The sun. [volume] (New York [N.Y.]) 1833-1916, 1901-11-17
FINANCE AZ AND COMMERCIAL.
SATURDAY, Nov. I

this week greater interest thar usual con.
tired In to-day's statement Of averages
OF the Associated Banks. Fears have
naturally been a~roused'that the ADVANCING
tendency OF the market for securities. for
which there is obviously n substantial
basis. might be checked by a fairly close
money market. To-day's bank statement
tends to dispel apprehension upon this
point, since 1t shows that receipts OF cur
rency from the interior and heavy disburse.
ments by the Sub-Treasury have more
than offset the Withdrawals Of gold for
export. The net gain in cash by the banks
is not large. but the fact that it has been
made In certainly reassuring. The other
important change In the statement is tbs
| decrease OF nearly four and a half millions
In the loans. This has been brought about
In part by the dissolution OF the Third
Avenue bond syndicate, which has been
followed by the transfer Of the bonds from
bankers TO investors, and also by the alb.
sorption OF securities generally by those
who are able to pay for them. The invest.
ment demand for both stocks and bond,
has undoubtedly been stimulated by Tho
adjustment Of the differences that existed
in the Northwestern railroad situation.
II IN a question whether Wall Street and
hepublic outside OF It fully appreciate rs We,
the importance and far-reaching influence
Of the arrangement that has been entered
into by four Of the larger railway systems
operating between Chicago and Duluth and
the Pacific Coast. The merging Of the control
Of the Great Northern and the Northern
Pacific railways in a single corporation,
which through those two companies con-
trolls the Chicago. Burlington and Quincy
company, and the alliance bet ween the three
on the one han and the Union Pacific
Southern Pacific system on the other, COM
centrates the control OF a very large per-
oentage Of the total railway mileage Of tbs
United States In the hands of a compare
lively mail number Of men, who rank
second to none In the physical and financial
management Of railway properties. This
transaction dwarfs the famous West Shore
deal, which, II will he remembered, inspired
a degree Of confidence in railway securities
that was influential in the market for then
for many months.
Not only is the transaction Of the greatest
importance by itself considered, but thu
solution Of the many intricate problems
presented by the situation. together with
the effect upon public sentiment, will doubt
less facilitate the execution Of other plans
| that have long been under consideration
for the virtual consolidation Of other prop
| critics with the view Of reducing compe-
| tition. cheapening the cost OF the service
| rendered and promoting the interests Of
investors in railway securities. II would
| seem TO be only a question Of time when the
| st. Paul company, which is controlled by
capitalists who were active in bringing
| about the settlement in the Northwest. and
which is the only road in that territory
| which has no formal and permanent al
lance with lines to the Pacific Coast or with
any OF the trunk lines between Chicago
| and the Atlantic Coast, will be brought into
| close and desirable relationships in both
directions. The disposition Of the smaller
roads in the territory under discussion il a
foregone conclusion. though some tins
may be required before they find their final
resting place.
The favorable Developments In the rail-
way industry have been supplemented by
a further expansion in general business.
Continued season. able weather has stimu.
lated the distribution Of staple goods.
and the movement Of commodities all over
the country has intensified the car famine.
In some respects this IL unfortunate, AZ,
for example. in the case Of iron and other
manufactures which have been compelled
To suspend operations owing TO their in
ability 10 obtain material and supplies.
However, the business thus affected ~
deferred and not lost. The iron and steel
markets are gaining steadily. both In ac-
tivity and in strength; both production
and consumption are unparalleled. Pre-
miums are paid for nearby deliveries u
both MO iron and finished prpI-