The times., 1898-06-03
course of the market yesterday was

The course of the market yesterday was
apparently very little controlled by the
war news. In the early part of the day
there was reaction from the opening,
later the advance began again. Although
the close was very little away from
the opening, the differences were in most
cases in favor of the bulls. Perhaps the
early drop may be ascr!bed TO the ap-
parent belief that the engagement off San
tiago, Monday. was not as important as
was at first supposed. The first accounts
Of the engagement We're immensely en-
couraging after the long wait with no ac-
ton. They seemed 10 point 10 another
Manila. There was unanimity, too, that
seemed to preclude the possibility that
there could be any mistake. Yesterdays
advices, while making 1t certain that
there was a warm scrimmage, also show
ed that the damage on both sides was
small, and the results unimportant. 1t is
less easy TO account for the subsequent
advance. The later news was no better
than the earlier. In fact, the day was
singularly devoid of news of any kind.
Perhaps the meaning Of the situation is
that the average trader is not bullish in
his inclination, but not overwhelmingly
so. He is willing to be bolstered up by
events before he goes very deeply into
trades of any kind
The look of the market for the pres
ent Is good for the bulls. The develop
ments of the next few days can hardly
be anything except bullish. The battle
that must come at Santiago mus: be a
great one unless Cervera gives ZIP he
fore it occurs, and there is not much
chance that this will occur The victory
is assured for America. The outlook
after that is equally encouraging and
rosy. There now seems no hitch in the
program and no chance except for an
uninterrupted series of victories. The
war may not be within a few days or
weeks of its end, but it now seems very
certain that there will be no victory
possible for Spain. The financial con-
dition of Spain has much the look of
desperation also, and il is certain that
that country cannot carry on war with
out funds. To the careful observer there
is very good reason to believe the present
prices will be exceeded by an average
of five points within month, and this
too taking into account the fact that
the market has been bought in advance
of the reality of the situation.
The continued strength of Sugar while
the friends of Hawaiian annexation are
| working so hard and apparently with so
much success is hard for the average
trader to understand. Yesterday there
was a new high figure for the present
movement. Also the close was very near
the high for the day, and there was an
appearance of strength in the last hour
that seemed to have nothing of fear in
it. There is a feeling among careful cb-
servers of the Sugar Trust manipulationS
that perhaps the trust would not so much
mind the annexation of Hawaii after ALL
A careful analysis of the situation really
shows nothing in annexation that should
| frighten the trust l look for some re-
action from the prices just at the mo-
ment but l see no reason why there
should be any large drop, and do not be-
| lieve there will be any.
The grangers were not quite so strong
yesterday as during the last few days.
| There was almost a complete absence OF
| commission buying in them Perhaps 1t is
safe to say that for a time no advance
| in the grangers should be expected. They
are the high-priced securities at present,
and no matter how meritorious they are
! thew have been advanced well to the ex-
| clusion of others that usually have a rise
with them.
From trading in some of the lower
! priced securities yesterday it seems prob
| able that the second stage of the advance
| of the market has come or is likely TO
| come now. This stage when the lesser
securities are taken up is as well defined
| usually in any good rise as the prelim-
| mary advance of the gilt-edged proper
| ties There can be no question that many
| of the second rate properties afford an
| excellent chance for profit on the long
| side now If there is to be any permanence
| in the bull movement.
| The Reading securities were of this
| class yesterday. Probably they were
] bought by people who understand the