The sun. [volume] (New York [N.Y.]) 1833-1916, 1905-04-16
FINANCIAL AND COMMERCIAL.
SATURDAY, April 10

the course Of speculative markets than
that Immediately preceding a market holi-
day prices are apt 10 move In direction
the reverse Of that which has been long
maintained. II II has been a market In
which an active movement for the rise
has been carried on, prices will usually
reoede; and, on the contrary, In declining
market prices on the occasion named
y often moderately recover Every one
understands the reasons for this, which
arise from the fundamental instincts OF
caution and prudence governing opera
tions Of individuals upon any stock or
commodity exchange. During the time
when business upon these exchanges "
suspended something may happen TO dis
turb the general tenor OF events which have
given the market a definite trend, and
those who are participating In the market
purely as speculatoB, particularly In
small way. naturally desire TO secure what
ever profits there are credited to their ac-
count, so az TO escape adverse contingencies
that may arise at time when they cannot
protect themselves. The decline in prices
on our stock markS to-day appeared 70
be a typical instance OF this general rule.
IL has been a very active week In the market,
prices have risen considerably, and as
the buying side. A movement TO convert
these paper profits into cash, therefore,
naturally set in. and, II general comment
IA any guide, there were two reasons rather
especially suggesting sales Of this kind.
One Of these was the fear Of spectators
that at the last moment some 'hitch' might
arise TO prevent the expected distribution
OF the Northern Securities assets early
next week, when in due course the mandate
issues from the Supreme Court Of the United
States allowing such distribution by the
managers Of the company. The other was
the possibility that before Monday morning
q battle might be fought between the Rus
sian and Japanese warships in Oriental
waters, and that IL by chance the Russians
should win in the contest the fact might
prove an unsettling factor in financial
Affairs To sober minded people, OF course,
both Of these possibilities seem exceedingly
remote. 1t is absolutely settled that no
further effort will be made by the Hartman
interests 20 prevent the distribution OF
the Northern Securities assets and it Is
hardly conceivable that any lower judicial
tribunal would interfere upon any pretext
with this distribution in view Of the action
taken by the Supreme Court Of ne United
States, while the chances seem to lie heavily
In favor Of the probability that no battle
between the Russian and japanese fleets
will be fought for some days yet, and rest
with equal weight in favor Of the conclu-
sion that when the battle is fought it will
result in another signal and crushing Rus
sian defeat.
In the fore part Of the Stock Exchange
session to-day the market was very strong,
prices in general touching the highest
level that they have reached this year.
Northern Securities stock on the outside
market again rose notably, and an almost
sensational upward movement occurred
In st. Paul common stock, caused by buy
ing by some Of the largest and strongest
commission houses in Wall Street. The
Atlantic Coast Line and Louisville and
Nashville shares developed particular
strength and the whole market was more
buoyant than It has been at any previous
time just before the publication Of the
bank Statement, however, there was a
period Of relative dulness, and after this
In the last half hour, the market sold OF
rather rapidly, so that closing prices were
generally at declines. Upon this decline
the buying Of stocks, according TO COM
petent Observers was OF the best character.
The bank statement itself was an encourag-
ing document. The thrush Of funds during
the week to this centre from the interior
Of the country proved to be on an even
larger scale than yesterdays estimates
made out. The cash held by the banks
was found to have increased over 81, 500, 900,
and thus, although bank loans increased
~ expected, the bank surplus enlarged
as compared with that Of week ago. This
circumstance, taken in connection with
the activity Of the stock market, Is GER
tainly very gratifying. There was little
other news Of any kind bearing upon values
Despite the reports Of colder weather in
the West. prices Of wheat and corn on the
produce exchanges fell Most Of these
reports Of cold weather come from the
extremely northern portion Of the winter
wheat belt, and tell Of no lower tempera-
lures than are incident TO the time Of the
year.
The weather, indeed. over the entire
country this week has not only been favor
able for the crops but has been adapted
10 stimulate business Of every description.
This has been the case. Of course. through
out the present month and the greater part
Of the month Of March and by reason Of il
railroad earnings are showing remarkable
picking up from the falling on in revenues
caused 10y the inclement weather conditions
road earnings, moreover, is not COR posed Of
afew scattered increases on certain systems,
but has been brought about by greater
movement Of freight and passenger traffic
IN every portion Of the country. Bank
cearings, it Is almost needless to say, con-
tir'ue to swell. and business prospects Of
every kind are bright. No little attention
was attracted a week ago by the large esti-
mates made by Brad Streets Of the amount
Of money that would be spent in building
operations during the year. To-day this
Trustworthy trade publication announced
that its previous calculation was under the
mark and that its estimate Of an aggregate
probable expenditure for building Of 5000
10000 was being constantly increased by
later returns.
New York stock Exchange sAlet, Apr. Is.
CLOSING PRICES or UNITED STATES BONDS.
1gH