New-York tribune., 1900-12-24

The local bank holdings are not heavy, but
they are large enough to meet all requirements
at present After the first Of the year rates
viii again be lower. Call money has ruled at
5G5h per cent, with exceptions at per cent
for the last week which, in view OF bank condi-
items, is a remarkably cheap rate But the local
banks have been assisted in handling the money
lending business by out Of town institutions,
and, despite the enormous speculation in stocks,
loans Of the associated banks show a decrease
for the last week of over S5O00OOO. The month
OF December is drawing to a close without dis
turbance in money. and the fact that the money
market Will not repeat the performance Of a
year ago has brought in large buying orders for
stocks. with record breaking dealings and prices
All conditions have been favorable to an ad-
vance in securities. and there is no reason to
believe that the demand has been satisfied
Banking interests are still buying. The plans
Of banking interests involving certain properties
are not Yet complete and the stock lines of in
Vestors are not yet filed
Important railway and banking interests are
concerned in bringing into a community of own
ership all the leading railroads of the country
but they are not engaged in consolidating, as
certain reports suggest, the railroads in the
East North. South and West. The railroad
situation is being placed upon a basis where all
roads will work together for the mutual good
Through the concentration of stock ownership
control is being effected which will result in rate
schedules that cannot be broken, greater econ
ony in the conduct of transportation bigger
earnings and better dividends. The Erie coal
deal. by which the anthracite coal situation has
been brought under tIle complete control Of the
so-called coal combine, has been followed by
many silly stories of railway consultations but
the greater number Of these tales have been for
effect upon stock market prices, rather than
significant railway developments Stocks are
being taken by all classes Of traders, but the
greater part of the buying comes from substan-
nal market interests, from banking interests
representing big railway corporations and from
public investors. The weak public trader is not
particularly active the market being distinctly
rich mans market.
The low priced and medium priced issues were
In demand last week Some people assert that
there are no cheap stocks in the market. but a.
careful study of conditions governing values will
reveal the fact that few stocks have advanced
70 the level to which they are entitled by their
intrinsic worth. The medium priced stocks such
as Southern Pacific, Federal Steel, Republic Steel
preferred and American Car and Foundry pre-
1erred, are certainly not dear. In the lower
priced list Texas and Pacific and other cheap
Southwestern securities are entitled by right OF
growing earnings 10 higher prices. OF the stocks
recently listed, international Pump issues DOS
sess intrinsic merit that is not measured v their
market quotations With a decreased supply of
nigh grade stocks available for speculation buy
ing VIII increase in the cheaper issues As point
ed out in this column in the week stocks Of
merit viii not lose one cents worth of real
value In reactions and manipulation for lower
prices that accompany all bull markets, while
eventually they viii move to a level that will
represent the wonderful change that has taken
place IN the country's industries, in its home
and foreign credit and in the value Of railway
and industrial investments. American railroads
and American industrial companies are being
conducted by enlightened managements. ana the
securities OF solid American railway and indus
trial companies are attractive investments 20
own.
Railroad earnings for the current month com
pare Wen with a period year ago when the
traffic movement throughout the country was
heavier than in any corresponding time. with an
increase OF II per cent over the same month H.