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

NEW YORK April 15-Wan street will
aitsok the problem as 20 The future course
of security prices tomorrow morning ia 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-important item. TO the pro-
fossional trader az least proves 10 have
been an exceptionally fine one, showing
a gain in actual cash OF IS 600 and a
gain in reserves half an large Il is an
indication Of plentiful money that the
professionals on the short side Of the
marke, viii be afraid 20 ignore and that
the bulls will be very glad 10 profit by. In
addition. sterling exchange is weakening
10 such an extent that the rather foolish
talk OF gold exports heard at times last
week must now be given up even Boy The
bears The market has been supplied
with sterling bills against large ship
meuts Of securities hy 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 S-2.oot,o1O.
Apparently The larger financial interests
Elt 4faAh Nt iAANHf NAl' lA.'H4 A-at-N -a-t 'iN
ward on the immediate DEVELOPMENTS in
the money market and the general outlook
Of business aud international politics The
excellent statement Of the banks was sim
ply one OF the factors which the bull lead
ers were depending upon 20 assist them IN
forcing higher quotations When This i'm
proved position Of the local institutions is
appreciated rs 10 its bearing upon con-
tinuad ease In the money market, The
traders who have been opposing the recent
upward march Of prices viii hEd that
there is considerable ammunition which
can be used by The BUN contingent. Po-
Iitical 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
now under way by General Roberts
The stock market has been for several
weeks in a position which viii 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 usinE London as their
broker There can be only one end Of this /
game. which viii be the eager anxiety 10 I
buy back the stock sCld by those who are I
now disporiing their idle bank balances. 1
al a.Ha. :
and VIII be apt TO take on a spell Of buoy /
sncy without warning TO the short interest. (
In its statement concerning railway /
earnings B.adstreet says that. compared .
With those Of March 1899 when traffic 1
was quite heavy, increases in gross re- .
ceipts for March are not relatively as /
large as those reported in February, but I
sim the showing made is an excellent one.
and one which. II maintained throughout
he year would result In enormous profits
10 the transportation interest. Tho earn
ngs Of leo roads, operating lo20o0 miles
lf road for the month Of March aEg-e-
gated S55,55o, 75S, a gain OF l2.5 per cent
over March last year ana comparing with I
IN increase OF 49, per cent in February
md CT 15.5 per cent Ia Jauury. With these
exceptions the gain Shown is the heaviest
exported IL any month since last summer.
Relatively the best shgWings are those
made by the gransels. the Central West
srn. and the southern lines. but nearly
III sections have apparently shared in this
good business. For the first quarter Of
he year les systems report earnings OF
1858. SAB seS a gain Of 49, per cent over
asst year. following in turn au increase Of
Is per cent in 1899 over 1895. Not enc
group shows an increase Of less than 10
,er cent. and in some. notably the Central
Western and the Southern roads, the pro-
PORTION Of gain is nearly twice that
mount