The times. [volume] (Washington [D.C.]) 1897-1901, 1901-01-27

being sold as yet by the important Teorle
| that have been engineerirs the boom, and
| that some stock is being put away for
| investment on every decline These things
point inevitably to the conclusion that the
boom of 1901 is not yet over. II has
| halted for time after the immense bulge
of December as was entirely natural. II
| will resume next month in all probability.
! The advice given by the NOSE careful mar
| ket people is to buy stocks on the de-
| clines. Spectators viii DO well to sell
on the rallies for a time longer In vest
ors probably will not care to do this.
The way in which the market took the
death of Queen Victoria is the best evi-
dence possible that the Insiders are not
willing to have slump yet. or. in other
words. that they look for higher prices
| Ordinarily it might have been expected
! that, with the financial situation abroad
as it was here would he tumble when
| this news was published. Instead there
was break of only a point or two curing
the Illness of the Queen, and there has
been full recovery OF all this break In
the few days since her death. As was
noted early in the week in this column
there was and is no intrinsic reason Fhy
the death of the Queen and the accession
of her son to the throne of Great Britain
should make stocks any less valuable
But the ia ct that there was even no tenn
porary slump shows that the people be-
hind the market are strong and that the
speculative public even is in a singularly
sensible mood for it, This argues well for
the future.
The market has been very dull during
the past week, the sales of stocks not
equaling those of any other week since
election. This. too. is horeful sign
When there is Il decline end then dull
ness 1t means that there is little dispo-
siton to sell stocks. The public has lot
been willing TO buy but this VIII come as
soon as prices advance little further.
The public is better satisfied with the
market than it has been with any since
the death Of Governor Flower. two years
ago & has a right to be as il has been
making money out Of the professionals.
The hank statement yesterday was all
that had been expected OF it and little
more. 1t shows very clearly the excel
lent condition of things financially, and
il promises well for the future. The fig
ures are as follows:
Rc.crveS increase. s3542s5o
Leans increase. lU.isi,@t3
Specie ''V3l'tVi
Legals increase. l.iGJ
Deposits increase. - $3.50
Circulation increase -......-.....-.-..-- 2S''"5
Money all the past week has loaned on
call at / IL and per cent, despite the
fact that gold has been shipped out in
considerable amounts. There may be
moro gold shipments. but the financial
people say that the outlook is excellent
for continuance OF the low interest
rates. Al of which is the best possible
incentive to the speculative buying of
stocks.
As to intrinsic conditions. they grow
mere rosy from week to week. The
trade reports for the week we're most
hopeful in their tone. The steel trade.
not only according to MIR. Gates. but in
the opinion of other authorities than
whom there are none better. is reriv-
ing in a wonderful way. Prices will be
higher and the output at the higher prices
Will be the largest on record. As to the
Carnegie competition about which so
much has been said of late, the best
evidence is that there will be harmony
and combination OF interests instead Of
competition. One of The stories yester-
day was that Carnegie will not antago-
nize the Sheet Steel Company" The ru-
NOR grows more persistent every day
that Morgan and his friends are working
for general harmonizing Of the steel
business. in much such way as compe-
tition is being eliminated in the railway
-
business. Railway earnings continue to
Increase. The rumored railway deals
have not all been consummated but it
may be said with perfect safety that the
developments in this direction are not yet
all cut by any mems. The st. Paul deal
still hangs FIRE as far as the public knows. |
but IL will lie accomplished in time, be- |
yond question. The coal roads deal is not !
all public property yet. The Could |
Rockefeller deal is only limited al in its I
inciPient stages. All Of these matters !
suggest that the boom is no; yet over.
The range OF prices during the past two |
weeks is shown in the following table. |
1t will be noted that while the tendency |
in general was downward a week ago. it |
has been toward a higher level during the |
past week. and ,hat the losses have been |
fairly we'll recovered.
Jan. 70. Jan ~ Jan. %.