East. the ruling rate OK
interest is low and the fund available for In
yestment in 3 per cent Government bond,
exempt from taxation. is comparatively large.
In the West interest is higher, and the average
investor can do better with his money than buy
ing per cent bonds The Eastern investor
would therefore be making only al ordinary
investment Of his money in taking the oohds'
the Western Investor would consider ne was
making a sacrifice in doing so. Besides TINS the
available investment fund in the west "
smaller.
What the public does not take the banks will.
and will make them the basis for issues %
notes. To this extent there will be Imitation OF
the currency There could be no imitation II 'ae
money paid for the bonds were to be locked up
IN the Treasury But since the money VIII os
paid out about as fast taken In while the
ro,ea issued against the bonds VIII be also added
70 m. circulation. the imitation Will be neasured
by the amount OF notes put out
II s. however quite possible that the run
gum of $500. 900 900 will be taken by the puu"c
II is a small amount compared WIN the re-
sources Of the East II the Treasury DEPART
ment arranges IL So that subscriptions may say
be received at the principal postoilices thrDush-
ont the country (outside the cities where sucn
an arrangement would be superiuous). 1t 10
quite within the probabilities that the suDsci'p-
zion 70 tho loan may be like the response 70 the
call for l25.OOp men, to which o"'"" nav re-
snonded In this case there would b. no inHa-
ton Should the public take ALI the bonds IL
will require rather nice arrangements oy secre-
tarv Gage TO avoid some disturbance OF Inc
money market In any event. however. II cous
be only temporary.
A "a ,he massage Of the bill In the Senate
there IL not likely. 10 be any trouble lhere
an enormous difference between legislatihg IN
times OF peace andlin times OF war. To oostTucs
Government measures when war Is on hand
Is political suicide TO the INSTRUCTORS. Inc Fop-
ulists and others will content themselves Win
.roinr on record" and then allow the bill 10
pass
As bull argument on the market. the rise IN
he
70 soil Is one Of considerable weight The price
~ wheat has risen between - and 80 cents per
bushcl since the Maine disaster: the price ~
corn about IL cents and lard. provisions etc,
have also gone up II would be useless 70 tell
the farmer that this came from other causes
than war: useless 10 point out 20 him that as TAR
back as las: December when there was no
thought Of war. predictions were made by ex-
per;s on the wheat market. that May wheat
would soil nj Sl2J What he knows Is that
wheat has gone up as war seemed 10 grow m'Te
imminent and that the rise OF h"teNer ne pro-
duces has been specially strong since war he-
came an actually. 1t but confirms IN his miha
the more or less vague impression. the tradition
Of former experience. that war brings Win IL
higher prices for what he has To sell That II
also brings higher taxes and decreased prices ror
what he has buy. is Of little moment 10 hin.
He can restrict his expenditures II need he. The
increased value of every acre Of his farm Is what
appeals to his ina gination. And he has largely
the best OF the argument. War does create su'h
n demand for food products as 10 enhance tnN'r
price and II his fields are rot the scene or IN
vasion az the Southern planters were IN the
Civil War. the farmer gets the most out OF the
war The commercial man is the one most apt
to suffer since its first effect is To contract
credits which orlpples him The farmer mas
little tn do with credits.
Hence II comes that an agricultural community
Is always more ready for war than COM
mercial one. II will he noted in the debates IN
Congress that representatives Of the agricultural
sections were the most eager 10 press on nos
Titles 1t was Iowa man who led what
was called the revolt Of the Republicans
against Speaker Reed. The strong opposition
came from representatives of the commercial
and shipping interests.
To the credit OF the bull side OF the account
therefore. must re set the higher prices of farn
products and the probable effect OF this IN on
setting the contraction In certain lines Of trade
In the East The effect must sppear most prom