New-York tribune., 1901-03-25
BONDS
March March
High Low % lG. 'Ch'Es. Sales.
TIE WEEK IL WALL STREET.

THE WEEK IL WALL STREET.
The week was not wanting in developments
thai added 10 the intrinsic worth of investment
issues From the speculative point Of view
there were few incidents that warranted opera
tions for decline, and the recession in values
Al times merely reflected technical readjust-
,nent. The possibility Of a clash between Rus
sia and England in China led 20 passing un-
oasiness in quarters where margins were light
trt There was no investment selling or marked
sRgressiveness by the bear element. except in
a few instances where stocks were overbought
and ready for a setback. The bear element APP
parently appreciates the strength of conditions
governing speculation, and as consequence il
IS disposed TO rest until the times are more
propitious for a sagging market a drop IN the
price of stocks is ordinarily looked for at the
end Of March, but the current market presents
no indication Of lower values. Despite the ao-
vance that has taken place in securities. COM
mission houses are not loaded with weak &C
counts Rich men have bought stocks. and the
issues that have gone into investors boxes VIII
hardly be offset 10y the new securities that are
now coming on the market. Recent issues OF
new capital which the public has been or viii
he asked 10 take up. amount 10 over S25Oo0oOeO
exclusive Of the new steel securities. that
amount 10 several hundred millions in excess
OF the issues which they supersede-
Notwithstanding the breadth Of speculation
there is enough money in the country to handle
current large financial and speculative opera
tions The present course of the money marke
gives no sign OF materially higher rates fo'
loans this spring. and there is no reason TO sup
nose that the steel deal and other large opera
tions viii be financed with disturbance in
money. The call for the first instalment OF
syndicate money under the United States Stee
Corporation plan viii probably exert little if any
effect on the price Of money as the transaction
viii amount to nothing more than a transfer OF
funds from one account to another The indif-
ference of the money market to the enormous
operations that taking place in the railway
and general industrial world reflects the strength
Of financial conditions throughout the country.
According to the statement Of bank resources
as Of February l., just made public by the
Controller Of the Currency. the total assets of
all national banks in the country are larger
than eyer before recorded in the history OF the
country amounting TO s.. 49, 90625T a net in
crease Of S293. SIG. .565 since December H. 1900
and gain for the year TO February II Of $780,
995.544. Individual deposits are enormous. The
entire amount Of lawful money including specie
and legal tenders controlled by the banks was
on February II S352.342.475 against S462,
034.31G a year ago Loans and discounts amount
20 S2Sl4.3SS346 an increase Of 1892 sos 401 for
the year In addition 10 the enormous amount
OF money in circulation in the country the
United States Treasury's holdings are heavier
than ever before with the largest gold holdings
Of all the countries in the world.
The success Of the United States Steel Cor
poration plan is assured and the extension of
the time for deposits Of securities Of the con-
siituent companies merely reflects days of grace
10 those holders who have failed TO turn over
their shares to the official repositories. The
completion Of the organization of this gigantic
concern viii he accompanied by the listing Of the
new steel securities on the Stock Exchange
Dealings in the shares on the curb have been
heavy. and the chances are that their appear
ance on the Exchange Will be followed by in
creased buying. with an active bull movement
in all the industrial shares. Greater interest
Was noticed in the first class industrial issues
last week, investors taking the preference shares
of sound concerns on the basis OF intrinsic merit
II is not thought likely that the present wave of
bull enthusiasm viii reach its limit without an
active demonstration in the industrial list as. in
most cases. the members OF this group have not
shared in the bull market OF the last few months
despite the fact that material gains have taken
place in their actual value. Industrial stocks
OF soond companies pay substantial dividends
while returning at current prices much more
than their dividend rate Indeed they nav bet-
ter than the railroad issues while they are ius,
as sound. Notwithstanding the fact that they are
so much younger. Prevailing quotations for The
preference shares Of the steel and iron corn.
panies. International Paper. American Car and
Foundry and other concerns are MANY points
below their true valuation. Peoples Gas. which
Is a we'll established investment issue is cbear
az going prices.
Burlington stock and Erie issues were fAatu-a,
last week that increased the prevailing hul
sentiment. II is reported that Great Nortbar,
viii secure Burlington. and as Great Nor,be,,
interests are now identified with Erie the nossi
hility OF a big transcontinental line is consiaere,
Wall Street puts little stock in of.lcIal 5a
malls nowadays. and despite the solemn ASSN
ance OF Mr.. Hill and others that Great Norther,
does not want Burlington the Street expects =,
official announcement OF a Burlington-cr
Northern deal The factors bearing on IN
intrinsic worth Of stocks are growing. an
the accumulation of securities by prominen
market interests continues If advancing quota
tions Were not accompanied by forces that ar
adding materially TO actual values there woul
be cause for alarm over the current level OF QUO
tations.- Prices high in comparison wit
q year ago. but they. not high ia view
the conditions that now underlie the market.