The times., 1899-05-21

seen. The Standard Oil people the Van
derbilts. the entire Flower crowd. AMI
many other big interests. bought stocks
by the many thousands of shares. For
four days there was not a break in the
advance, and prices went up from to 20
points all over the list. During these four
days there was no hesitation at any time.
and no slight reaction such as usually
comes in any bull campaign, while the
buyers of stocks take their breath and
their profits. The movement was. on tie
whole, faster than was good for the mar
ket. There was a tumble on Thursday
afternoon, and on Friday and yesterday
prices shaded off a trife further each day.
At the close yesterday the level had de-
clined on an average points from the
highest of Thursday, and in some cGses
5 points, or perhaps a third of the ad
vance of the early part OF the week. The
cause of the reaction is clear Many pso
pie who bought stocks a week ago wers
very willing to take their profits. The
leaders were willing TO have prices take
care of themselves for day or two. The
bears, who had been selling stocks ever
since Monday, also redoubled their efforts
when there was the least sign OF a with
drawal of support. The opinion OF the peo-
pie most competent to judge the situation
is that the market at the present time is
an excellent one, showing great strength
and with everything in its favor. II is
contended that the reaction has been only
natural and needful, and that it has shown
very clearly that a bad break in prices is
impossible. 1t is suggested that the bears
had on Thursday one of the prettiest
chances ever presented for a great cam
Nasalr tlr. Ill
nothing in the way of creating disturb
ance. Since that day there has been con-
tinual hammering OF the market, but the
decline in prices on Friday and yesterday
did not aggregate an average of a point
II this view of the situation is the correct
one the coming week will witness a re-
yival of the buying and continuance of
he advance.
The matter is largely in the hands of
the bull leaders evidently. They are the
people who prevented an earthquake a
week ago and turned it into a bull move
ment by buying a tremendous amount of
stock. II now they are satisfied with their
efforts and willing TO sell out the stocks
they have bought at any price there will
be break and return to the prices of
weca ago and much lower. This. how
ever. does not seem likely to be their view
of the case. The supporters of the market
are the people most heavily of all in
terested financially in the prosperity of the
country in the next year. and the next two
and three years. They are all. interested
in the success of the great trusts that have
been formed during the past few months.
a tumble Of prices in the stock market
now would thoroughly disgust the public
and probably prevent the success of many
of the capitalistic combinations now being
ioated. Ii would, to an extent which many
cannot comprehend, retard or even destroy
the prosperity Of the country. The selfish,
money interests of these people all lie in
a bull market for the next few months at
least. so that stocks can be foated at good
prices 1t is pointed out also that all the
natural conditions of the country are in
favor of higher prices and to the advan-
tage of the capitalists il they desire to
make q bull campaign. The cheapness of
money and the lack of investment chances
are wonderful. The price of giltedged
bonds at this time is sufficient evidence
of this fact. The prosperity OF the indus
tries and of the railroads is magnificent.
Their earnings will be tremendous this
year. and in the years to come, if the in
dications on every hand are worth sny-
thing. lnuinsically prices for the large
majority of stocks are low.
1t is Acknowledged by the most opti-
mistic of bulls, however, that the imme-
diate future of the market is in doubt.
II is one thing TO say that the prosperity
of the country and the interests OF the
capitalists will create higher prices dur
ing the coming months and an entire, =
different matter to make any prediction
that the bull movement will begin at once
The leaders may be willing to allow the
for a time. They may have become con-
WINGED by the rapid advance of prices
last week that 4 slower market may be
better for the stability of values. The
bears may have the ammunition for an
other drive that will carry the level OF
another point or so before the recovery
is TO come. The advice that people well
informed in market matters are giving is
that stocks are a purchase on any reac-
tion. but that good margins may be nee
essary.
The bank statement for the week is one
OF the indications, of which there are many
every day that there is no reason TO be
pessimistic over the outlook. It's showing
| is excellent The reserve in the New Yorl
banks has been growing rapidly for sew
eral weeks, and the actual cash on hant
has been augmenting less rapidly. Tn,
| figures OF the statement are as folloWS,
Reserves, increased, S7493, 800; loans, de-
creased. s7.243, 800: specie, increased
81, ,539 800; legals. increased, sl.li5, 500; de.
posits, Increased, S763, 600; circulation. de.
| creased, $780,
AS a matter of fact there is but one gen.
uine argument open to the bears, the win
ter wheat situation in certain sections o.
| the West There seems TO be little doub
! now that there will be small crop, per,
| haps % 10 30 per cent OFF from the nor.
NAL The actual fact with regard to win.
! ter wheat is that IL Is the least profitabl,
of all the business of the granger roads
that il is less important than spring wheat
/ and that ii has no influence whatever OF
the vast majority OF the railroads of tn,
| country. IL Is asserted by authorities
whose opinion is better than those of al
the bears in Wall Street combined. tina
the winter wheat crop does not furnish
per cent of the annual business OF tn
granger roads. II this is the case AM
If the crop is damaged 35 per cent thi
year. 1t cannot be estimated that thes
roads will suffer the loss of more thar
| per cent OF their business. AS agains
this loss there is the phenomenal increas
in general freight business that is beini
| done by all these lines, which will ia
more than make up for the deficiency /
! is certain, too, that the farmers viii mar