The times. [volume] (Washington [D.C.]) 1897-1901, 1901-03-17


saying that the boom is over, however.
A careful analysis of the entire business
and financial situation suggests strongly
that the top prices for the year 1901 are
not yet reached by many dollars share.
The reaction that is due now Is to come
| because of technical conditions entirely:
| II may be helped along by bear gossip Of
! various kinds, but actual underlying con-
best authorities, and the stories put out
by the bears will be iictions and distor-
lions.
The reasons for expecting a recession
of some Importance are numerous and
easily recognizable by people familiar
with market fluctuations. The present
advance mot to mention that of the past
six months. and that of the past I'VE
years., the steady advance since the last
decline. has continued two full weeks
Prices have gone up continuously, ana
in most cases new highest levels have
been reached. Yesterday there came one
of those climax days that occur at Inc
end of every steady advance, when prices
| doomed rapidly two or three points III as
many hours. instead Of gaining small
| fractions. The shorts covered heavily
ana the public began TO buy stocks Wild
| ~. Tomorrow Will be a Crulcdl DAY IN
the market Prices may open away up
on tremendous buying orders from the
! public. If this occurs it is dollars TO
| cents that the top Will have been reached
| for the time being. quieter opening
held in check by the insiders may ensure
one more week of the present advance
on every squirt this week many OF the
best brokers will advise their customers
to take profits. They will advise them
not to buy stocks except on break.
Profit taking is in order with anyone that
has profits to take. Such is the technical
situation.
The wider view Of the market is a
much more cheerful one. 1t is the one
taken by the important interests the IN
3 fn.. N.lfH
in the prosperity of the trusts, the plenty
of money. the outlook for prosperity IN
the coming few years. II taxes into con
sideration the fact that the railways are
earning more than ever before and stead
lily increasing their earnings. and the fact
that the community of interests plan IN
the railway and the industrial world VIII
accomplish a great saving OF expenses
and a large increase Of net earnings, in
good times and bad. According to this
view reaction of five or ten points may
come al any time. and will be welcome
because it will eliminate weak people
again. The people who take this Ticw
state their belief that before the end of
the present year railway securities gen
orally will be selling permanently on Il I
per cent basis, and on the spurts nearer
3 and IL per cent basis. They say that
with larger dividends and larger SURPRISES
for bettermentS with greater harmony
than ever before stocks will be worth 80
to 100 per cent more than they have been
The plenty of money is one of the chief
reasons for optimism regarding the mar
ket. The banks and trust companies all
over the country are literally giutted with
money for investment. Rates are as
cheap as they ever were before, and the
outlook is that they will be cheaper dur
ing the coming summer. The South Afrf-
Ie-.I IuIn,S VIII soon be opened. Great
Britain can then begin to pay some of her
tremendous debt to this country. II is
said To be highly probable that there viii
be a large flow of gold from Great Britain
and the Continent to this country during
the coming year. There may be heavy
buying of dividend paying securities for
the other side. too. and probably will be.
The bank statement Yesterday was poor
one, showing a loss OF cash Of 5000. 900
and decrease of reserve of $50. 900 The
reserve is growing small. But with gem
eral money conditions so favorable the
statement has no weight with the street.
The market was stronger after il APP
pearcd than at any time before This
week should see an Improvement in
the condition of the banks The dis
tribution Of pension money viii be large.
The figures Of the statement were as fol-
lows: