The sun., 1905-12-17
FINANCIAL AND COMMERCIAL.
SATURDAY, Dec. II

Stock Exchange to-day were mixed. Al
though American stocks were generally
strong In London prices there and in the
other European markets we're depressed
by reason of the familiar causes OF higher
money and renewed uneasiness over the
situation in Russia. While there has been
no great change for the worse in ahairs
In Russia during the week, there has been
certainly little improvement there, and
dispatches to-day told of the formation OF
so-called revolutionary governments in
various interior les. The whole country
aeens In state of extreme disorder which,
II It does not approach that OF anarchy,
EHet such as to upset business a2d render
the collection OF Government revenues
difficult, il not impo BILE. All this has
led to business emburrassments In other
European countries where commerclal
and mercantile transactions with Russia
have been large, and anxiety has been
expressed lest these embarrassments,
as the usual financial end OF the year
accountings approach, increase rather than
diminish. At the same time there have
been no more definite occurrences pointing
In this direction during the week than there
have been for some time previously and the
shipments Of gold from Russia to Germany
which took place in the middle OF the week,
although they und oubtedly Weakened Rus
sian domestic finances, must have helped
matters in Berlin and Frankfurt con-
siderably. Sterling exchange in Paris to-
day sank to the lowest point to which 1t
has yet fallen and led to another sharp
rise in the price of bar gold in London.
To-day's local bank statement was wholly
favorable. Loans decreased Sll, 7j8, 500, al
though from the advance in the stock
market during the week it might have been
expected that an expansion Of credit had
been going on, and the cash held by the
banks increased s3127, 800 or about as
estimated yesterday II his resulted in an
increase of $j,2O7 800 in the bank surplus,
which leaves the surplus near.y 100000
above the legal minimum, as against
deficit of 81 10000 last week. On the other
hand, the market was very plainly ad-
versey affected to-day by the action
taken yesterday by the directors OF
the Chicago, Rock Island and Pacific
Railway Company which neceSsitates the
passing of the DIVIDEND upon tho preferred
stock of the Rock Island Company and by
considerat ion over nigh, of The annual
report of tn, Sou hern Pacific Company.
which was Yesterday made public. Wills
the conserva i've policy adopted by the
Rock Island directors rlet with general
approval and was re oSarIed as one that II
continued would tend to cnhanco the credit
of the company in the long run, fears APP
peared to be entertained as to the effect,
temporarily, upon speculative sent iment
bv reduc ion Of divide ndS in he case OF
one Of the great railway systems of the
country. As raEHr led southern Pacific, it
was pointed out that while the gross earn
ings of the company were making satlsiac-
tory increase, and while the work OF up
building anu rebuilding of the cOmpany's
properly was being steadily carried on, 1t
was yet obvious that the company was
long way from the dis ribution of dvi-
dends upon its common shares and that
frequent predictions made in the past
year as to the near approach of such
an event were entirely unfOunCed. In
the took market as a whole to-day weak
ness rredonuated, although great strength
was shown by particular iss es and there
seemed no vital or essential lowering In
the markets undcrtone. A. much of
dominating factor n the 'p}cnlGtion as
anything appeared TO e the decline in
Southern Pacific stock, when caused SYM
pathetic fall in the Union Pacific and many
other of the leading railway shares; but
vigorous buying movement concentrated
in the American Sugar EetinnR, American
Beet Sugar, Colorado Fuel and Iron, North
ern Pacific and Great Northern preferred
shares, which caused large advances in
these issues and led to greater strength
relatively, in the Industrial than IN the rail-
road list The lowest prices in the day were
made, rather siuEularIy, after the appear
ance of the favorable bank statement, al
though following this decline the market
rallied
The pleasing statement can gain be made
at the end of the week that the activity Of
general business continues to increase and
that indus try and commerce. in all lines in
our country are more profitable than they
ever have been. The holi lay trade is, Of
course, the one thing that Is occupying the
attention of our merchants at the moment
and it is now admitted that the greatest
business on record in this respect is being
done This is usually season of the year
when there is distinct pause in the iron
and steel trade due to stoppagrs for stock
taking and to other normal causes, which
almost invariably result in let up both
In the volume of buyi ng orders and in the
output of the vario GUS manufactures; but
this year no abate ment of the usual sort is
at all in evidence, although the rush of
orders from the railroads that has been
the feature of the business so long has,
naturally, somewhat diminished The ex-
traoroinary and altogether unprecedented
strength of raw copper metal continues,
holders of spot copper available for
immediate delivery being apparently
able to get practically any price they
desire for their product while sales
of nearly the entire output of the coun-
try's copper mines have been made for
five months ahead. This is a state of affairs
that has been brought about, so far as
all intelligent observation can judge, by
the sole operation of the forces of supply
and demand To a degree never before
known in the history Of American COPPER
mining present prices Of correr are due to
sound, normal and substantial business
conditions, and the crief element in these
conditions appears to IL in the tremendous