The times., 1898-07-19

There was but little of interest in the
stock market yesterday Dullness and
declining prices were the characteristics
of the day. In the midst of the stirring
war news this Is a most surprising con-
dItion The only explanation is that the
market is now as high the traders
believe il ought to go. Such condition
as that of yesterday makes pessimists of
traders They veer from overconfdence
to pronounced bearishness quickly when
the advances they expect do not come
On the whole, il is difficult to make any
prediction as TO the future course of the
market from the present indications.
strict following cut of the suggestions of
yesterday would incline one to the belief
that there will be no more bull move
mems for months TO come. And there
have been many such days In the last
few weeks. Perhaps, however, this
gloomy view should not be taken, despite
the indications. l am inclined TO believe
that there will be more dullness and We.
little advance for some time to come, but
that there will be change when peace
is actually in sight. The general situa-
ton of the country IS excellent, as is
shown every week by the trade reviews.
The business prospects are excellent.
An adverse factor in the immediate sit
uation is the yellow fever at Santiago.
The prospect, even remote, of an epidem-
ic always has a most depressing influence
on the stock market. The situation at
Santiago is disguised and hidden by the
authorities, apparently, though to exact
ly what extent is not known. The official
figures published by the War Department
do not agree in any way with those given
by General Miles in recent interviews, and
I they are even further at variance with
the newspaper stories from Santiago. The
truth seems to be that the disease is of
a mild form as yet. On the other hand,
there have been hundreds of cases that
the War Department has not mentioned.
| To many it will seem that this attempt on
| the part of the authorities is an unfortu-
nate one, and that it rs calculated to
| alarm.
| Metropolitan furnished the only feature
| of the days business, and was the only
| stock in which there were any important
| fluctuations. 1t is surmised that the de-
! cision of the directors to issue s.. GOO coo
| more stock than was at first contem-
| plated may mean that the certificates are
| to be kept on a per cent basis, and that
| the recent selling may have been caused
| by this determination. Metropolitan is,
| at all times and under all conditions, a
! good stock for the average speculator to
| keep away from. 1t is so absolutely
under the control of the clique that facts
| and statistics have very little to do with
| its immediate fluctuations.
The feature of the bond market was
| the advance in Union Pacific collateral
trust LIS. These were issued against
Denver, Leadville and Gunnison firsts and
the advance is said to be due TO progress
| toward reorganization of that property
Denver and Gulf firsts were also strong
and 1t is reported that their reorganiza-
/ tion plan will be issued about August.
/ The report of the earnings of the Brook.
| lyn Rapid Transit Company for Saturday
shows an increase of s3,66S over the cor
responding day last year. For Sunday the
| increase was $40, COZ, and for the two days