The times., 1901-03-24
A FORECAST OF COMBINES
The Stock Market Reflects Changes
in Railway Quarters.

The Commanding Position of the
United states i'm the Financial
world set Forth by Statistics
strcRgth Manifested at the Closing
NEW YORK. March 23.-Now that the
prospects of an early close Of hosultles
in South Africa are less promising. at
teution is redirected to the probability
of 4 call on this country by Europe Tor
financial accommodation. Great Britain
needs enormous sums for war and other
expenditures, and Germany is also IN
the loan market.
The attitude Of these countries only
shows in more striking relief the com
mandiuE position now occupied by the
United States in the financial and in
dustrial world Recent statistics placed
The international trade balance in favor
of this country at S400.0o0O0O The gold
holdings of the United States Treasury
are now at 1ne maximum in the history
of the country. aggregatiug the enormous
sum of S490o0000o.
FINALLY. the financing of the so-calied
"hillion-dollar' United States Steel Cor
poration has been arranged Tor "llllh
about eleven days and without causing
even ripple in the local money market
While the surplus reserves of the New
York associated banks aggregate oilY
s16.272. .a25 above the legal requirement the
total estimated increase in the supply OF
money in this country within a year mas
increased approximately $lS0cO00oo
Today's bank statement was more Ia
vorable than had been expected, III that
a small addition to the surplus reserves
resulted from a decrease in the loan ac-
count. more than onsetting loss in law
- gsn 7aa
serve a year ago was S5,SlI,3O0
According to the highest authorities in
banking circles. the New York institutions
have more money loaned out to NaI
Street now than ever before, and in view
of the fact that the average commission
house is not at the moment a large Dor
rover the only reasonable inference -
that the accommodations are being eN-
tended to powerful interests that are no"
known to be engaged in celebrating ran
road and industrial economic plans OF
great magnitude that will bring about
far-reaching beneficial economic results
The stock market today further re
fected some OF the extraordinary under
tskiDCs referred to- Some upward move
Inents in prices were material enough 10
convince the Wall Street community AT
large that a rearTangement OF various
systems viii soon be oTlclaiiy announced
There is the strongest circumstantial
evidence that the Wabash. IL not already
controlled in the Vanderbilt interest, viii
shortly be secured. The movement In
the shares Of the Denver and Rio Grande
Railroad was also cOrrobOratlve OF The
belief that the RiO Grande Western and
possibly another line VIII shorty De opeT-
ated in close relations with the Missouri
PaciliC.
Speculation is still keen regarding the
prospects OF the Erie Railroad II rs
claimed that an alliance will be made be
tween that company and the Lehigh Val
ley, which, next 10 the Reading, Is the
largest producer of anthracite coal.
Today stock market was wei up TO
the recent average volume and the deal
inEs in bonds were also large for half
holiday The early movement OF prices
was irregular so far as the general list
vas concerned, a number of the usually
prominent shares being only moderately
dealt in On the other hand, the tone OF
the market as a whole was strong IN
sympathy with sharp advances in the
Southwestern and Colorado roads, and
some other strong features.
These included the New York, Chicago,
and St Louis issues. Erie and Western.
and on moderate dealings, St Louis and
San Francisco common and preferred. st.
Louis Southwestern issues. Southern
Railway. and North American new stock
The more noteworthy net gains ia
cluded Is points in Rio Grande Western; &;
per cent in Denver and Rio Grande com
mon. %. in the preferred; New York, chi
cago, and st. Louis second preferred 64l,
common ~. and first preferred 2l2. 81.
Louis and San Francisco common. Zls,
Texas Pacific. ia: Wabash preferred les'
St. Louis Southwestern common ana pre-
ferred. II. North American new, li2, and
Missouri Pacific. rs per cent
In the less active issues continued
strength was displayed by the American
Express Company stock. which gained s
per cent net. Advances, extending 10 ?
per cent in Twin City Rapid Transit, were
recorded in Wisconsin Central preferred
and common Anal gamated Copper, An
aconda Mining, Chicago. indianapolis and
& Louisville. Colorado Fuel and Iron issues.
Colorado and Southern Minneapolis and
St Louis common. Great Northern pre-
ferred and St. Joseph and Grand Island
first preferred.
The local traction shares were reaction
airy within a range Of less than a point.
on the decision by the Supreme Court
that the State board of tax assessors
need not specify its methods Of COM
putting the value of special franchises
in the bond market Wabash debenture
rs were again conspicuous for strength
and activity and further advances were
recorded in Colorado and Southern first
IS, Fort Worth and Denver City frsts
Fort Worth and Rio Grande first q s.
ana other issues.
In the curb market United States Steel
stocks were 2 shade firmer on active
dealings. Seaboard Air Line Issues were
strong and lake Iron made a further
advance Of points 10 l45. American n
Bridge stocks We're traded IN extensively
and scored fractional Improvements in
prices.
strong with a covering movement by the
professional clement IN evidence, due 70
The moro favorable character Of the bank
statement than had been expected