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

tone that haH 70 long prevailed. Whenever
a declining movement momentarly gov
crncd tho trading the volume OF business
was Immediately curtailed, showing that
stocks were not pressing for sale. Gen
orally speaking. the speculation betrayed
a desire TO run into newer channels than
those which have recently been favored.
The Vanderbilt and Northern Securities
group Of stocks were to-day left compare
lively alone. and buying was more power
fully exerted in the Reading, Delaware
and Hudson, Baltimore and Ohio and other
coal stocks and in the Atchison, st. LOUIS
and San Francb CO and Kansas City South
ern issues Missouri Pacific stock was also
more active than il has been for long
time though making no great advance In
price OF the industrials the American
loe and United States Leather stocks were
notably strong because presumably. OF
the rapid progress making in the reorganl-
zHtion plans OF the two companies The
greatest advanced made anywhere to-day
we're in the Pacific Coast first and second
preferred and common shares and these,
il Ia pleasant TO record. were unquestionably
by reason Of sound merit. While the buy
ing of the Atohison stocks to-day, especially
OF the preferred shares was perhaps to
some extent for pure investment, there
is substantial reason for believing that the
movement. as we'll al the recent rises IN
some Of the other Western railroad stocks,
will he found in tho light OF later develop
ments TO be quite connectedwith thestTength
and activity OF Union Pacific stock itself.
1t must be evident to all intelligent students
of the Western and Southwestern, as dis
tinguished from the Northwestern, railway
situation that the Union Pacific Railway
Company IL TO be in the future the domi-
nant railway power in these sections and
that its present management il pursuing
the policy, OF which the company in its
very early days was so notably negedtiul,
of acquiring proper feeders While 1t
would be gong too far 10 state that an
actual control over the Atchison railway
system is now welded by Union Pacific,
II is believed to be true that the largest
single block of the Atchison shares is held
in the Union Pacific interest and that vir-
tually. although not formally or officially,
Union Pacific has very large say in the
Atchison's affairs OF all this and Of voices
OF similar nature in the management OF
OlHcr pIOpeIut' IL 10 hho'y iHN'S w." -"
heard in the future.
Again to-day Wall Street was not at all
impressed by the indications that the lower
house OF Congress may pass railway
freight rate bill Of some sort at the present
session. inasmuch as it IL known that the
Senate Of the United States. at least. pro-
pose, 10 give this matter the fullest and
most deliberate consideration and that
the time for this is obviously lacking in
the little more than three weeks remaining
Of the current Congressional session. The
gold enga gements for Paris to-day, amount
ing 10 sgl30OOO, these constituting the
largest single metal remittance ever
made from this port attracted somewhat
moro attention. Because OF theee engage
ments money rates to-day at one time
rose to per cent. although they fell quickly
gain to per cent 1t is manifest, however
that the gold thus sent abroad ia in the
nature Of loan, and that IL is sent simply
because the Paris bankers have more need
OF it than we have ourselves slight
rise In money rates hereto per cent,
for instance-will be sufficient to check
it at any time and the entire situation as
regards these exports is one that presents
encouragement rather than menace. since
IL presents the strongest possible proof of
the overlooking wealth and prosperity OF
our country. As a matter OF fact II Is
said that much Of the gold sent abroad
day was due TO the remittance TO France
for account OF the Mexican Government
Of a portion of the loan recently negotiated
in this country by Mexico II is clearly
4
foreign bankers 10 take gold from W. while
We can spare it with so little inconvenience.
and there are acute observers who maintain
that the recent large gold shipments from
this centre are an indication that the end
OF the great struggle between Russia and
Japan ia approaching Although there
have been many rImors on the subject,
there has been a. yet nothing on which
definite conclusion can be based, that
peaoc negotiations between the two coun-
tries We're in progress; yet in the judgment
Of those who have in the past been best
informed about these matters. the course
Of events points clearly to the likelihood
OF such negotiations at an early date, and
they believe that the gold now being asked
for by France il in preparation for peace
loans rather than war credits
There was some profit taking to-day in
the United States Steel stocks upon the
publication Of the Steel Corporations er-
ceedingly satisfactory statement OF it,
operations in che last quarter OF last year;
while an excellent reason certainly for
the purchases Of Baltimore and Ohio stock
was that contained in the statement OF the
directors OF the company accompanying
their declaration Of the regular semi-annual
dividend Of per cent, on the stock. The
directors announced that in the first half
Of the fiscal year net earnings we're at the
rate OF 8 per cent upon the compsny's
common stock and that while it had been
urged that this warranted an increase Of
the company's regular dividend rate 1t
was felt that IL was the wiser plan TO defer
action upon that question until the close OF
the fiscal year This, from the Wall Street
point OF view. is clearly an implied promise
that II there is no marked falling of in the
company's business between now and
June 30 the company's dividend rP's will
be enlarged al the time named
New York stock Exchange sales Feb. 4.
oLosISo rEicIs or uNITED STATES bonds.
rs,., lOzi1 Iob a. coup lo5t. Ios