The times., 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 far the public was concerned,
and determined and heavy from the IN
sders. one or two attempts made by the
bears to stem the tide Of builish enthusi-
asm 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 a rosy
serenity that seems most inspiring to the
public. The threatened strike of the en-
ploYcs of the United States Steel Cor
pOratiou has been averted, and it is now
said that there is no chance Of such an
event The long delayed positive state
ment regarding the Burlington-N Northern
Pacific-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 a 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 as those of the past year or more,
nearly all showing excellent gains both
in gross and in net earnings.
With confidence entirely restored and
with nothing black in the business hori-
zon, ii is not surprising that the insiders
are able 10 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 a reversal of the bun
movement. With conditions as they are
ana with prices 80 points lower than they
are, at the level of last September, say,
there would he the best reason in the
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 eX-
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. Sc. 900
Loans decreased. cd.................-.-.$ $S,SSS 100
Specie iuCrea Sed ed..-................S 81, O42 100
LesaIs increased. 81, ,4l9 500
Circulation decreased ............... S24SO0
There is only one matter in the financial
outlook that is causing any anxiety. The
financing of the new British bond issue is