The times., 1898-05-29

Nothing of the situation can be judged
by the stock market. The short session
yesterday was entirely consumed in the
evening UP of contracts over the hOli-
DAYS, The early morning showed de-
cline of no Importance and the later trad
ing showed an equally unimportant rise.
The uncertainty of the situation is
plainly shown by the general tone of the
trading, however. The world of finance
at least is not yet convinced that Ger
vera is bottled up and at the mercy of
Schley. The street expects to hear that
the Spanish fleet is destroyed some day
soon, but it feels uncertain as TO the
date and until the thing is actually
accomplished, the fortunes of war are
tickle. The result Is that while nobody
cares to sell out long holdings very much
there is very title disposition to pat
either Next week will undoubtedly have
story of certainty and a result of ac-
ton Of some kind. There is every reason
to believe that the fate of Cervera will be
certain by Tuesday. The fact whether he
is cooped up in the narrow harbor of San
tiago or not can hardly be kept from the
world longer than that: When it is
known that he is safe and that the Unit
ed States will begin its campaign there
Will very surely begin a movement up
ward, everybody is thinking. There
hardly seems any escaping from it. Peo-
pie must not be too confident, however,
as to the extent of the rise There is
much evidence that the market has dis
counted the ultimate victory of the
Americans. 1t must have been so in the
nature of things. The outside world has
done so and the street is no less sus-
ceptible to Influences of optimism than
the remainder of the American people
Even it is too optimistic. 1t would seem
probable that there would be a rise of
five points and then decline.
The world of finance is already talking
about the terms of peace. 1t is seem that
very soon after the Spanish fleet is taken
or destroyed the result of the victory will
begin to be felt undoubtedly. There is
still very strong idea in many peoples
minds that Spain will insist on fighting
This, however, in the opinion of many
careful observers of events in this couIl-
try and Europe will not be allowed if
Spain wishes it even. There are people,
too, who think Spain has already had
enough and more than she wants. 1t
seems impossible that the United States
can come out of the war without great
gains in both the honor and respect of
Europe If there is not any fear mixed
with these feelings it will be a thing to
wonder at. More than that however
there is to be gain in property, also in
territory. The United States will not con-
slider the suit for peace if Europe tries
to dictate the remuneration of the terri
tory that viii belong to it when the next
| few weeks campaigns have been fought
The war will go on then even if this
country has to fight other countries than
Spain to hold its own. There is nothing
| in the future near or remote that need
| be feared by the street in this except
| only the too great enthusiasm that may
| lead to rashness on the part of specula-
| tors. There seems certain an era OF
prosperity for the street not to mention
! the far broader aspects of the situation
| tn fha entire country