The sun. [volume] (New York [N.Y.]) 1833-1916, 1905-01-15
FINANoIAL AND OoMMEROLAL.

throughout most Of tho week, II rose at
tho end Of the period into pretty lively
blaze, and at the close Of business to-day
the market presented as strong and Tor
ward an appearance AS II has at any time
within the last six months. Dealings to-day
were only slightly less than 10000 shares,
that Is to say. within the two hours Of
the Stock Exchange session transactions
were heavily in excess of their average Tor
a full days business during the week.
Union Pacific stock was again the leader,
as It was yesterday, but there was large
buying Of all tho active issues, such as
Amaigainated Copper, St Paul, Southern
Pacific and the United States Steels, while
even the ordinarily inactive list was in
fused with life and vigor. Nothing further
developed in explanation of the advance
In Union Pacific, nor does it seem that such
Developments arc at all necessary. The
position OF tho Union Pacific property is
that of one that has become the dominant
factor in the control Of the railway situa-
ton in the entire Western and Southwest
ern part of tho country, and its present
and pro- peoiive earnings are such as
to require at no very distant date
n distribution upon Ia shares much larger
than Ia now made. Everybody under
stands or should understand that what
ever the urshot Of tho Northern Securities
litigation may he the Union Pacific must
DO the gainer by IT, If for no other reason
than that Of the enhancement in value of
the stocks that it must in any event receive
upon parocling ont TO the owners Of the
Northern Securities Company OF the assets
OF the concern. Tho general news to-day
was Of small moment. There was CON
tinued ohecrfulnoss not 10 say distinct
optimism in financial circles abroad. and
this optimism extends now more than 10
ever has done 10 American securities. The
weekly bank statement was very favorable.
fully repairing. az all experienced ohseryera
believed it would. the obvious incorrect
ness Of the return made last week The
caAh hold increased si5.34N00 outi7inning
Yesterdays estimates thereof, and IA loans
decreased nearly sj,50o.oO0 surplus re-
serves enlarged by nearly N3ooo.o0o' the
greatest increase shown for many weeks.
The bank surplus now stands at about It's
normal figure for the time Of year.
While. as has been stated, the market
through most Of the week was dull, tho
time was not entirely devoid Of happenings
OF financial interest. on Tuesday the
Imperial Bank Of Germany'5 discount
rate was reduced from to per cent,
which indicated that whatever prepara-
tons were thought necessary in Germany
in order to take caro- Of the new Russian
loan had been completed, and trustworthy
advices since are that this loan has
been genuinely and entirely q success.
Exports of gold have gone on and will
probably continue TO 90 on in what Is.
our ability 10 spare gold for
export. a mere drihbling way, and 80 far
these exports have been practically limited
10 the purchases here by foreign countries
Of the gold bars turned out by our local
ssay OTcc that is 70 say, TO simple
buying of tho now gold that is laid down
in this market in the same manner that
such buying goes on daily in London and
In other large gold producing or gold i'm
porting centres There was some adverse
discussion al one time concerning the an
n ouncement that the directors of the Penn
sylvanih Railroad Company would ask for
authority from the company stockholders
for new bond issue, but this was quieted
when 10 was discovered that the authority
asked FOR wis merely such a. would give
the company power 10 avail Itself of tho
changed conditions in the money market,
permission u this sort already granted
taking the form only Of right to issue con-
vertible bonds OF stock. As things now
stand, OF course. the Pennsylvania manage
ment could float long term bond issue
upon terms that would financially be far
more advantageous 70 the company than
would another issue Of stock or Of short