The sun. [volume] (New York [N.Y.]) 1833-1916, 1905-02-19
FINANCIAL AND COMMERCIAL.
SATURDAY. Feb. 10.

lkUk6lAn EDUie VINO NeHp'IuhV iIltb ulN t'dAh
was one who had long been notorious for
fagitous personal conduct and "a the
most stubborn and bitter opponent OF the
spread Of liberal ideas in his country. tho
leader of the war party there and the one
whose influence most impressed ITSELF upon
the inconstant mind OF his nephew, the
ruling Czar. His death will be regarded
the world over not simply as n Just and too
long delayed punishment for shameless
mi5deeds. but as a removal OF one Of the
etoutest obstacles that has hitherto stood
IN the way Of Russian progress and sdvan-
cling civilization. 50 regarded ms death'
while a shocking event according to Western
standards must have none the less q ealu-
tarv eject There IA usually very little
trading on Saturdays on any OF the Euro
uaan financial bourses, but prices thers
to-day were firm and steady and In some
instances strong. Russian bonds only
declining a little In Paris. The view 10
generally taken that what has happened
lends emphasis to the force Of past cir
cumstances making for termination OF tho
Rrsso-japanese war, and there is now
conparativey lttio doubt in banking
houses on this side Of the water that the
second pos'ponemcut Of the Russian loan
cause 81 the knowledge of financial inter-
eats in the French capital that the flotation
Of the loan can only be accomplished as a
celebration Of peace rather than as the
prolongation Of a disastrous and devas-
tatine war in which victory has already
perched upon the shoulders of Japan. In
our own stock market to-day the eyes Of all
observer, we're turned TO little else than
Al in oil III, North.
IN Securities stocas-the Northern Securi-
Hes shares proper, Great Northern pre-
ferrcd and Union Pacific Al Of these
stocks rose more than , points apiece and
closed al tho highest. The Northern Secun-
Ties and Great Northern preferred shares
made neW high record prices, while Union
Pacific common stock rose with hardly
five minutes reaction in buying move
ment which included in the two hours ses-
sion Of the exchange the purchase OF l2s,s0o
shares. 1t would be gratifying TO be able
to report definitely some explanation for
the advance in the market quotations for
these stocks other than those general rea-
sons to which reference has been 30 fire.
uuently made in this column. These gen
eral reasons are, however, sufficient. There
has long been lack OF public appreciation
uf the present earning power, intrinsic
merit and future possibilities of all tho rail-
way lines that have been named. Wall Street
at this moment is without adequate reali-
cation OF the current cash value Of the assets
of the Great Northern Railway Company.
The Northern Pacific shares, OF which few
PEOPLE now hear. are earning greatly In
excess Of the per cent. annual dividend
dsbursed upon them, while Union Pacific
common stock forms the residuary estate
OF vast railway system which Will after
the near at hand dissolution OF the Northern
Securities Company not only be In receipt Of
property worth between $50, 900 900 and S4o,-
10000 more than the Union Pacific Company
paid for il ut will be the controlling power
in a great arrangement OF railway comInuni-
cation stretching from ocean 70 ocean,
with numbere-s branches in the shape
Of feeding lines tributary 20 IL In every
direction along its course. II would be
idle 10 prophesy, Of course. when the divi-
dend rate upon Union Pacific stock will
I've raised but It IL clear that the accumula-
ton of the stock that has been in progress.
notably in the last two months, has pro-
ceeded from great capitalists who are aware
OF the value of what they are buying. A
conservative estimate is that Union Pacific
is at present earning 10 per cent. upon both
It's common shares and Its convertible
bonds, assuming that the latter are turned
into stock, so Interpretations of an advance
in the dividend rate on the stock to per
cent some time in the current year can
hardly be said to be unreasonable.
The general market to-day was some
what irregular, strength being exhibited,
in addition 10 the quarters named in the
Baltimore and Ohio. st, Paul and Chicago
and Great Western stocks while the usual
Saturday scattered liquidation was APP
parent elsewhere. The recent selling Of
Consolidated Gas was explained by the
announcement that a bill which It is said
will have the support Of some at least Of
the Republican leaders would he intro
duced in tho State Legislature providing
for cut IN the price Of gas in this city to
30 cents. 1t must be held TO be very doubt
full that n bill of this sort will become a law
at this session Of the Legislature, although
a law providing for a gradual reduction in
the price of gas would probably meet with
little opposition from the corporations
concerned in the sale of the product Past
history in this matter is wholly TO the effect
that a reduction in the price OF the COM
modify immensely increases sales. so that
in a little time the business becomes moro
profitable than ever. To-days bank re-
turn was, as most intelligent critics eK-
pected that it would be, less unfavorable
than that Of last week although it showed
q loss of cash by the banks and reduction
in surplus reserve. Loans however, were
roundly reduced, and it was well under
stood that the cash loss was sustained only
by reason of the concluding payments Of
money 10 Cuba on account OF the Cuban
loan recently negotiated in this coun-
try, The money outlook remains un-
changed A plethora Of money abroad has
exercised its due effect in the security
markets there and has also 40 altered the
foreign exchange situation that gold eI-
ports from this country arc nanfestly
impossible while present conditions hold.
The Banks Of England and France and
the Imperial Bank Of Germany made state
ments in the middle Of the week showing
IN the case Of all a decided reduction OF
liabilities and great increase In the amount
Of gold on hand. The drain Of gold from
this country to Europe has therefore
ceased. At the same time we arc nearing
q time Of the year when money rates here