The times. [volume] (Washington [D.C.]) 1897-1901, 1900-12-16

NEW YORK, Dec. 15.-It is question
whether Wall Street. in the sense Of the
speculative community, and investors
both here and abroad have as yet fully
realized the far-reaching influence of the
transfer this week of the control of the
Pennsylvania Coal Company to bankers
who are acting, as they have for many
years past, in the interests Of the anthra-
cite and trunk line situations.
The transfer will secure to the Erie
Railroad the tonnage of the coal COM
pany. practically upon its own terms. 1t
will also control the channels through
which the tonnage is brought to its main
line This change in conditions obviously
strengthens that company, and, with otn-
er developments that are pending, will
place the Erie Company in a Position to
resist the efforts of its patrons generally
10 secure low rates, as they have in the
past.
Enough has been said to indicate that
the Erie Company will hereafter enjoy a
more enviable position among the trunk
lines than heretofore, and, what is equal
ly important, its credit will be greatly
improved. It is obvious also that all of
the anthracite coal carrying road and
creas 'ng strength of what has been the
weakest member in both groups.
The events Of the week naturally sus
gest a brief retrospect of the growth of
the transportation industry of this coun-
try from the time of the West Shore deal
fifteen years ago. Within that period
there has been a steady tendency toward
combination, having for its end the min
imizing Of friction and the Introduction of
n han mr. bn e
fic of the country. AT times progress in
this direction has been interrupted by re-
organizations which have resulted in
placing some of the largest systems in
the country upon more substantial finan-
ciat basis than ever before, but at the
same time the opportunity has been i'm
proved to better their physical condition
and build up new standards of efficiency
and scientific methods of conducting bust
ness.
Today's stock market started off with
fresh impetus from London, where Ameri-
can securities generally were fractionally
higher than at the close here last night.
The heaviest trading was in st. Paul.
which enjoyed a further net advance of
nearly two points, making the net i'm
provement within the last two days five
points. Northern Pacific common was sec
ond in respect to activity, with net gain
Of three points. Other noteworthy deal
jngs in the active list were in Atchison is
sues. Union Pacific, the local traction
stocks, Missouri Pacific, Peoples Gas.
Reading issues. Southern Pacific. and
Southern Railway common and preferred
Less attention was paid to Erie stocks
and to others that were leaders in the
market earlier in the week. Among the
specialties Great Northern preferred adj 4
vanced five points. Hooking Valley was
exceptionally strong. Delaware and Hud-
son and Lackawanna made progress toward
higher prices, and 30 did Consolidated Gas,
Colorado Fuel, and Chicago Great West
ern preferred
The bank statement was a surprise to
many, particularly in respect to the loan
item. The loss in lawful money is no
larger than had been expected. but, as the
decrease in that item and in the loans
reduces the deposits over SIS. COO. call
ing fer more than 81 00o. 600 less reserve,
Il was possible for the banks to show
small increase In the surplus reserve As
this last change is practically the only one
that the majority of spectators in stocks
pay any attention to, they jumped to the
conclusion that the statement was even
more favorable than it really is. They
therefore bought stocks freely during the
last half hour in expectation OF a con-
tinuation Of the strong and active market
next week.