The times. [volume] (Washington [D.C.]) 1897-1901, 1901-03-24
A FORECAST OF COMBINES
The Stock Market Reflects Changes
i'm Railway Quarters.

The Commanding Position of tho
United states in the Financial
World Set Forth by Statistics
NEW YORK, March 23.-Now that tho
prospects of an early close Of hostilities
in South Africa are less promising. at
tention is redirected to the probability
of a call on this country by Europe for
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
mandinE 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 S4G0,0oOOo0 The gold
holdings of the United States Treasury
are now at me maximum in the history
of the country, aggregating the enormous
sum of Ss0,O0OO0O.
Finally, the financing of the so-calied
''billion-dolar' United States Steel Cor
poration has been arranged for within
about eleven days and without causing
even a ripple in the local money market.
York associated banks aggregate only
s10.272. 425 above the legal requirement. the
total estimated increase in the supply of
money in this country within year has
increased approximately $1S0.00O,00O
Today's bank statement was more ia
vorable than had been expected, in that
a small addition to the surplus reserves
resulted from a decrease in the loan &C
count. more than onsetting loss in law
full money of S1,162,ouo. The surplus re-
serve a year ago was s5,sl7,3Oo
According to the highest authorities IN
banking circles, the New York institutions
have more money loaned out to wall
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 IS
that the accommodations are being ex-
tended to powerful interests that are now
known to be engaged in celebrating rail-
road and industrial economic plans OF
great magnitude that will bring about
far-reaching beneficial economic results.
The stock market today further re-
fiected some of the extraordinary under
takings referred to. Some upward move
ments in prices were material enough to
convince the Wall Street community at
large that a Encouragement of various
There is the strongest circumstantial
evidence that the Wabash. If not already
controlled in the Vanderbilt interest, will
shortly be secured. The movement I'm
the shares Of the Denver and Rio Graude
Railroad was also corroborative of the
belief that the Rio Grande Western and
possibly another line will shortly be oper-
ated in close relations with the Missouri
Pacific.
Speculation is still keen regarding the
prospects of the Erie Railroad. 1t is
claimed that an alliance will be made be
w cen that company and the Iehigh VAL
ley, which, next to the Reading. is the
largest producer of anthracite coal.
Todays stock market was well up to
the recent average volume and the deal
ings in bonds We're also large for half
holiday. The early movement of prices
was irregular so far as the general list
was 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 81. 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 in
cluded Is points in Rio Grande Western;
per cent in Denver and Rio Grande COM
mon, 2& in the preferred; New York, Chi
cago, and St. Louis second preferred ga
common ~. and first preferred 2ls. St.
Louis and San Francisco common. 2h;
Texas Pacific, IA. Wabash preferred, 1@s;
St Louis Southwestern common and pre-
ferred. II. North American new. III. and
Missouri Pacific. rs per cent.
In the less active issues continued
strength was displayed by the American
Express Company stock. which gained g
per cent net. Advances, extending to
per cent in Twin City Rapid Transit, were
recorded in Wisconsin Central preferred
and common, Amalgamated 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 franchise
In the bond market Wabash debenture
and activity and further advances were
recorued in Colorado and Southern first
i s, Fort Worth and Denver City firsts.
Fort Worth and Rio Grande first as.
and other issues.
In the curb market United States Steel
dealings. Seaboard Air Line Issues were
strong, and Lake Iron made further
advance of points to 145- American
Bridge stocks were traded in extensively
and scored fractional improvements in
prices.
strong. with n covering movement by the
professional element in evidence, due to
the more favorable character of the bank
statement than had been expected.