The sun. [volume] (New York [N.Y.]) 1833-1916, 1905-02-26
FINANCIAL AND COMMERCIAL.
SATURDAY, Fob, q

UtIAly anu tl'bhu ~ uBulte WHICH hiulNhtfh
that tho speculative spirit was not only
unchecked, but was increasing in vigor
and intensity. Transactions were tho
largest ever known for any Saturday
half session Of the Stock Exchange. At
the outset Union Pacific stock rose points,
New York Central 81. Chicago and North
western !, and other active stocks gained
between and points. Not all Of these
advances were held during the day, but
many of them, ON the other hand, were
enlarged, New York Zen trail stock on
very heavy dealings rising points over
it's advance Of "a points yesterday, and
closing at only a small recession; while the
Pennsylvania shares, which have long neen
relatively dormant. suddenly became very
active and closed 81 points higher than
they did Yesterday. In the final trading
the buying swept into the United States
Steel shares. Tie weekly bank statement
was properly regarded as very favorable,
as It showed a gain of nearly $500
coo in surplus and in round numbers
decrease Of tljoOpoCO in loans and
n gain of s. $50 OO0 IN cash Looming by
the trust companies doubtless accounted
for the diminution Of loans. although
II IA known that various syndicate ope-
alton, last week served temporarily to
expand the bank loan account in that
period The temper Of the market was
such that IN all probability the rise in prices
would have gone Oh even if the bank state
Inent had been of uufavorable tenor. As
IT was tho pleasant character Of the return
undoubtedly lent fuel to the market 4
fame All the news from abroad to-day
was good. particularly welcome circirm-
stance being Il somewhat unexpected further
reduction Of Of per cent. in the Imperial
Bank Of Germany's discount rate which
brings the rate down to Fer cent. With
reserve stores 81 money also increasing
In England, it is not believed that the
directors Of tho English bank can long
hold out against a reduction in the discount
rate Of their stitution also. Lond on
prices for our securities before the orening
Of business this morning were generally
well IN advance OF closing quotations here
Yesterday, and such * the cheerf illness OF
English and foreign spectators in general
and their raricuar optimism regarding
American securities that there is very little
doubt that they would follow any reasona-
bic further advance that our market might
re inclined to make The Lake Shore
Railways statement for the December
quarter, published to-day, exhibited an
Increase in gross Of sGl7327, turned into
net decrease of si07, 747 through the opera
ton OF the CONF any- well known policy
Of charging or enormously under the head
of operating expenses for all kinds of i'm
proyerneut work
II seems clear that general business
throughout the country has been quickened
this week by the higher temperatures that
have practically everywhere prevailed.
Orders for the spring trade have materially
increased and the entire prospect for such
trade this season seems rosy. In the iron
and steel industry the enormous demand
for pig iron stll holds and the railroads are
placing orders for new equipment in guam
titles that have rarely been surpassed. In
the security market the investment bust
.,ea5 that has long been the backbone Of
die advancing movement shows no wanc,
..e best testimony on this point being the
~oversubscripton 10 nearly ten times the
amount Of the s25 O00,Oo0 Missouri Pacific
bonds offered during the week. When
money j. available in such quantity as
this for investment and the desire TO buy
such securities is seen TO arise wholly from
II feeling OF general business and financial
commence anu ilAih a IitNlNld Va ihoutl
In places Of deposit, it is not surprising
that speculative interests should begin to
push forward the price Of the common
shares OF railway and industrial companies.
Progress IL probably making with the plans
ftr the consolidation of the Southern iron
and steel producing companies. although
some Of the prices which it ia said will be
paid by the proposed new company for the
~. II.
extravagaut Regarding the movement in
the Union Pacific, New York Central Chi
cago and Northwestern and other shares
Of this group, the best opinion is that the
advance signifies nearer bringing together
OF these companies in some way at some
future time, although in the case of Union
Pacific the present price of the stock is GER
tainly justified 10y the actual and intrinsic
value of the property quite irrespective Of
its present dividend return. Whether, con-
sidering its recent extreme advance, a
Spectator would be safe in buying Union
Pacific stock at current quotations is, of
course, quite "A different question.
Foreign exchange during the week has
steadily lowered in price so as to remove
all fear Of gold exports In this movement
the slight rise in money rates here has
certainly assisted, although the heaping
up OF money in the European financial
centres has been an additional if not a
primary factor in the decline Less il
heard Of peace talk between Russia and
Japan, although there is little doubt that
Russia has been informed of what seems
TO he the very moderate terms upon which
Japan would be willing to stop fighting
There is still much talk of the Equitable
Life dispute and disposition to regard
this as something that may prove an I'M
settling factor later on. Every one seems
TO agree that tho company must be mu-
tualized. but how this can be done while
the estate in control of the company holds
ON to 81 per cent. of tho concerns capital
stock Is not at all clear; neither has any
light been thrown upon the problem Of how
a sum in excess Of such a price for the stock
Hs would ordinarily be considered fair for
II limited per cent dividend paying So
curiiy can bc taken from the assets Of the
company for the reimbursement Of
those who now exercise the ma jority stock
control The affair Is one that Is not UNI
likely TO end in both litigation and legisla-
ton.
hew York stock Exchange sales Feb 2S.
CLosISo PRICES or UNITED STATES noSDs
no Aftfs Stz. Hsksd.
.