The times., 1898-04-23

The market was strong yesterday much
to most peoples surprise. The war has
begun and the first gun has been fired. If
there is TO be any .drop-oneefe caHR Rtsaof the
war ii Will have TO come soon or be left
behind. There are two opinions as TO
the situation and some people that have
expected a drop all the time are coming
around TO the other idea that the markes
has been discounted. They make the ar
gument that the prices are low enough
already and that the Street knows war
is to come and shots to be fired as much
as it will when the actual sinking OF
ships and shedding of blood has begun.
The fact that war will increase the con-
sumption Of many lines of goods and tina;
the value of provisions undoubtedly will
be increased by it is also dwelt upon with
persistence. II is probable that these
people are hoping against hope, however
when they talk about not believing there
Will be drop after the first battle. ! am
as firmly convinced as the worst bull
almost that there will be a rally after
that however. and that from that time
the effect of the war will be excellent for
the stock market unless there are several
big victories at first for the Spanish.
There should be a drop today.
one OF the arguments that are offered
by the people that hope for no very great
bad effects Of the war is that the rail
competition with the coast line steamers
will be given much Of the business from
this time on by those afraid to trust the
steamers. These railroads will very likely
make money out Of the situation. Several
of the southern and eastern roads will
come in for this business.
Spanish bonds were down again yester-
day. There was another low price record
established by the Spanish A.. only a
fraction over 30. The decline is steady and
shows no tendency 10 stop.
The earnings OF the Northwest for the
month of March increased $67S00
The new people in TtEacco are said to
be securing the stock rapidly and as fast
as the old holders wish TO give it up at
the present low figures. / am of the
opinion that Tobacco might be bought at
the figure with a better than even chance
of winning on the venture. Undoubtedly
there will be a better price that the pres
ent paid for it before many weeks are
past.
The talk on Northern Pacific is bulIish
again.
BradStTectS 5 tomorrow Will say:
General business and speculation this
week have exhibited most OF the charae-
teristics which have become popularly
associated with the near approach Of hos
tlities. While there is reported a fur
ther quieting Of distributive trade in
some lines al the East and South. trace
able almost directly TO anticipated war
like conditions. there is a lack of regu-
larity even in the reports from those cen
ters which serves to show that now the
uncertainty so long prevailing there has
been dispelled and trade conditions are
being shaped TO the new order of things.
There is consequently greatly increased
activity In many special lines at the sea-
board, accompanied by excited markets
and heavy price advances.
While trade in the interior sympa-
thizes 10 n certain extent with this price
movement, there is still a perceptibly
good trade reported entirely outside of
this, which serves to prove that the pros
pect of war has not had nearly as much
effect inland as il has had on the coast.
In commercial lines this week much
interest has been manifested in the spec
ulatve and actual demand for leading
staples, such as wheat, corn, oats, -four
coffee sugar, most pork products and
cotton. A reflection of this active de-
mand. which had it's rise, so far as wheat
and cotton are concerned, among foreign
buyers who wish to anticipate any posi-
BILE interruption Of supplies, is found In
the movement of prices which for the
first time in many weeks shows general
upward tendency.
THE advances in coffee, sugar and rice
are also directly traceable to war influ-
ences, marking as they do either desire
on the part of domestic buyers TO protect
themselves against any possible Interrupt
tion of supplies or the Anticipated levy
ing of taxation to meet the increased
outlays of the Government"
Dun's weekly review Of trade tomor-
row will say:
War is no longer TO be avoided, and