The times., 1901-03-31

! Reading 1>ts..........,. 81 .5l2 Is
! Southern Pacific. ........ 3nSs f5A 46fs
! southern Railway....... l07s 2-i& 2s5s
( southern Railway pfd... 5lia 7s7s 19Ss
/ Texas Paoidc............ 1Fls 335s SO
Tenn Coal lron....... 55i2 - Gl3i
| Union Paci6c............ 81 s2$I %
! Union Pacific pid...-... 7IA Sjh si1s
L. ;, Leather. $500. Sas l3 1873
Wabash pf8.-............ l6 4l3s 30
! Western Union Tel...... 1ss ssls %
/ l.Tle -.......-.-.--...-.. luls SOS "osi
J tfte >t~...--...-..--.... JOS % ufTs
[. : Ntcel.-.-...,...... 46la
T. : steel p!d.......... SJSs
'Ex-diy.
The bun market was expected by all
careful people. In The Times financial
/ columns six months ago the tremendous
4 advances in prices were predicted on the
/ authority of some of the best market eN-
peUts. II should be said. however, that
the steady continuance Of Tie boom dur
/ iug The past two weeks has astounded
( even the most enthusiastic Of the opu-
misls. However liue business conditions
1 are ana however superb the outlook for
the coming years. no such uninterrupted
! advance was looked for The meaning
/ Of The late skywar1 movement. however,
! is not impossible or explanation. It ls
! indeed generally understood. ! he boom
I began and continued for six months in
au orderly fashion as the result OF the
! fine business conditions. During the past
/ two weeks IL has been manipulated into
I renewed life by the MOrgau-Hiit cotcrle.
/ This group OF capitalists Is tremendously
I more powerful than any that ever welded
! mower before. n represents, in fact prac-
! ticaily the entire millionaire railway ana
] Industrial interests OF the country. ana
J is backed toy ADDED millions from abroad
AS never before these millionaire interests
/ are banded together. Their ability to
make q bull market and TO keep the
I prices. OF stocks advancing Is absolute.
/ The power Of Jay Gould III his best days,
Was as nothing to Ii. Mr.. Could could
moTa 4 few stocks up in price sharply
and for a few days. but he would have
I failed utterly in such million share mar
Ret as the present. Mr. Morgan and his
/ friends are at the present time putting
prices up arbitrarily long after the period
when a tremendous reaction would have
set in. If they had not been at work. They
may put them considerably higher This
CoteTfe viii maze strong market as long
as it can sell its stocks. II further ad-
vance viii make liquidation OF its hold
/ inss easier. it viz make the higher
prices. II = temporary reaction VIII in
duce people 10 buy stocks there VIII he
81 reaction. There IS tremendous raft
Of securities 10 be sold out
With these unprecedented conditions it
. is folly to say that a reaction viii arrive
on any day or even in any particular
week. Under these circumstances the
careful brokers are advising their custom
crs aud friends TO take profits on long
stocks and To wait Tor the reaction, even
il they have 60 wait some time. Ii is
fact that almost every professional spec
uiatUr big or little, has been expecting "a
break in the market for two or three
weeks. They have not made any money
ia the recent shdr9est advance. The
oEly people that are making any money
are the investment holders, VINO are fol-
lowing &r. liili and Mr.. Morgan, ana the
new people, the verICst Of lambs. the class
that comes into every bun market at the
end. But few conservative people advise
selling stocks short. The taking Of profits
in such a market is only the good busi-
ness judgment of an ordinarily sensible
and experienced trader. To so short
means that one has the nerve To guess
VI hat BIZ. Morgan intends TO do this week.
The people that have sold stocks short
during the past few months have lost
millions of dollars.
Henry Clews says of the outlook for a
reaction !u the near future:
Such Il f0rci5le, persistent and one
sided movement could only run into great
excuses, and has done so To q very inn
portInt. not to say serious, extent. and,
as Spectators sometimes know how 10 be
prudent as Wei as SanEuInc, Inc more
initiated Of them are beginning 70 ask if
a reaCtiOnaTy movement IS not now near
ly due. The sustaining strength now IN
the market is mainly contributed BY an
impression that millionaire operators
have not yet completed their deals, or
that other schemes Of amalgamatiOn are
waiting to be introduced. Much depends
On these contingencies; but there II a
reasonable doubt whether the results win (
finally confirm the very saHguinc cXpec-
tations. As to the prospect Of further |
would need the backing of banking |
forces; and that kind Of support is apt TO
be regulated by increased prudence. As |
a rule the bankers and the great banks |
are becoming cautious 1T il safe to as
sumo that his important class are already |
under commitments as large as they care |
TO carry. They do not need to bc re- |
minded that it is uecdful to maintain a re- !
serve Of strength against the rebound of |
the speculative boomerang that may pos !
sibly appear sooner or later. II is rather !
hs.f d llFFHFs l.fHl on
their present advances than 90 encourage |
new ones ana. Of course, il may be pN- |
Uected that they VIII aim to get out while !
cllpues and outsiders are thinking il safe |
to hold on. Another important force is |
cooperating with the banking contingent. |
The muitl-miliiCnaires who have been |
the chief principals in the great cooper !
atiye schemes understand that current !
prices are likely 10 be the highest for a /
long time 10 come for the issues iu which /
they have become 50 largely interested. |
they find the market flooded with largely |
Overyalued stocks: the time for them to /
realize is. therefore, while the market j. |
strong and active; and well-iufOrmed men
DO not need to be told that they are puT-
suing that policy as fast as they can 10 |
so without breaking down prices
The bank statement yesterday was a
poor one with a loss in cash Of 81 500 0O0 !
and q decrease in surplus reserve OF
3. .j0J.0 .0U0 The reserve Is at a low cbb, and
under ordinary circuHStauces serious
monetary disturbances might be expected
in New York as a. result. Money has
loaned 1T easy rates during the past week
however, and there is every reason to |
suppose that Mr.. Morgan has held the
money market in check as a part of his
wider programme. In the same way IL !
is reasonable to suppose that he helped !
the banks yesterday the statement !
bad was not nearly so bad as |
expected The indications from the pre-
liminary figures were that the banks had !
lost at least 100000 instead Of only half
that amount. The figures Of the state |
ment were aS follows:
s1eINt5 necFeasld. -...-........... 81, ,4gl 975
loans i-1ie'ts'd OBSERVATION-DISCLOSURES. G. ll0Gp0
9letis Ntcie'l7t'l ACKNOWLEDGEMENTS. 1,9l7 500
l.tEdls nc ie'i''td .-.-..-............ Al 500 |
l,tP"Siis increased -..........-.... 3,S24, 800
cfcilttion Increased. 10000
The most important stock movement of
E.. .rs |