New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1901-03-11
THE WEEK IN WALL STREET.

THE WEEK IN WALL SIhEE1.
DEVELOPMENTS affecting the worth Of securl-
ties continue to add value to the intrinsic stand
ing Of all investment stocks and bonds In the
Wall Street market prices remain strong De-
cause holders Of securities recognize the strength
Of conditions governing values, because the sup
ply Of stocks available for speculative purposes
is light and because the leading financial inter
ests have plans under way the success OF winch
would be endangered if Generalization IN specu-
1st,on took Mace Despite the advance that has
already been made in stock market quotations
the present week does not suggest fictitious val
,,stion Nor does il reflect a boom speculation,
or an overbought market. with stocks in the
hands Of a weak financial public. The bull
speculation Of January conducted upon a
conservative basis and big bank accounts, and
whatever weakness developed was eliminated oy
the liquidation and REIMBURSEMENT that took place
In the February market This market is in fhe
hands Of men who promoting deals that VIII
add materially TO the wealth and security OF the
trade situation in the United States. Many OF
+hese deals have been effected and many more
are under way.
The great steel deal is not being conducted
for effect upon speculation, and many traders
have therefore sold the steel shares because OF
their disappointment over the influence of the
stock speculation Buyers Of the steel shares last
week were people who are convinced that the
United States Steel Corporation will strengthen
the iron and steel industry in this country and
tighten the hold Of this market on the markets
If the world The men behind the steel dea
have conducted their operations on lines tina
preclude the possibility Of disappointing results
The opposition that has so far developed II
likely TO be confined TO unimportant minor
ity The terms by which the stocks Of existing
companies are TO be taken over by the new cor
poration viii please the majority, for the simple
reason that the majority interests in each COM
pany agreed to the plan before it became public
property. This enormous transaction is being
carried through without disturbance in the
money market, and it is not expected that the
future course Of the operation will in any way
upset normal conditions in the financial situa-
tion.
Money market conditions promise to claim a
larger share Of Wall Street attention in the
next few weeks, but there is reason to predict
e. high level Of rates. Reserve has declined
over 100000 in the last week, due chiefly to
the heavy absorption Of funds by the Sub
Treasury. Bankers express no uneasiness over
the situation The demand for funds is not
heavy. Merchants are well supplied with money
and the commercial paper market is inactive.
The first class industrial stocks were in good
demand last week. while all the attractive low
priced issues were active. At the close Of the
week the buying Of this class of security was
marked. First class stocks were taken by good
buyers while substantial market interests were
active in the securities Of companies in which
important developments thought TO be pend
ing. The movement in Burlington stock led 10
reports that the road would figure in North
info IN
this stock suggests that the company will be
dominated by Pennsylvania interests. Burling-
ton is worth its present price without change
IN its ownership. II it passes into the hands Of
the Pennsylvania Railroad its value as an invest
rnent viii be largely enhanced. The extension
OF the community control scheme among the
American railroads has not yet reached its
limit, especially in the West and South, and the
day viii doubtless come when all the companies
now outside the community OF ownership will
be admitted TO the fold. The leading granger
shares are sound investments. Rock Island at
.ts present price is considered by many one of
the cheapest high grade issues on the list The
Southwestern shares were helped in the week by
the statement OF the president Of the Missouri
Pacific regarding the railroad outlook in the
Southwest and the country in general. Earnings
OF the roads in Texas and adjacent States are
years and adding value TO securities that a few
years ago possessed investment worth St
Louis and San Francisco common furnishes a
notable example OF the rapid increase in the
actual worth OF Southwestern securities A wear
ago this issue was neglected al 10 while TODAY
il is in demand above 40. The road is now earn
ing al rate of per cent on both the first and
second preferred and substantial surplus on the
common.
Earnings show wonderful improvement in all
parts Of the country. In view Of the big in
creases returned a year ago current results are
marvellous. and they furnish a faithful reAec-
tion Of the wonderful trade conditions ;n ,b,s
country. The Norfolk and Western for the las,
week in February records increase of $50
2ss, or over 30 per cent, and the Chesaneaka a,d
Ohio s6l,169. or 2S per cent Southern Ra;,,v.,
increased S47.2 DDS Missouri Pacific So3s Ooo Mt
souri,, Kansas and Texas S7Sl17 Texas ana De
cihc solS3o, st Louis Southwestern S55 COS
St Paul $1,000, and Louisville and Nasbr,Ils
S39o3S pennsylvania earnings for 1900 wer.
pubnsheo last week, showing an aggregate n,
gross earnings never before eoualled nv an,
railroad in the world On all lines operated anJ
controlled gross receipts We're Sl72924 73S a,
ings increased SIG, 26S. S17 over 1895 An in
crease in two years Of $780, 194 467 tells the stor,
of progress and expansion, good management
end industrial prosperity. The PennsylvanIs
system handles traffic that represents a ma
1orIty OF the great industries of the limited
States, and the results obtained furnish a care
ful and true barometer of trade condition,