The times., 1898-06-05

Yesterday completed a week in which
the prevailing sentiment has been largely
bullish and the advances good. 1t show
ed on the whole that the Street is not
only optimistic as 10 the ability of the
United States 10 win the war with Spain
gloriously but also very evidently that
the war IS expected to end in short
time There Is much 10 make this seem
probable. The dispatches from Madrid
show that Spain is tired of the war and
would be overjoyed to get out of II now.
Spain's situation is so desperate that a
crash may come AT any time that will end
in the complete overthrow of not only
the dynasty but the kingdom. 1t is get
ting worse every day. Financially the
country is ruined. The United States de-
sires certain fixed results TO come from
the war and they are larger results than
were desired at the opening of the con-
fiict The trouble is of course that Spain
although wishing for peace has not yet
realized the completeness of the control
of the situation that this country has OBJ
tained. She talks of terms and apparent
ly still believes that she viii be able TO
retain the Philippines and Porto Rico.
However, it seems more probable than at
any time heretofore that Europe will soon
step in and wake Spain out of her dream.
The immediate cause of the rise yester-
day was the sinking of the Merrimac in
the harbor of Santiago. This gives Samp-
SON so complete a control of the situa-
ton there that it is certain that in few
days the Spanish ships will be flying the
American flag or sunk at the bottom of
the bay. The outlook for tomorrow is
that there will be a continuance of the
rise of the market. The news can hardly
be other than good. 1t may be more of
the inspiring kind than the last week
has given. Careful observers of the mar
ket believe that the rise during the week
may be five points if Cervera is actually
taken. Otherwise there certainly will not
be much if any decline. 1t would be
foolish to sell under the impression that
there will be a reaction from the high
prices after so long a rise.
The only day in which there was any
decline last week was Friday. The causes
of this movement at variance with the
remainder of the week business are easily
traceable and definite and have little
connection with the general situation.
More than that. they were based on
wrong assumptions on the street The
seigniorage talk in the Senate made some
of the financial people afraid that the
silver party will try to obstruct the war
legislation to gain political advantage.
This will be found not TO be true.
There is a steady movement in the lower
priced stocks. This is one of the surest
signs that the investors feel confident of
their ground and expect the bull move
ment to continue. When the high priced
stocks have had a good advance in any
movement like this the investors and
SPECTATORS turn to the lesser securities
as likely to offer better immediate returns
for their money. Every one of this class
of securities has shown the effect of this
movement this week. Chesapeake and
Ohio, the Reading securities, Erie, South
ern, Denver and Rio Grande, and es-
pecially st. Louis and San Francisco
have all felt the coming of the advance
and will almost surely get further ahead
this week.
The grangers have Jagged during the
latter part of the past week, but on the
whole their advance has been such that
the friends of the roads are not in any
doubt that it will go further. The stocks
are not at good prices, but the people
who know them best say that there are
such exceptional conditions behind and
ahead that exceptional prices will result.
Sugar has had a fine advance that has
not stopped at any time. The objective
of hull 1inti