The times. [volume] (Washington [D.C.]) 1897-1901, 1900-04-16

NEW YORK. April 15.-Wall Street will
attack the problem as to the future course
of security prices tomorrow morning in a
much more hopeful frame of mind than
that which ruled, in some quarters at
least. when the short week closed last
Thursday. The bank statement. which is
such an all-mportant item, to the pro-
fessonal trader at least. proves to have
been an exceptionally fine one, showing
a gain in actual cash of SIS 600, 600 and a
gain in reserves half as large. 1t is an
indication OF plentiful money that the
professionals on the short side Of the
market will be afraid TO ignore and that
the bulls will be very glad 10 profit by. In
addition. sterling exchange is weakening
TO such an extent that the rather foolish
talk of gold exports heard at times last
week must now be given up even by the
bears The market has been supplied
with sterling bills against large ship
ments of securities by mail 10 Europe
which have been purchased here recently
for European investors. Added to this
was the excess value of cotton exports for
last month. amounting to So, 100000.
Apparently the larger financial interests
are ready TO move the stock market up
ward on the immediate DEVELOPMENTS in
the money market and the general outlook
of business and international politics. The
excellent statement of the banks was SIM
ply one of the factors which the bull lead
ers were depending upon 10 assist them in
forcing higher quotations. When this i'm
proved position of the local institutions is
appreciated as to its bearing upon con-
tinuad ease in the money market the
traders who have been opposing the recent
a--ola n will ind
there is considerable ammunition which
can be used by the bull contingent. Po-
litical events in Europe likewise favor the
buying side. The steady demand from Lon
don and the maintenance of prices there in
the face of unofficial news of alleged disas-
tiers to British arms in South Africa proves
the faith of the English spectators in the
successful outcome of the important moves
ROW under way by General Roberts.
The stock market has been for several
weeks in a position which will in the
end make a parcel of already rich men
very much richer than they are. The
truth is that a sort of pessimistic fright
has ruled in many quarters since the begin
ming OF the year which has induced hold
ers of many sorts of shares to sell those
shares and devote the proceeds to the pur-
chase Of real estate or TO the formation of
bank balances. In the mean time the
Standard Oil clique and the Morgan pools
have been steadily buying the shares of the
many companies in which they are inter-
ested and have been using London as their
broker There can be only one end of this
game. which will be the eager anxiety to
buy back the stock sold by those who are
now disporting their idle bank balances.
The general list closed strong on Thursday
and will be apt to take on spell of buoy
he zhn 5p-p
In its statement concerning railway
earnings B.adstreet says that, compared
with those OF March. 1899, when traffic
was quite heavy, increases in gross re-
ceipts for March are not relatively as
large as those reported in February but
still the showing made is an excellent one, !
and one which. if maintained throughout
the year, would result in enormous profits |
TO the transportation interest The earn (
ings of lc6 roads, operating 102,009 miles (
of road, for the month OF March aggre- !
gated $3.50, 1858, gain of l2.5 per cent /
over March last year and comparing with |
an increase of 1873 per cent in February |
and OF 15.5 per cent in Janury. With these |
exceptions the gain shown is the heaviest !
reported il any month since last summer. /
Relatively the best showings are those |
made by the grangers, the Central West
ern. and the Southern lines, but nearly |
all sections have apparently shared in this |
good business For the first quarter OF /
the year les systems report earnings of /
s153, S43,S 9s, a gain of 1872 per cent over
last year, following in turn an increase of |
II per cent in 1899 over 1895. Not enc /
group shows an increase of less than 10 /
per cent, and in some. notably the Central /
Western and the Southern roads. the pro-
portion Of gain is nearly twice that |
amount