The Washington times., 1901-09-22
Goyernm tent Bonds.

week after the death of President NC
| kinlCy, two weeks after the shots which
| caused his death. the stock market shows
| absolutely no i'll effects from these tragic
| events. There was small break in
| prices on the day after the assassination
| at Buffalo and another small break on
Friday week ago. when ii was inevita-
| bic that Mr. Mckinley must die. Since
| the latter day the course of the market
| has been upward almost daily, and at the
close yesterday net gains for the past
week were shown, the level of prices be-
! ing fully equal to that on Thursday more
/ than a week ago, when ii was believed
| that the Pre- sident was almost sure to
| recover, Such record is unprecedented.
| The reasons for the wonderful strength
shown by the market may well be exam
inod carefully, for 1t cannot be doubted
that the same reasons will influence the
market of the coming months. In making
any such examination the extent OF the
first break in prices is one important mat
ter for consideration and the character
Of the recovery from that break is another.
Two facts seem to be proven beyond
question by the insigniticance of the
break at the beginning. The public is not
the holder of any large amount of stocks
on margins. The inside interests
hold immense blocks of stocks,
and are in practically full control of the
market Otherwise it cannot be doubted
that there would have been panic IN
the market and drop of the price Level
equal to that on the day following tne
death of Ex-Governor Flower at least. 80
= ~ y
Other things seem to be proven by the en-
tire recovery of the. market during the
past week and by the fact that there mas
been no subsequent decline. Ihe Dig IN
terests being in control of the market
were able to hold it up temporarily unuer
the shock caused by the President
death. But they have continued to hoid
II up, and even to advance prices stead
lily. In other words, after supporting tle
market in the crisis. there has been nttie
or no attempt to float the stocks bought
on Friday a week ago and before that
time. The usual course of the stock mar
ket under such conditions is quick re-
covery after a break, and then wltmn
day or two gradual sagglng pack 10 or
below the lowest level reached on the
break Nothing of this kind has hap
pened in this instance a deduction that
many careful people are drawing from
these facts is that the insiders are WORK
ing for an important bull market, and so
anxious to secure one that they do not IN
tend to allow any such usual recessioi, IN
price 1t may be inferred also that the
large interests consider the conditions 80.
promising that they are willing TO take
the responsibility of constantly increas-
ing load of securities in the conndent eX,
pectation that their Dull movement VIII
be successful later.
These are the technical factors in the
market at present. or the most import
ant of them, at least. 1t is very clear
that the large interests believe IN the
prosperity of the country. Sometimes,
however. the large interests are mlstahen
in their diagnoses. There are many that
believe they have made mistake IN the
present case Some unfortunate things
there are in the situation undoubtedly:
This is equally true in every period OF
prosperity however The question Is
whether the corn crop shortage and the
other unpleasant matters are sufficient TO
outweigh the good, and to IMPEDE Ihe
wonderful prosperity momentum. Inc
better arguments are with the bulls. The
good items in the situation. ever increas-
ing railway earnings, the continuance OF
the record breaking export figures OF the
country, the bigness of its credit balance
the ending of the great strike against the
Steel Trust. the faith in President Roose-
velt the enormous quantity of money In
the country, the closer adjustment be-
tween the receipts and expenditures OF
the Government which will prevent much
further increase in the accumulation OF
gold in the Treasury, the policy OF Sec
rotary Gage to relieve the financial sit
uation quickly whenever it is necessary,
all these matters have been discussed and
reiterated many times, and discussion
does not make them less convincing to
conservative people.