The sun. [volume] (New York [N.Y.]) 1833-1916, 1905-01-30

favor that she has always paid her obi
Rsticns, eren doing 90 IN the days OF the
CrimeAn War. which we're as dark for her
relatively as the times are now; yet, never
theloas that European lenders can 60 on
sin king money In a country that hGs Tor
years been forced TO borrow money annually
to pay the Interest on her external debt;
that Ia now waging war In which the
hopeless incompetence OF her army and
navy has been so atteeted as TO leave no
doubt In any ones mind as to the event OF
the struggle; and which, as IS now known
10 all the world, tolerates the diversion
nto myriad channels OF personal and Off
cial corruption probably at least half OF
the money II thus receives for public usos-
that under these circumstances the bankers
OF Paris and Berlin should allow to proceed
unchecked the flow Of money from their
Golfers into Russia seems almost like an
infatuation. To all infatuations, however.
there comes sooner or later and in one way
or another an end.
The months Of january and February
are always the dullest months Of the year
In general business circles and last week
this natural dulness was increased by the
sevnre weather conditions. But tho cold ex-
l'll'hNNi was htllAtI NAliFHlt iOi IlO-
longed. while the snowfall thus far has not
been at all measurable 30 far as its i'm
peGiments to railway operations are con-
cerned. with that Of a year ago 1t IL
far to say that business prospects are
not onlv fully "p 70 tho normal, but are
better than this and that there Ia nothing
In these respects that should excite timidity
in the minds Of any proposed purchaser OF
good securities. Tariff and railway freight
legislation at this session Of Congress Ia
apparently doomed, the last nail in tho
coffin Of these proposed measures being tho
discovery by the Republican members OF
Congress that in supporting propositions OF
the kind they will be following not so much
President Roosevelt's leadership as that OF
Mr.. Bryan. II ia now pretty clearly demon
strated that a certain sort Of olamor rather
than sound judgment has been the basis Of
this proragan a. This week comes the
monthly financial settlement In Paris, but
there are no indications that IL will not pass
~ satisfactorily To-dpv II Ia possible
that the Supreme Court Of tho United States
may announce its decision upon the apph-
cation that has been made to it for review
Oh the proceedings taken IN the lower ederal
courts TO contest the justice Of the pro rata
plan Of distributing the assets Of the North
ern Securities Company. In not many cases
OF this kind does the court consent to make
the review asked for but many have thought
that in consideration Of the importance OF
the present case the court would consent to
make an exception TO its general policy. II
this consent is granted then the matter
must be psrguNd; II consent ls not granted,
tho the case ends. The substance OF II all
is that final de- oision winding up the entire
Northern 8 ouriti q litigation and compel
ling the distribution Of the enormously
valuable ass Is of the Northern s ouriti 5
Company to It's stockholders Is now on.y
a few wrecks of at the furthest and may
occur within few hours. II Is certainly
be cause OF this that such strength has
b0tn visible lately in the Northern 8 curt is
sharcs on the outside market and In Union
Pacific stock on the floor Of the Stock Ex-
change. Taking into due account its
rev nues and equiti from Its Northern
s. cuiu holdings, careful calculation
shows that the Union Pacific company
is now earning over 10 per MT. on both
its common stock and its cow rtible bonds
assuming that the latter are inverted into
common sharls.