Evening star. [volume] (Washington, D.C.) 1854-1972, 1901-03-02
FINANCE AND TRADE
Steady Undertone Noted on New
York Stock Board.
4 FAVORABLE BANK STATEMENT
Spectators Are Beginning to
Understand Steel Deal.
GENERAL MARKET REPORTS
,ecial Dispatch to The Evening Star.

Special Dispatch to The Evening Star
NEW YORK, March "A steady under
tone prevailed in todays stock market in
spite Of some profit-taking and the GUS
tomary evening-up process. Early in the
day it was evident that the banking inter-
ests expected a better statement of aver
ages than had been predicted at the close Of
yesterdays business. AS a result Of the ex-
pectation stocks were well taken and sentf-
ment at the end Of the week is decidedly
more hopeful than at the beginning.
The changes in the bank statement, while
small. are in the main on the right side of
the account. The banks have gained ST.
800 in lawful money, and the loans were
increased only $2,40s5OO. The deposits are
consequently larger by 1897 100, and the
reserve is increased $254. 1876 OF to total
Of S14 sol, 100.
Inc street Is coming to better under
standing or better appreciation of the new
steel DEAL and inclines to the view that the
plan will be executed without serious mis-
nap. The buying Of the old issues and a
decreased sale Of the new have followed
this more general Endorsement OF the trans
action. There is still enough of uncertainty
however. to warrant extreme caution in
undertaking new risks, especially on the
part of the public.
One almost certain effect of the consoltda-
tion will be to emphasize the desirability of
railway shares of known value. The rail-
roads are making money and have begun
10 reel the effects Of recent measures look
ing to the stability Of rates and the doing
away with a demoralizing rebate system,
Money earned Is now accounted for to
shareholders, and the handling Of business
1nsures an equitable return.
This condition Is novel in the history OF
American railroads, and the public is only
beginning to grasp it's real significance A
better understanding Of these facts will in
sure the creation of large investment list
IN which railroad stocks which have hither-
to fuctuated with the whims of a specula-
tive board-room element will become fix
lures on a strictly income basis.
Inc evolution of American railroad financ-
ing fnsures more intelligent respect for
the natural harmony between market price
and actual value. 1t is the prospect upon
which the optimistic predictions for such
properties as Atchison, Erie, the Pacif1cs
and the Southwestern group are based.
New York Central, Burlington, ST. Paul
pennsylvania, Rock Island and similar
high-priced shares are steadily going into
strong hands, and the first named group
is crowding into the positions abandoned by
the older properties.
The industrial situation Is full of promise
out with the chances for profit in the rail-
roads 1t Is not quite likely that the steel
deal, with all its big figures, will absorb the
public confidence. 1t does not appear either
that the Morgan syndicate cares for the i'm
mediate support of the public. On the con-
udiy, tne tendency OF the last Few days
has been to detract from the notoriety of
the enterprise
Left to inside and experienced interests
the new consolidation Is more likely to give
general satisfaction in the long run. When
the operation has been financed the new
securities issued and when some definite
insight into the earning capacity Of the
concern Is obtainable public interest NAV
be aroused. For the present the RESPONSE
bflity for the success Of the steel deal rests
upon the Morgan syndicate. It will save
money, suspense and possible disappoint-
ment If the public will leave it there