The Washington times., 1901-11-17

1 meflt mere. 1eSIeIudy s baIh Slittitielie
for instance, made far more satisfactor!
showing than was expected, gain ii
cash, Il decrease in loans. and an inereas
in surplus reserve. The figures of th'
statement We're as follows:
Reserve increased. H,4l3.90
Loans decreased ed-.....-.--....-...-- 49, '6t
Specie decreased .................... l4s. iW
Legal tenders acknowledgements. 1.UIg,yg
Deposits increased. 433i.SUl
Circulation increased. .......-........ 16l, 20,
The banks now hold more than $4,000
coo of reserve in excess OF legal require
( ments. There were rather heavy exports
of gold during the week, and at one time
il was feared that they would result in a
I tightening Gt money in New York. The
I Secretary Of the Treasury purchased sew
I eral million dollars worth of Government
I bonds however, and the interior banks
/ sent money to New York, so tt2t the eN-
/ port of gold was more than offset The
/ sterling exchange rate is still-high enough
( to make exports Of gold profitable, and
the outward movement will probably con-
Z unue this week, but the financial experts
/ say that there Is now little reason for
/ anxiety over the situation.
/ Dun's on Money.
! Duns review says of the financial sit
uation: "Consummation of the long-de-
/ ferred deal In Great Northern and North
/ ern Pacific came at last in the incorpora-
I tion of the Northern Securities Company,
with s400, 100000 capital stock. Prices of
railway shares had risen sharply in an
| ticipation of this settlement, and at the
close on Monday the average of sixty
railways was S103.26, against $3.50 a year
ago. 1t is remarkable that the average
! of the ten leading industrials during the
same time made scarcely any alteration,
| but traction and gas properties averaged
| about SO higher.
There was no response when the state
ment was made public on Thursday re-
garding details of the big deal which had
hung fire for six months. and when it was
found that the news had been fully dis
counted there came the customary reac-
tion and profit taking. Strained conditions
In the foreign exchange and money mar
kets also had a harmful effect, sufficient
to check the natural tendency OF prices,
which was toward higher level, on
splendid returns of earnings and brilliant
prospects for the future in the healthy
condition of business throughout the
country.
Views of Mr.. CIews.
Henry Clews says of the Northwestern
railway settlement and its probable ef
feet on market conditions: THE main
points of that agreement were probably
adjusted shortly after Mr.. Mcrgan's re-
turn from the Pacific Coast, and, as
usual, the market discounted its effect
settlement. Not a little disappointment
was displayed at the break in the mar
ket when the plan was finally made pub
lie, the impression having got abroad that
the clearing up of this dispute would be
the signal for a fresh bull market. AS
previously intimated in these adyices,
however, the immediate effect of adjust
ment was discounted in advance, and
Thursday SAW heavy realizations in stocks
HON h.n rFN-n lsNa OH
stances contributed to the reaction. but
this was the real factor
While there are points of weakness in
the new plan, and the railroads interest
by a narrow margin for some time to
come, yet the arrangement is practical
solution of a very difficult problem, and
one that affords the largest possible
share of Justice and satisfaction to all
concerned. The Union Pacific interests Sc
cure protection from invasion of their
territory. while the Hill and Morgan
party maintain control OF the properties
in which they are primarily interested.
Thus ends a struggle between rival in
terests involving larger issues and vaster
amounts of capital than Wall Street has
ever before seen. An open rupture would
have been disastrous, not alone to the
parties NEST concerned, but to the whole
market, and might easily have involved
us in serious panic.
The removal of such n threatening con-
tngency is not only Il relief; ii is posi-
lively reassuring; it marks great step
forward in the community OF interest
Idea, which, nov that this difficulty is out
of the way, Will very probably be pushed
on in other quarters when conditions IA
Yor until the whole country is divided into
territorial groups. The attitude of the
public toward these gigantic combina-
tions is a problem of the future. Trouble
some State legislation seems very proba-
BILE. So long as rates remain reasonable.
steady and free from discrimination and
SO long as service is efficient. there is
likely to be little serious opposition: and
railroad managers will be wise If they do
not oppose reasonable regulation of their
affairs by the Government if the people
demand it There is no safety in defiance
of sound public opinion"