The times. [volume] (Washington [D.C.]) 1897-1901, 1901-04-21

started In stocks that were before quiet
have been numerous and important. Few
| indications of weakness have appeared
The buying at all times has been enthusi-
astic as far the public was concerned,
and determined and heavy from the in
siders one or two attempts made by the
bears to stem the tide of bullish enthust-
assn have met with the worst kind of de-
feat. At the same time number of mat
ters in the market outlook that were con-
sidered threatening week ago have been
brushed aside and given way to rosy
serenity that seems most inspiring to the
public. The threatened strike of the en-
ployes Of the United States Steel Cor
poration has been aVerted and II is now
said that there is no chance Of such an
event. The long delayed positive state
ment regarding the Burlington-Northern
Paciiic-Great Northern deal has been
made and there is now no longer any
doubt that the Hill people are in control
of the Burlington. The money outlook is
much better and the bank statement yes
terday was of such an inspiring nature
that nobody is longer considering the
chance of stringency. number of new
| rumors quite as handsome and quite as
well authenticated as That OF the Bur
| lington deal have appeared and are now
being worked for the stimulation of the
| public buying of stocks. The railway
earnings statements given out during the
week have been of the same fine charac-
| ter those of the past year or more,
nearly all showing excellent gains both
in gross and in net earnings.
co. With confidence entirely restored and
with nothing black in the business hori-
ION, ii is not surprising that the insiders
are able to put prices up; that the public
continues to buy despite the high level
attained. The price level is in fact the
one factor in the situation that axes
any argument for reversal of the bun
movement. With conditions as they
ana with prices 80 points lower than they
are, at the level of last September. say,
| there would he the best reason in the
world for bullish enthusiasm. But prices
are higher than they ever were before.
In many cases they are so high that they
far more than measure the worth of the
securities they represent. Caution is eN-
tremely necessary in making Investments.
The stocks that have had the greatest
advances, and where their present prices
are not warranted by earnings, should
not be bought. Others like the Reading
securities. Ontario and Western. some of
the Gould securities. Southern common
ana preferred, Norfolk and Western,
Chesapeake and Ohio. and Atchison pre-
ferred, still may be considered safe and
| likely to yield profitable returns during
| the coming months.
The bank statement figures were a sur
prise. although a good showing had been
| expected from the advance knowledge of
| the gains in cash by the banks. The
statement is the best made for many
months The gain in cash is heavy, and.
| owing to the heavy decrease in loans, the
increase in surplus reserves is even great
er. The banks are now well away from
the reserve limit. The figures were as
follows:
Reserves increased. $685. 800
Loans decreased. Observation-Disclosures. SS.SSS,IW
Specie increa sed -..-............... s.. Oi21o0
Legals increased. Observation-Disclosures. 81. 4i9 800
Circulation decreased. .............. S2i,9U
There is only one matter in the financial
outlook that is causing any anxiety. The
financing of the new British bond issue is
likely to cause some drain on American
gold. although it is not thought that
American investors will care to buy the
bonds to any extent. a few million dol
lars of gold may go out during the next
month or two for this reason.
The following table shows the gains
made in prices during the past week and
also since the beginning of the present
boom seven months ago. The figures are
those for the close yesterday and for the
close on Saturday a week ago, with the
corresponding prices on Saturday, Sep