The sun. [volume] (New York [N.Y.]) 1833-1916, 1905-04-02
rIN1NcIAL AND COMuERCIAL.
GkrURDAy, April l.

" hois was strong and urnfactiors were IN
full volume for q Satu; days half tohcay'
Tho industrials mostly bought were inc
ANA lean Sire ltinc ard r. Ening, NaticnaI
Lead, Pressed Steel Car. RCTublic Sitcl ana
Iron, Peoples Gas, Rubber GccCs' !rteira-
tioral Paper ard Am0lgamat'd COPPER
shares. 81 thHs0 Tade good adNarFs'
as did Twin City Raj Id Transit Gtock' Who
in the railrood list TroTcr thno vas an
espociGI upward movement in " aWhIe
and Hudson and CcloIcG SolihcIn. Inc
isason Why SPECULATIVE ard inN stHcnt
attention is particularly directed to tho
irdustrial list ct tho mCTcnt Is TT'iy
Obvious Although al q the stocks in this
DC partmcnt have I!scn considerably In
prico lately, th,y are stll most of them
low priced sharcs, and thu prospects for
moa proftabh business Of industrial COM
panics during the year is exec dinghy bright
In a very careful and special reroIt com
piled by Bradstgcots and printed to-dny
upon the p.o' ale construction OF houses
Offices. factories ard other edifces during
tho calrndar year. tho estimate Of The total
expenditure for this construction IL placed
at SeO0. OO0. 900. an increase Of nearly 10 per
cent. over that Of the year preceding. The
SUCCESS already accomplished and assured
in The future Of 80 many railroad bond
lssues proves also that the outlay OF money
nv our railroad companies before tn" end
" tho war for Improvements will 10 large;
90 chat U1crely summarizing tho Fading
it"r-s under which expenditures Of TINS
kind nav ho cln saifed. Il is not hard to
mako ont total pTo' able expenditure
under thcsp heads Of fully billion dollars
IN the current tweivemonth This dist urse-
mept would no doubt have toen made 10
considerable extent last year II the state OF
the Rscm itirs market at thnt tine he'd not
prevented the issue on favorable terms 81
the bonds aud stocks Of corporations. The
DELAYED work is now icing undertaken,
and. although prices received ~ tho great
industrial companies Tor their articles Of
rroduction ar not pcrhcTa as high rs they
wern in tho boon time in 1902. they are
still marRestly very remuneTative and
must servo 10 IN thu treasures 81 ihcso
industrial concerns with ossh. Tho tusi-
nesE confidence engerdered by all this has
tho additional support in tho very favora-
: Il prCgnt outlook for our croTs. II the
vintcr wheat prospect now was IA tad ~
II vAs lost war at this time there would
probably ~ = much less buoynnt fcolinC
N ths entire business world. There Is
plentv OF tine, Of coursc, for the rcTarka-
hlv hiEh showing Of tho wirtor What crop
- Il now stands 10 tCconO imraired. but
thsre IL no doubt that this great crop IL
cntcrins thu season in the most satisfactory
rhape that II has done for very many wears
Rack. reports from every rortion az tho
winter wheat belt state that there has hcen
absolutely no winter killing Of tho grain
that there IA no evidence Of insect pcsts
ard that there IL abundant hope thst a
rnaEimJirn crop WIN 10 harvested. The
wraiher throughout the entire agricultural
secfion, too, has been favorable IN the
highest degree for tho spring planting
opsrations. II these indications hold a.
~, eeason natures Il Ia impossible 10 be-
lieve that they will not exercise their usual
eject upon prices for our railroad stocks
and securities In general.
The hank statement to-day was undouht-
sdly better than had been looked for loans
and deposits decreasing heavily while the
ioss Of cash by tho banks was much below
previous estimates. In consequence. the
surplus reserve increased 81, 1856 $50 and
cannot now be considered low for this time
Of year. Operations for foreign account
figured very little in the trading to-day
and London prices for our stocks before tho
opening Of business showed only small
irregular changes. Railroad earnings for
February az they came 10 band continued to
show the effects Of the bad weather Of the
month. the exhibits Of the Union Pacific
and Southern Pacific systems making, how
ever exceptions TO the general rule. The
Union Pacifc's gross earnings decreased for
the month 5000, and its net increased
ta5,677. The Southern Pacihc's gross de-
creased $3.50 SIS. and its net increased 3tO9,-
2O2. Reason for this is not difficult to I'M
derstand. The two systems named were
the first among the great railroad organiza-
lions. Of the country 10 begin on compre-
hensive scale the improvements Of their
property which have been such feature OF
railway business ever sinca 1898 and they
are now naturally the first to reap the bene-
fits OF the early start thus made. The data
already at hand attests, as was 10 be e1-
pected, that railroad earnings for March will
not only show a large increase over thoss
If February but over those Of March last
year.
The moral certainty that tho war be-
tween Russia and japan cannot be pro-
longed much fu ther, the une1ampled
success which attended the japanese loan
and The practical assurance thct the Penn
syivania Railroad Company's SIOo 900, 900
bond issue will also be readily subscribed
for helped matters very much in Wall
Street last week, although the failure Of
money rates 10 tighten az severely as
spectators had been expecting was prob
ably the most potent factor In favorably
influencing stock market valuations. The
money market will still be relatively active,
no doubt, fora fortnight, but II the most
competent authorities are TO be trusted
will after that time fall worry decidedly.
So, too, the indies lions that the final dis
tibution Of tho assets Of tie Northern Secu-
rites Company is near az hCnd and that
possibly within a month from date this
operttieu viii Re entirely concluded Is a
matter thst clearly induces financial OPP
timisTn. No doubt we may expect Of any
time . cell from the Secretary Of the Treas
ury upon the national banks for from
$4,000 900 TO t25, OOO,OC0 Of tho public money
held by them, TO be paid in installments at
different dates not later than July 1. But
the banks can easily spare this money.
The amount thus drawn from the banks
will, moreover. be speedily disbursed again