The times. [volume] (Washington [D.C.]) 1897-1901, 1900-03-26
STOCK MARKET GOSSIP.
Increasing Earnings and Cheap
Money Chief Tnpics.

NEW YORK, March est is generally
| admitted that almost all conditions favor a
substantial Improvement in values Large
railroad earnings have become such an old
story that their effect upon values is over
looked; but later on this all-important fact
must exert its Cue influence upon the mar
ket for railroad shares. Those shares which
have recently joined the dividend list, or
are soon likely to do so. offer the best in
ducements for purchase. The issues OF re
organized properties that are In good phys
ical and financial condition especially are
/ likely to see much better figures than those
which rule today. II should also be re-
membered that the supply of good railroad
shares is steadily declining, and our rail
road system is so fully developed that there
is little prospect of any considerable in
crease; the growth of branch lines and
terminals being a comparatively small
source for the creation of new securities.
While there is thus little prospect of large
new offerings. the supply of funds seeking
investment must be rapidly increasing.
This factor should not be overlooked as
bull argument for the long run Merchants
and manufacturers are all experiencing
prosperous times. and they will have more
funds than usual to invest. and when the
rush of business abates sufficiently to per
nit them some attention 10 outside affairs
they will come into Wall Street in
vestors or spectators much more freely
than now.
The movement of money has turned in
favor of New York. Cash and surplus
holdings of local banks will doubtless in
crease for some time TO come That oper-
ations incident to bond refunding were
the chief factors in the recent heavy ex-
pansion in loans is proved by The contrac-
tion in loans now under way. the decrease
for last week amounting to Sl2,560. 700.
This result was brought about despite
great activity in the stock market, and IT
is believed that the movement in loan re-
duction will continue for several weeks.
or until the time when the contraction
equals the big expansion which began in
February and ended two weeks ago.
Under the operations OF the new cur
rency law banks are taking out circulation
in addition TO the 10 per cent increase to
which they are entitled en- bonds already
deposited for bank note issues, and the
demand for circulation from interior in
situations indicates that the new law will
become a very important factor In modify
ing the out of town enquiry for money at
New York, especially in active crop move
ment periods The return of the money
market to normal conditions is speedily
promised by the current movement Of
loans, deposits, and cash. and in well in
formed circles il is thought that easy
money will be the feature of the market
for many months to come.
Almost the only card which the bears
can play this week so far as can be fore
seen is the official announcement of the
assessments levied upon the New York
traction and similar companies which en-
joy public franchises. These may be ma e
public tomorrow or Tuesday. They ought
to have been fully discounted. for time and
time again they have been made to do
duty for the bears. If it should turn out
that the assessments are not nearly so
onerous as had been predicted. the stocks
of the companies ought TO advance Aside
from this the atmosphere is clear.
The boom is likely to take on a spell Of
pronounced buoyancy after the 1st of April,
because the old-fashioned system of hav-
ing annual settlements on that day will
deter many traders from entering into ex-
tensive contracts prior TO that date. When
it is found that the day passes as 1t WILL
without ripple of excitement in the rates
for money there will be a renewed rush to
secure stocks by both investors and specu-
lators. During the coming week the
Standard Oil clique and the Morgan pools
will continue to accumulate all the shares
which the market may offer in the special
ties which they propose TO make prominent
as soon as 1.-The sap begins 10 rise"