The Washington times. (Washington [D.C.]) 1901-1902, 1901-08-26


Load - Bank statement Gossip.
NEW YORK, Aug. 25.-Thc market
continued to develop an upward course
throughout last week, and the transact
tons which took place, indicated as di-
rcctly as such inanimatc expression could
that the big men anticipated a period OF
unparalleled buoyancy during the com
ing autumn In olden times a Scptem-
ber rise was almost az regular in its
co,niits sas the month Itself, and it now
seems likely that the twentieth century
is to renew The practice of former years.
The public has not been in IL except as
sellers for many a long day and there
probably was never 4 time when the
stock commission houses of New York
and Philadelphia were carrying as few
speculative shares for what are techni-
caliy called outsiders, in proportion to the
shares outstanding, as at present. There
is, however. an extensively distributed
short interest, the extent of which will
be developed by time.
The situation is, so far as spectators
are concerned, vastly different from any
thing that has gone before and is inter
mingled with extensive transactions by
railroad companies themselves, who have
been purchasing the shares of other rail-
road companies for the sake of promoting
the community of interest schemes,
which are now so popular among wealthy
capitalists. Back of all this. however,
is the fact that the immense fortunes OF
the Nanderbilts, the Goulds, and the
Standard oil crew have backed the pur-
chascs Of the shares necessary to pro-
mote the railroad schemes of consolida-
ton, the result of which is that there
are comparatively few shares available
for speculative purposes. A spell of mod
crate 5uoyancy will necessarily cause
relatively large advances in the stocks
which have been purchased by railroad
companies, a circumstance which will
give great value to the securities
put up as collateral against their trust
bonds
1t looks as II the advance would be
pretty general and as if all the speculative
favorites would find a material improve
ment in their quotations.
The bank statement almost met the
expecta tions of the numerous class of
people who based their hopes upon the
so-called preliminary estimates 1t is
only by accident that the experts who
compile the banks figures on Friday ever
come near to the actual results shown in
the official figures Saturday. The banks
gained a little over $6D1eo0 in actual cash
during the week, but the item of loans
increased s.. 027 100, presumably rejecting
the increased activity in the stock market
II is obvious that there has been no de-
crease in the so-called syndicate loans"
The associated banks are now lending
$sS7.Sy1 800. In this fact many people see
the greatest bear factor, while others
regard it as a bull item. The bears call
II an unwise overeXtension of credit,
while the optimistically inclined Will tell
you that the syndicates have such faith
in the future of the stock market that in
order to be prepared against amy emer-
gency they have borrowed large amounts
of money on time. No little furry viii
disturb them. Moreover, our phenomenal
exports of wheat to Europe and the i'm
proved situation there render it logical
that should money become tight here we
will get gold from our cousins across the
water The immediate future of the
money market does not appear threaten
ing in the slightest, and that fact is
enough for the room traders.