The times. [volume] (Washington [D.C.]) 1897-1901, 1901-03-31

! southern Railway. lOIs 2Ia 2ss.
southern Railway pfd... 5lis Is7s I9S.
I Texas Pacific. Ehs $3Es Sc
Tenn. Coal & Iron....... 55ls 81 6l&
Union Pacific ........... 81 s2%i %
Union Pacific did. IN 81, sag
|. :. Leather. ........... Ns u 15+s
Wabash pii.............. 10 asa 40
Western Union rel...... 15Ss sSls %
Enc -..-....--..-....... lols SOS "bHi
Eftc lst>....-............ JOSS % HITs
| L. :. Stcel.............. o.. I6iE
L. ). steel pid.......... 91ss
'Ex-iiy
The bull market was expected by all
/ careful people. In The Times financial
columns six months ago. the tremendous
advances in prices Were predicted on the
authority Of some of the best market ex-
| peUts. II should be said. however. that
the steady continuance or the boom dur
Ing the past two weeks has astounded
| even the most enthusiastic Of the optt-
! mists. However line business conditions
are. ana however superb the outlook for
| the coming years, no such uninterrupted
| advance was looked for. The meaning
OF The late skyward movement, however.
! is not impossible OF explanation. 1t is
indeed generally understood. The boom
| began and continued for six months IA
an orderly fashion as the result OF the
fine business conditions. During the past
| two weeks 1t has been manipulated into
renewed life by the Morgau-Hill cotorie
This group Of capitalists is tremendously
more powerful than any that ever welded
! power before. II represents. in TACT prdc-
ticaiIy the entire millionaire railway and
| industrial interests Of the country, ana
| is backed by ADDED millions from abroad.
| AS never before these millionaire interests
| are banded together. Their ability to
make bull market and TO keep the
! priceS Of stocks advancing Is absolute.
The power Of Jay Gould, In his best days.
WAS as nothing TO it. Mr. Could could
move a few stocks up in price sharply
! and for few days. but he would have
/ failed utterly in such a million share mar
! ket as the present. Mr.. Morgan and his
/ friends are at the present time putting
prices up arbitrarily long after the period
4 when tremendous reaction would have
| set in. If they had not been at work. They
may put them considerably higher. This
| coteTie VIII mahe strong market as long
as 1t can sell its stocks. IL further adj
| vance Will make liquidation of its hold
I inSs easier, 1t wiz make the higher
| prices. II a temporary reaction viii in
duce people TO buy stocks there viii be
| a reaction. There is a tremendous ratJ
of securities 10 be sold out.
With these unprecedented conditions It
! is folly to say that n reaction will arrive
| on any day or even in any particular
| week. Under these circumstances the
careful brokers are advising their custom
ers and friends to take profits on long
stocks and to wait for the reaction even
IL they have TO wait some time 1t is q
fact that almost every professional spec
ulator, big or little, has been expecting a
brcak IA the market for two or three
weeks. They have not made any money
in the recent shdT9est advance. The
only people mat are making any money
are the investment holders, who are fol
lowing Mr. Hin and Mr.. Morgan, ana the
new people, the veticst 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 bust
ness judgment Of an ordinarily sensible
and experienced trader. To so short
means that one has the nerve to guess
v hat MIR Morgan intends to do this week,
The people that have sold stocks short
during the past few months have lost
millions of dollars.
IIenry C!ewa says of the outIool, for
reaction in the near future:
such fOrCible. persistent. and one
sided movement could only run into great
excuses, and has done so to n very i'm
portant, not TO say serious. extent. and,
as Spectators sometimes know how TO be
prudent as well as sapguine, the more
initiated OF them are beginning TO ask il
a reaCtionary 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 is "A
reasonable doubt whether the results will
finally confirm the very sanguine cxpec-
tatiOns. As to the prospect OF further
deals. IT is to be kept in mind that they
would need the backing of banking
be regulated by increased prudence As
a rule the bankers and the great banks
are becoming cautious. il is safe to as
sumo that this important class are already
under commitments as large as they care
to carry. They do not need TO be re-
minded that IL is necdfui to maintain n re-
serve Of strength against the rebound of
the speculative boomerang that may pos
sibly appear sooner or later. II is rather
their policy to effect Il liquidation on
their present advances than to encourage
Faa.Fr -
pected that they viii aim to get out while
cliques and outsiders are thinking ii safe |
to hold on. Another important force is
cooperating with the banking contingent |
The multi-mlliOnaires who have been
the chief principals in the great cooper
alive schemes understand that current |
prices are likely 10 be the highest for "A |
long time to come for the issues in which
they have become 50 largely interested; !
they find the market flooded with largely |
oYervalucd stocks; the time for them To |
realize is. therefore, while the market j.
strong and active; and weIl-inforfned men |
do not need TO be told that they are puT- |
suing that policy as fast as they can do |
so without breaking down prices !
The bank statement yesterday was a !
poor one with loss in cash OF 81 800 600 |
and decrease in surplus reserve OF |
8. $4,000. The reserve Is at low ebb and |
under ordinary circumstances serious !
monetary disturbances might he expected |
in New York as result. Money has |
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 4
the banks yesterday the statement
although bad, was not nearly so bad as
expected. The indications from the pre-
liminary figures were that the banks had !
lost at least 5000, go instead Of only half
that amount. The figures OF the state /
ment Were az follows:
Reserves decreased. 81 491 OK
Loans increased. ............ & iI6 ea6
Specie decreased. ............ 9I7' gn9
Legals increased .......... All $40 |
Deposits increased. ? nj a90
Circulation ACKNOWLEDGMENT. lO9 io0
Tie most important stock movement of
the week WAS that in Burlingt<n and
Northern Pacific, the former advancing
ten points and the latter eight and bofE
Of course, reaching new high levels. Tine |
burlington movement since last Seutern- |
Der has been over fifty points and North
erh PacHc common has advanced nearly
as nuch. The squirt in these stocks dur- |
ing the ulRt week has been entirely due !
20 the rilnor that the Northern PaciGc
mas leased the burlington, or Will do so
N SGHES ZtgW16PoUos-
nj TEETH Every MlLE
DER 25$ s a. H6 sTosss % gynAL