The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1905-03-25
ROCKEFELLER BANK
IS A LARGE ONE
STANDARD OIL AND OTHER DE-
PosITs OF $25e,ooo,ooo.
European Investors Taking Hold Of
American Industrial Bonds-The
Venezuelan Situation and the Bears
in Wall Street.-The Waldorf Astoria
Clique Confident and Other Large
Speculative Groups Bullish - The
Winter Wheat Outlook Helps Stocks.

Special to The Journal
New York, March 25.-New York has the
biggest bank on this continent, and of course
it is the Rockefeller bank, the National City.
The deposits and current accounts of this 1nstl-
tuition at the end of the last fiscal year were
$3.50, 600, 900. The same accounts In the Bank
of England $3.50. 900 900; Russia, $22S, 000,-
600; France $196 900. 900; Germany $3.50, 900, 0O0
The loans of the National City bank are in ex-
of $3.50. 100000. The Imperial Bank of
Germany has loaned $780,, 0oOO 900; France, $246,-
600 900; Russia, 5000, 600, 900.
The National City in its statement Of re-
sources shows an aggregate Of 1920, Pol, 74S.16.
The only other New York banks that approach
it in their showing of resources the Han
over National bank and the National Park bank.
The National City isF the principal Standard Oil
depository. and it is largely funds of that in
stitutiOn that make its astounding showing. The
Hanover is also very closely allied with the
Rockefellers and their interests, and Its near
approach to its sister institution Is doubtless
due largely to that fact.
A significant incident showing the growing
demand for American investment securities by
foreign buyers developed at Boston this week
when it found that the subscriptions to the
American Telephone bonds included large num-
Der of foreign bidders who received an allot-
ment of upward Of 100000 of the issue
Foreign investors have long been active buyers
of American railroad securities, but they have
fought shy Of American industrial investments.
and the fact that telephone bonds have found
favor abroad is pleasant testimony to the grow
ing credit of this country and of its Industrial
enterprises in Europe. There is large amount
of money in Europe seeking Investment, and 1t
is likely that in the course Of the current year
there will be important movement OF funds
from the other side into the attractive stocks
and bonds Of American railroad and Industrial
corporal lions.
The bears in Wall street pretend to be serious
" alarmed the Venezuelan situation and re-
sultant complicat lions with European powers. In
fact one prominent bear said the situation was
so serious that he thought the stock exchange
rot. The trouble with the bear party In Wall
street is that they have sold stocks short, and
the sustained rise in the market has placed
them in precarious position. SO far they have
been unable to buy back their stocks. and they
are in mortal fear of being "squeezed'
Wall Street Opinion.
Street opinion is considerably mixed as to
whether the higher prices for leading issues rep
resent renewal Of the bull market or whether
it Is only a good drive against the shorts
Altho last week reactions were not OF very
striking character, they were sufficiently pro-
nounced to cause considerable unsettlement Of
speculative temper and induce selling by bears
who had for some time kept their natural 1ncl1
ma lions under suppression, owing to frequent
unsuccessful attempts to depress the market. Yet
there was last week probably more OF clearing
out of weak bull accounts than had been reallzeo
up to today. Many commission houses report
a considerable reduction in the lines carried IL
would appear by the advices from London that
the speculative position there had been relieved
to a considerable extent by liquidation. II
the situation abroad as regards the prospect OF
peace and the financial needs of Russia should
grow brighter it would have favorable renex
influence upon the market here.
There seems to be decided confidence among
the members Of the Waldorf Astoria clique OF
brokers and fnanciers with respect to the mar
ket. runaway market, however, is not looked
for and brokers are advising their clients to
sell on all substantial bulges. In view OF the
preparation that it will be necessary to make
no Arr I dividend
ments, technically higher rates for money are
| looked for in some circles during the next ten
days, but as as the April disbursements
are made cheap money is expected. and IT further
conditions are favorable it is believed that there
will be an active and considerably higher mar
ket. In the meantime a somewhat irregular
| market would not cause surprise
Railroad Earnings.
| Railroad earnings continue to expand 8
reflection of the prevailing industrial prosperity
| For the same reason bank clearances show ar
almost steady enlargement from the record OF
| previous years The rebound in iron and stee
may prove as extravagant was the preceding
severe and unreasonable drop in prices an6
it will be long time before DEVELOPMENTS are
likely to occur in the general situation Il
check the expansion of profits among the manu-
| facturers of steel and iron and Of equipment
and supplies to the railroads. The winter Whea
outlook, so far may be Judged from the con
dtions which have prevailed since the planting
of the seed and its termination, is more
! favora BILE than in some years.
Much interest naturally attaches to the de
velopments which may take place in the RAILROAD
situation in the immediate future. The ap
proach of the annual meeting Of the New .Yorl
Central has been and Will doubtless continue t
he made the peg on which to hang end o
tales of impending deals. The street has locke
| for announcements of important deals which will
justify the price level that has been establishe
for many stock issues not justified by the cur
rent return of interest the investment.
there is Disappointment in this regard. it vii
be natural that speculative stocks will be sold
The cardinal fact should not be lost sight OF
however, that at present rich dominate tn
market
Of interest in connection with the exchang
situation is the probability that local bankin
houses will assist in the underwriting of th
new Japanese loan, thus making further demand
upon the surplus money resources.