New-York tribune., 1901-03-18

THE WEEK IN WALL STREET
The leading incidents of the week affecting the
lsctual value of securities were effective In es-
isablishinE a higher market level for the greater
number Of American stocks and bonds. An in
crease in the 81. Paul dividend rate 10 a q per
cent basis. progress I'm settling anthracite coal
,rade labor uncertainties. well founded rumors
,of further important changes and combinations
in American railroad ownership. continued
heavy railroad earnings. distinct Improvement
i'm the iron and steel business. striking foreign
l4rade statement and a proposed increase in its
lcapitaI stock Of Sl000o0000 by the Pennsyl-
pania Railroad We're among the important fac
II ors Of the week that added breadth and
istrength 20 securities markets operations. The
more important financial interests were appar-
entity active in speculation. Commission house
trading was conducted on a larger scale, and
daily dealings again amounted TO heavy totals.
fOn Friday the million share mark was reached.
Bear traders endeavored at times to force de-
Cllnes but little success attended their efforts.
There is nothing in the business situation that
lzvarrants short sales and. although prices are
thigh in comparison with other periods, techni-
zeal conditions are such that an important reac-
tion from the current level does not appear
probable at present. The big men" are not yet
TO be determined on materially higher prices.
The average price OF twenty leading active
stocks made new high record last week. pass
ing the best preceding top OF the boom Of 1881
Securities earning more for their holders
than they were twenty years ago. and general
conditions are much sOunder than they were
in 1881 that the level of actual worth for 1901
should be placed many points above that of
twenty years back.
\ The iron trade is in a state OF great activity.
u Depression in this line Of business is not in
sight. while elsewhere In the industrial field
.ihere is no indication OF a setback. Trade au-
thorities are bullish. Crop conditions viii soon
begin 10 take their usual place as market fac
tors. but ar this early stage all reports from the
winter wheat belt reflect satisfactory conditions.
il is interesting 10 note in reference 10 the
crops. as an influence upon railroad earnings.
shat crop failures no longer occupy the position
in traffic receipts which they did a few years
ago. owing TO the more diversified industries Of
the country through which the so-caued corn
and wheat roads run. The last spring wheat
crop IN the Northwest was In great part a fail
ure, and II was thought that the St Paul and
Great Northern roads would suffer a falling of
IN earnings IN consequence Grain tonnage was
Of course. materially curtailed, but this shrink
sge was hardly reflected at all in revenue re-
'Nufhs OF the t"o systems St Paul's gross
earnings increased from July / 10 March =
S2546l2 over the same week in 1900 while net
earnings for seven months were heavier by
s30Slll The st. Paul directors were justified
IN raising the dividend 10 6 per cent. and the
chances are that this rate viii be further in
creased 20 a per cent in the fall The so-cstla7
st Paul deal has not yet been abandoned. and
the tank about Burlington taking St Paul,s
place is not based upon facts according 20 trust
worthy information received Saturday. Burling-
ton may get Z per cent, and it NAV figure ,n a
deal with the Pennsylvania The PennsxlyaDis
company is 10 increase its stock sio000Ooo0
and this additional capital VIII doubtless be
used in connection with an extension OF Penn
sylvania influence in other roads
In the local money market rates remain easy
without immediate prospect Of a change The
movement Of currency with the interior has
hhaily turned against this city, as reflected in
small net loss on interior operations last
week oui this fact merely represents normal
monetary conditions Money VIII not no
stringent on natural causes The amount 90
money in circulation is sl7OOOO0oO more than
at this time year ago. Interior banks hold
more money than ever before. and good interss,
rates at this centre would attract an avalanche
or FUNDS from the country. In addition n the
enormous supply Of money in the country 6ex-
elusive OF record breaking Treasury holdings,
credits abroad continue TO grow. owing 10 the
his excess OF merchandise exports over innorts
For the month of February the excess ~ .x--
ports was in value s49.020096 making for ,ba
eight months of the fiscal year an excess of a.,
ports or sss2.22a.ss4. gain OF SIPS OO5 097 over
The same time In the preceding wear. The for
elgn trade OF the United States is now larg.r
fhan that or any other country In the ,,or,s
for the seven months ended January Fl o,,o.
iroh 'his country increased slOOo0O ooo 60.
'ne corresponding time in the year before D,h,,o
those OF the United Kingdom in the sa,,a &C.
increased only S50o00oo0 The record =. g
eish traoe supplies a strong argument for -,
ioehoe IN money and stocks Owing 70 a.,
growth IN foreign trade the United s,a,.s =
winning the financial supremacy OF the ,ror,a
The low priced stocks made new birb ,,.s. .
last week on an excellent class OF buvins A
good deal OF value has been added to this e,as.
or stocks IN the last year. and in MANY ;n
stances dividends which twelve months ago ar
peareo improbable are now in view The as
vance in the common shares Of reorganizes rail
road properties promises 10 go further. espe-
cisly IN Southern Railway. Norfolk and West
ern Missouri. Kansas and Texas ana Atchison
Union Pacific and Northern Pacific have on
5oyed noteworthy appreciation but in wen