The sun. [volume] (New York [N.Y.]) 1833-1916, 1905-01-16

arc by many recent statutes, such as the
Elldns-Mann rebate act OF February, 1909
Furnishing drasucally acts, either OF COM
mission or omission OF common carriers
In regard 10 rebates and similar crimes
Is 1t not incumbent upon those who arc
asking Congress to stretch the legislative
power further into private business affairs
than IL has ever done before, making safe
navigation at the same time through the
dangerous shoals created 10y numberless
Supreme Court decisions. TO prove that ex-
listing laws ara insufficient for the purposes
sought TO be accomplished
The security market turned very strong
and active right at the close Of the week
under the leadership, as most good judges
had long expected would be tho case Of
Union Pacific stock The air naturally
became charged with runors that many
developments favorably affecting the stock
were likely, but all these were mostly gtloss-
work, save this one circumstance. that It
seems AZ If in the nature of things some
provision must be making for satisfactorily
arranging the Western railroad situation
in the event, that cannot be long post
poned, of the dissolution OF the Northern
Securities Company and the distribution
OF it's assets. II may be that here has been
no positive agreement of this sort arrived
at but the prices now reached by the North
ern Securities and Great Northern preferred
stocks speak more plainly on the subject
than does anything else. Regarding Union
Pacific, people are beginning to realize
the profitable nature of the comDany's
investment In the stocks Of the constituent
corporations Of the Northern Securities
Company and the benefit that tho company
will receive from tho southern Pacific re-
funding plan that will be launched IN few
weeks at the latest Generally speaking it ia
very evident that an increased distribution
upon the Union Pacific common shares
cannot he postponed very much longer
The company is earning now on its com
mon stock. including all its undivided
equities. at least 10 per cent. 1t Ia regarded
by tho most sagacous and powerful invest
meut interests Of our country as one that
will be a second Lake Shore or st Paul.
and the purchases of the company's stock
that have been made and are being made
are in all probability more for pure and
simple Investment than for any other
purpose II is quite doubtful if any IAN
nouncement" concerning Union Pacific is
al All near NJ mana, / ne WnOle OnanClhl
and business situation from n broad point
of view seems very strong Earnings of
every sort arc large. and money continues
exceedingly cheap; and these two great
conditions which in Nil the past have been
the most important elements necessary for
advancing security prices, bid fair 10 rule
for an indefinite time In future. A. least no
one can discover anything in sight that is
going to alter them. In tho iron aud steel
business the outlook is particularly bright.
while the copper mining industry, whose
prosperity or lack of prosperity has come
to have a most direct bearing upon Wall
Street affairs now occupies tho strongest
position that il has in tho last ten years.
The demand for copper continues over
whelming and the rise IN Amalgamated
Copper stock which was 80 prominent
feature Of the stock market last week
was undoubtedly due 70 this cause. In the
agricultural world all reports are that the
snow that has recently fallen has provided
ample moisture and covering for winter
wheat. and that current conditions are
favorable for the growth Of this and other
similar articles OF the country's staple
production