The times., 1901-05-19


the slight jar Of two weeks aGo, that LOT
a time threatened to throw it off the
track.
But it may be remembered with profit
that these things have been anticipated
and that as a result Of this prices nave
been advanced on stocks from . to 200 per
! cent during the past seven or elght
months II may be remembered, also,
that bull markets, with their high prices,
are recognized always by the insiders as
the time to sell out stocks to advantage.
Furthermore, there Is line possibility
that some OF the good things in the situa-
ton may have reached their climax ana
that during the coming year there may pe
a little let up. 1t is possible, for instance,
that the demand for steel products may
not be quite so heavy. There have been
hints along this line for a few days past.
The heavy exports of gold, if they con
tinue. are likely TO result in time in high
er money rates. The constant selling OF
American securities by Europeans VIII
tend to accelerate the export Of gold ana
to supply the market with securities. Inc
coming of summer is nearly always the
signal for the big people to leave New
York. and as a result of this for stag
nant and declining market The Albany
strike trouble has been settled, but IL Is
manifest to any careful observer that Ia
Dor conditions are not all that they
should be. Further diSa aGreeable things
may occur in this line in the near future
and labor troubles are bad for the stock
market. Thus a review of the situation
is not entirely full of promise for hlgher
prices. IL seems likely that there VIII be
some further advance before the down
ward movement begins, as the insiders
seem to want such an upward swing.
Many people, however. will sell out on
such bulges as may occur and either stay
out or go short of the market. If they
buy any stocks whatever il viii be of the
dividend paying class and of the few Sc
cuTities that have not as yet advanced as
much as they seem entitled 10.
The bank statement yesterday was
surprise to almost everybody. There had
been predictions of large Increases IN
cash. ranging all the way from SZ,OtOVJ9
to $6.010000. and what actually occurred
was considerable decrease. The surplus
reserve was increased, to be sure, Dut
many consider this a somewhat dupIou5 5
good, when TO accomplish il there had
To be reduction in loans Of S24,0j0UD,
and in deposits OF $25,00OVO0 These I'M
mense reductions were due, OF course, 10
the panic, which wiped out many loans
entirely. and generally depleted the ac-
counts Of the brokers with the banks
The hgures of the statement We're as fol-
lows:
Reserves, increase. S5dl2'd59 d59
Loans, decrease............. &,2l1,sVy
Specie. decrease. 2,Stl,6D
LeSals, increase. Se.-...........-.....- I,ot5,UU
Deposits, decrease. Z5,S54,ZQ
Circulation, increase. 2''9U
The new crop of "rumors' that has
sprung up since the panic is not wholly
conhdence-breeding to careful people. The
most rosy of these stories is to the erect
that there is TO be a combination of all
the Western railways outside the Hill
Morgan system, and that II IS TO be en-
gineered by no less cOterie than the
Rockefellers, Goulds, end Vanderbilts. St.
Paul, Uaiou Pacific, Rock Island, Atchl-
son, the Gould lines, and Southern Paci-
fIc are all in the deal, and all these lines
are to be run in harmony, II not actually
merged into system or one corpora
ton. The story IS fathered by one OF the
New York papers. It is an ampiification
OF the Greater GouId system loea, lhSt is
pleasing in its magnitude, if in nothing
else.
In connection with this story the bulls
point to other developments among these
roads. and their securities which are sup
posed TO make higher prices dOubiy GER
tain. The Gould crop Of news Is especially
edifying The increa Ses in earnings for
the second week of May all along the line
were handsome. The Missouri. Kansas
and Texas is supposed to be earning more
than enough to pay fun per cent on
the preferred stock. The Texas Pacific
IS making a fine earnings showing. Other
Gould lines are following suit. The Mis-
souri, Pacific is earning much in excess of
the per cent which II is said VIII be de-
clared tomorrow or on Tuesday by the di-
rectoTs of the company. The Wabash is TO
be extended to Pittsburg, and thus cap
tlre large part of the traffic from Pitts
p
covered well from the panic. and are some
Of them selling quite high enough de
spite all this good news. Others Of the
group. however, seem fairly good pur-
chases. In fact, thes. stocks are among
the few that look, in any way attractive
at the present level Of the market.
The lines Of the HfI-Morgan combina-
ton have not entirely escaped from ru-
mors though here inventiveness is some
what sOrely taxed for novelty. 1t is now
i ~ ~. .s.H
veIopment of the Erie is likely to be
taken up in the near future. The depos-
iting of Burlington stock in pursuance
of the Burlington deal naturally goes on
rapidly, as those that have been fortu-
nate enough to hold the stock cannot be
blamed for being anxious to get rid Of it
for two hundred good dollars a share.
Northern Pacific seems to be about $50
a share too high and Burlington the same.
The Fries are an unknown qGantity TO
certain extent. but if one wishes to gam
BILE in the market they are probably as
good gamble as any other stocks on the
list.
The iudustrals are coming into prom
inence handsomely. This is another indi-
cation that the insiders are not yet quite
through with the boom. They may take
up the iudustTials in an important way
during the coming few weeks while they
let go Of their railway securities The
best stories regarding the industrial COM
panies have been related by the Sugar
and PeOpie's Gas boomers, though the
friends Of the Tennessee Coal and Iron
and Colorado Fuel and Iron securities
have not been idle By any means 1t IS
now said again with much show of posi-
tiveness that the Sugar war is over There
is the same reason for believing this story
that there always has been. but the thing
is not new. Sugar stock has been doomed
handsomely and yesterday sold up TO the
level before the panic, making one of the
most important gains Of the week. The
Peoples Gas Company is said to have
arranged with Chicago to give it a large
number Of lights free as a bribe that there
shall be no opposition to the ConsoIida-
ton bill. This story savors so strongly
of the New York brand Of politics that
the New York brokers have been heavy
buyers of the stock on il.
There are Indications that the panic of
last Thursday week will cause all kinds
of trouble for a number of brokerage
afloat in the street regarding the eXecu-
tion of orders in the panic, and the way
that orders were not executed, and the
way too. that business was done for Gus
tanners without any orders. As a matter
of fact the opinion is growing among con-
servative people, "A instances OF ques-
tionable business~ reported ana Yeri-
fed that the da FW1ll long he remembered
as one Of the blackeSt and most lll-SmelI-
ing in the entire history Of the exchange.
There can be no doubt that brokers in
many cases took advantage Of the help
lessness Of their customers to resort TO
methods that would disgrace the bucket
shop fraternity. AS has been pointed out
in The Times, stocks were sold at the
lower prices for Washington customers
alone equal to at least a fourth Of all
IL 81.