The times. [volume] (Washington [D.C.]) 1897-1901, 1900-02-25

Yesterday completed 4 week OF bear
pressure and declining prices in all parts
of the stock market. IL was 4 week of
dullness like that which preceded il for
the most part, but during the last two
days a determined attack on Third Ave
nue. Peoples Gas, Tennessee Coal and Iron,
and other specialties caused those securf-
ties TO give way badly 50 that their net
losses were more serious. In the standard
issues generally. the losses were compare
lively small. ANY analysis of the market
situation. and prospects at present must be
largely founded on general factors. The
intrinsic conditions OF the country, the I'M
paralleled prosperity of he railways. the
immense profits OF the steel and iron trade,
cheap money, British successes in South
Africa, the good progress with the Cur
rency bill, SO dear TO Wall Street interests
all these matters are bullish with a
unanimity seldom witnessed. And with
these factors as basis the great interests
in the financial world have been accumu-
laiing stocks for several months past, In
the expectation of a much higher range OF
prices. II might be supposed that the ad-
vance would begin immediately. and in
fact MANY careful market people have been
looking for the upward movement for sew
eral weeks. In the face OF the fact that
prices continue to lag. despite intrinsic
conditions. it is only possible 10 say that
The advance is inevitable, bar calaTnities. -
nj some time in the near future. Many look
for the recovery from the present bear al
tack TO be the turning point. The public
has been thoroughly frightened in the re-
cent breaks in the market. and it may not
be looked for as an aid by the headers until
the movement is well under way. At pres
ept IL buys securities when they begin to
move but sells them again for the small
profits as soon as any hesitation develops.
The bear arguments are for the most
part shallow in the extreme, and II is
probable that they are not believed even
by their creators. They attain TO a sem
biance of responsibility only because the
leaders OF the market see fit not TO begin
the upward movement The small bears
succeed in cutting fractions OF prices in the
railway list and In breaking some of the
specialties where particular adverse condi-
tIons prevail. II is noticeable. however,
thar the leading bea. interests have given
I'D She short side OF the market The talk
OF the prospect of tighter money this
spring is the most reasonable ground on
which to argue that prices viii decline
The recent bank statements show that cash
is beirg lost and the surplus reserve cut
into. Money Is not coming East and North
in the same volume witnessed a month OF
more ago. The suspension OF deposits In
the banks by the Treasury has resulted In
regular losses to the subTreasury. ],
may be ssid regarding the money outlook
that the best Informed financial interests
do not expect any recurrence OF the strin-
gent conditions of last autumn and winter
The surplus over the legal requirement In
sne banks is stiil comfortably and reas.
suringly large. The next Government dis
bursemeDts are not far away. and trader,
will begin 10 discount them soon. In tn,
event OF any real need of funds. Il is prom.
ised by those who undoubtedly know tina
Secretary Gage would again begin to de.
post receipts with the banks The i'm,
mense increase in loans by the bank
shSuu b. the statements is not yet un