The Washington times., 1901-11-24
Government Bonds.

conspicuous evidence of the great
strength of the present stock market has
| been furnished during the past week in
| the way that 1t witnessed the shipment
! of ST. coo, 900 in gold on one steamer, one
| of the largest shipments ever made, and
| hardly faltered. Such a big expectation
of gold year or two ago would have
been enough to end boom and begin a
| panic. Now it causes the selling of few
small lots of stock, and some short SELL
| ing by the professionals, and is almost
| forgotten in day or two. At the end of
| the week in which it occurs prices have
| made net gains, and are reaching to new
record Levels.
The bears were wrong when they pre-
dicted that the gold exports would cause
tumble in prices. They were also wrong
| when they told the street to look for the
| end of the upward movement with the an
| nouncement of the Northern Pacific deal
| There was hesitation over these matters
and the public, which has begun to buy
stocks in an important way, was frighten-
ed out Except for the loss of the pub
lie support it would be hard TO detect any
less satisfactory condition now than two
weeks ago. If the public can be per-
suaded to buy stocks this week, it is quite
possible that the winter campaign for an
active and strong market can be well
inaugurated.
The Big People '.BuIls."
That the important people desire
broad and advancing stock market during
the coming winter no one will dispute.
More than ever at this time their inter-
ests as owners of securities are linked
with the prosperity of the county and of
the market They have created immense
Inl
to the vast blocks they already held.
These securities they wish to distribute
beyond question. And it is next to i'm
possible, if not quite out of the question.
TO sell stocks in a dull and declining mar
ket.
The only problem seems to be whether
the railway and industrial kings will be
able TO accomplish their purpose. The
action of the market during the past two
weeks Shows great strength. as has been
said. This has been due largely TO manip-
ulation by these interests, no doubt. The
next step will be obtaining public sup
purt. There are many indications that
the public may be counted on. In the
week before the announcement of the
Northern Pacific deal it was "a heavy buy
er OF stocks. Again on Friday and yes
terday there was some buying by the COM
mission houses and there were reports of
much enquiry for stocks.
Trade Reports Optimistic.
Business conditions favor the large in
terests. The trade reports continue most
optimistic Everywhere there are indica-
tions that the coming year will be most
prosperous one. Railway earnings for the
second week OF November, like those for
the first week. show large increases. The
October net earnings statements are be-
ginning to appear, and they, too, show
heavy gains and by far the largest earn
ings ever seen in October.
The monetary situation is clearing. Gold
exports have nearly, if not quite, ceased.
Loan rates have eased during the week
perceptibly. Yesterdays bank statement
was notably good, and the best of indica-
tions that there need be no fear of
stringency.
The railways are arranging to pay out
larger dividends in many cases. In all
cases they are planning for immense ex-
penditures out of their fat surpluses for
locomotives, cars, and new roadbed and
other improvements.
Larger dividends and interest payments
will give new money for investment. The
January disbursements will be many mil
lions larger than ever before, and it is
certain that as usual the larger part of
these disbursements will go back into in
vestments. The large expenditures for
equipment and betterments will help along
the iron and steel and ether trades, and
help to continue the turning over of
money.
Bank Reserves Increase.
The bank statement yesterday was a
surprise to the street. Some few people
had been confident enough to hope for
an increase in cash, but there has been
no intimation of such a heavy decrease
in the loan account, and hence no ex-
pectation OF SO large an increase in the
surplus reserve. The figures were as
follows:
Changes.
Loans. ...... sS69, ,G63, 900, dec. S13, ,5O4, 400
Deposits. ...... 932, ,957, 800, dec. 1925, 500
81 912, 400, dec. 10 200