The times. [volume] (Washington [D.C.]) 1897-1901, 1900-03-25

IDENTIFY that the important leaders OF the
market. the people who know mcst as
to the market conditions at all times. are
quite as sure Of further advances OF mo-
ment as they were sure OF what has &C.
CURED. The advice is to buy the railway
securities generally on every reaction, and
not to wait for reactions if buying for in
vestment The traction securities are an
uncertain quantity Many careful people
are firmly convinced that the steel securi-
ties are soon TO have an upward move
ment but il is realized that they must
continue TO be much more Of specula-
ton than the railway list for some time
TO come.
The following are intrinsic reasons. briefly
put. for optimism regarding the outlook for
security values:
Railway earnings. on which dividends are
based. are the largest in the history of the
country.
Business is growing steadily in ali lines.
and the promise of continued increases is
the best, so that the outlook for even larger
railway earnings than at present is ex-
cellent.
The steel and iron companies are mining
and smelling and manufacturing more iron
and steel than ever before in the history
OF this or any other country. and they are
St4iihS inls tremendously increased amount
of goods at the best prices.
An unexampled foreign demand owing to
coal and iron famines in Europe and 20
the realiza ton that American goods are the
best makes sure market for all the sur
plus products OF the furnaces and factories
for some time TO come at high prices, so
that this year and next year are well-nigh
certain to be even more prosperous than
1899 was
Resulting from big earnings. new and in
creased dividends are being declared by the
railways and the industrial companies. The
record of the past six months has never
been equaled in the number of new divi-
dends declared and paid and the number
of increases in rates already established.
The war in South Africa is growing more
and more favorable to the British.
Great Britain is buying American securi-
ties in large amounts. Probably more Sc
curities have been purchased for British
and European accounts during the present
month than in any like period in the past
year.
The favorable technical conditions in.
clude:
Easy money and the general belief that
the new currency law will give an abund-
ance Of circulating medium throughout the
country and of funds in New York, TO allow
of broad and active speculative market.
large short interest. not yet eliminated
from the market by any means.
ihe presence OF nearly an the market
leaders on the bull side
The weight of the great financial in
terests on the bull side.
me neWly-awakened enthusiasm of the
public.
---
ihe pahh statement yesterday was more
satisfactory tha9 mad been hoped for by
even the most optimistic. The reserve
shows an increase of s3,000,000 and more
he first increase in more than a month
ihe cash items show a decrease of con-
less than 81 600. coo. The figures
ire as follows:
reserve. iDcrcs.od 80.
oans decreased. 10 5So sot
pecie decreased. ! $50 7o0 |
.egais increased.....,... ......... 67o.oOO
deposits decreased. 1896 800
feuisu"n observation-disclosures SlsS'o |
The statement reflects conditions known |
to exist. but much more radically than |
was expected The outgo of cash to the !
West and South has practically ceased !
and the losses of the banks to the Sub |
Treasury during the week were very |
been cur;ailed heavily desuite tho increase |
81 speculative activity. The statement is |
thought to foreshadow an early return of |
plentiful money conditions
The gross earnings reports furnished by |
he railways continue to show immense in |