The sun. [volume] (New York [N.Y.]) 1833-1916, 1905-02-12
FINANCIAL AND COMMERCIAL.
SATURDAY. Feb. II


on the part of spectators 10 reduce theil
commitments and that as matter Of fact
the market exhibited a manifesty upwarc
tendency Changes in prices at the close
OF the day we're very small and very irrreg'
uary distributed The activity in the
shares Of the coal and iron properties
principally the Southern group, continued
and there il definite understanding that
efforts TO merge some of these properties
are under way. The bank statement was
as everybody knew 1t would be. unfavor-
able, but there was no effort on the part of
bear spectators to sell the market after it
appeared, a. was the case last saturday.
Bank loans increased 81. OiD,30O, while the
specie and legal tenders held 10y the banks
decreased SI3O7 600 The loss in cash was
wholly in line with pre- vious forecasts and IA
the net result Of AN these transaction, tho
bank surplus decreased SsAojoOO The
only important occurrence affecting the
bank return during tire week have been
the gold exports. and d- these were not
fully represented in last week. statement
owing 10 the fact that the metal shipments
were made just before the bank averages
were complied. they served 10 exercise
undue weight relatively IN to-day's ex-
hibit. The foreign news to-day was Of
encouraging tenor, consisting for the most
part of further indications chat the demand
for gold from Paris IL suhsiding. Dis
counts In the Paris market were easier, and
sterling exchange there rose sharply Ster-
ling exchange here is Of course. directly
affected by these Developments though it
still hovers around the gold export point.
gives plain signs that pressure for metal
remittances from this centre il diminishing.
Financial conditions ara rapidly growing
easier in London, so that reduction ia the
Bank of England's rate Of discount In the
coming week Is regarded az probable by
many observers. our Sub-1reasurv Off
Gals here have taken during the week a
wise and too long delayed stop In ruling that
hereafter gold taken for export from the
Sub-Treasury cannot be engaged until II
has been actually paid for and that II will be
supplied 10 all comerl on the first come
first served" basis The custom that has
hitherto prevailed In this regard has been
subject to objectionable abuse. Banking
firms desiring gold bars or coin for export
have been allowed to engage their sup
to cancel and reenter their orders at their
pleasure. 1t IL said that in many cases
gold thus ordered has been turned back
upon the Sub-Treasury even after the
authorities there had gone to no little
trouble and expense In making final ar
engagements for the shipment. Under the
present regulation this fast and loose busi-
ness will be stopped. The incident illus
trates the truth often emphasized In this
column, that nowhere In the world Is there
such free gold market as in this country.
Nearly all other countries either absolutely
refuse to supply gold for export when they
wish to do 40, or place such obstacles in tho
way OF the desired remittance as to be
tantamount to refusal. In England Of
course this does not obtain, and yet there
the Bank OF England, by the various de-
vices that IL controls such as furnishing
light weight sovereigns TO exporters, 10
enabled to forestall shipments until the
ultimate figure is reached which sterling
exchange much touch In order TO actually
compel the export Of the commodity.
While many stocks, especially In the rail-
road list show only minor fluctuations in
price for the week, others show large ad-
vance- and the face Of the security market
has been steadily turned In the direction
of higher values The entrance into the
Atchison board Of two representatives OF
the Union Pncidc interest the firmly main
tanned price of Union PuCihu and Northern
Securities stock and the extraordinary adj
vance in the Great Northern preferred shares
are all plain indications that methods Of u
legal uuifcation of the leading Western
railroad properties are in contemplation
following the dissolution of the Northern
Securities Company which day bv day
grows nearer. Argument in the Supreme
Court in the case, which it j. believed will
represent the final stage of the Northern
Securities litigation, /. set down for one
week from next Monday and there j. rea-
son for hoping that within "A month from
that time the decree Of the court will be
entered. establishing once and for all a
form of distribution for the Northern Secu-
rites assets. Long Leforc that time Con-
Gress will have adjourned and the harass-
ments Of the railway freight legislation
bills and similar measures will be over
il IL now clear that even were IL the most
strenuous de-ire Of the members OF the
Senate 10 put through the Esch Townsend
hill after the indecent manner adopted
in the House of Representatives. there *
no physical possibility of such an event.
il ia doubtful If by the eSpedient Of hold !
ing night sessions the Senate can even
wind up its duties IN regard 10 the
Swayne Impeachment cn-e. the Statehood
hill. the arbitration treaties and other inn
portant matters whose claim upon the
time OF the Senate is prior to the railway
freight rate measure Reference may be
made here 10 two compilations OF facts
and statistics that we're printed in Wall |
Street during the week that speak most
forcihly Of tho farccnl and ineQuitable /
character Of this proposed piece Of legis- /
lauon Careful estimates show that the |
present Interstate Commerce Commission /
has in seventeen years tried 3j5 cases, at
an average cost Of slO.779 a case The /
Federal courts have sustained its findings
IN two cases. which have therefore, cost
the Government nearly 81 100000 apiece. |
Another exhibit made was Of the cost 10 |
the big trunk lines, and hence 20 the Gov 4
along the lines sought TO be laid /!
down Of the complicated equalization of |
freight rates. II * stated nuthoritatively /
that this business requires an expenditure |
by the railroads Of the country for the .
service Of expert accountants and the