The sun., 1905-12-18

would be paid and that payment OF the in
terest on this debt was secured for an in
definite time In the future. But, on the other
hand, the shipment Of Russian gold 10
Germany ostensibly in connection with this
payment, was not regarded as wholly iaV-
orabe incident, inasmuch as although its
direct effect was to strengthen RUSSIAN
credit abroad 1t necessarily lowered Russia
financial reserve at homo and 30 indirectly
adversely affected her credit position out
side her borders. How great the strain has
become In Germany on account OF the
failure OF German merchants to receive
funds owing to them by Russian traders was
disclosed at the beginning of last week In the
advahce in the Reichsbank's s minimum rate
of discount to per cent; and the entire
German financial situation Is one deserving
close and constant attention. The anticipa-
ton by our own Treasury Department OF the
interest on our Government bonds due
January 1 was, OF course, helpful in small
way to the money market, and although
II ia now 80 early in the agricultural season
that reports as to crop conditions do not
count for very much nevert heless the Gov
ernment estimate of the condition OF winter
wheat on the first Of the month as being OIL
per cent, as against S2.9 on December
last year and a ten year average OF Bio,
Is plainly encouraging. Last year, as Is
we'll known, the condition Of winter wheat
was extraordinarily low, and from then on
during the season steadily improved. The
comparison with the ten year average in
the present case il the important one to
be made, and this shows, of course, pre-
vailing condition for the crop somewhat
above tho normal. The directors OF the
Missouri Pacific Railway Company declared
during the week the regular semi-annual
dividend on the company's stock, although
there were fears a few weeks ago that the
earnings Of the company might not justify
such procedure. On the other hand, the
directors of the Chicago, Rock Island and
Pacific Railway Company at their meeting
on Friday took such action regarding divi-
dends upon the company's stock as, while
providing for the maintenance Of interest
upon the Rock Island Company's collateral
trust bonds, yet necessitates the passing OF
the dividend upon the Rock Island preferred
stock. This action was compulsory, it
seems, If proper expenditures for keeping
up the Rock Island properties are to be
made and as such it was, Of course, wise
and conservative step. matter Of no little
importance, also, was the appearance on
Friday of the annual report of the Southern
Pacific Company, which is, as is well known,
the general holding company for the stocks
of the many different companies in tho
Southern Pacific system. The disclosures
made in the report were extremely valuable
in that they should set at rest all the talk
that has been heard in Wall Street for a
long time back as to the likelihood Of
distribution upon the Southern Pacific
common shares. 1t was not merely CLEAN
able from the report, but wasetated therein
almost in plain words by the management
of the company, that the prospect of dvi-
dends on Southern Pacific common stock
must be measured from now on not in
months but in years.