The sun. [volume] (New York [N.Y.]) 1833-1916, 1905-04-17

Company 10 its stockholders, after many
postponemsnts, Of the Northern Pacific
and Great Northern preferred stocks held
by Ito treasury. II has been the common
practice 10 regard this event as a dissolu-
tion Of the Northern Securities Company
but, Of course the company may continue
doing business as usual the compusion
only resting upon It to rid itself OF posses
sion OF the railway stocks that have been
named. Wall Street believes, and believes
logically, that this affair viii be the
prelude TO Encouragement OF railway
ahairs and general effort toward rnl-
way consolidation In the West. There VIII
be plenty Of special Developments, no
doubt, such as, in effect, the proposed 100
per cent. stock dividend issued by the
Great Northern Railway Company TO its
shareholders, the essential motive behind
this being obviously a desire 10 distribute
profit to the Great Northern stockholders
in some other way than by the direct
but impolitio method Of putting the
stock on a II per cent. basis. II GER
tainly looks, as has been stated many
times in this column. as II the Union
Pacific Company was establishing COM
munity Of interest In the West similar TO
that which the Pennsylvania Railroad
Company has accomplished in the East,
and no one should be surprised II the Union
Pacific turns up some day In as strong
II not as direct control Of the Atchison,
Chicago and Northwestern, st. Paul, Illinois
Central and, in due time, the New York Cen
trial railway companies as II now holds the
Southern Pacific railway system. Gossip
had IL at the end OF the week that the st,
Paul was not likely 10 build 10 the Pacific
Coast In whatever way that much dis
cussed plan turns out, one thing that seems
relatively certain Is that we shall have a
history making epoch in the railway world
in the next few months.
The money situation with us IL undoubt-
edly easing, although any term implying
that this situation has been other than
easy for two years IL a mlsnomer. Yet,
while call money rates may not fall below
2 per cent. Il does not look az though they
we're likoly to rise much above per cent,
for a pretty long while. Everything Is
tending TO keep money plentiful 10 Wall
Street Money Is returning here from the
West after the April disbursements. Money
will be taken in by the Government from the
banks In May and June, but will be imme-
dately disbursed again, while the release
Of Government bonds owned by the banks
which will accompany the redeposit Of
money in the Treasury will cause the bank
note circulation TO increase. Money Is
cheaper now abroad than 1t IL here, and
g. the foreign bankers are pressing their
loans here upon borrowers, and sterling
exchange here lie declining. Money is even
coming from the Klondike this year sooner
than usual, owing to the early spring season.
In spite Of fears 20 the contrary, the report
Of the condition Of all the national banks
in the country on March H. compared with
that Of about the same date last year,
showed an increase during the period OF
cash reserves held by these institutions.
The statement of our export trade for March,
published last week, made a much more
pleasing showing than that Of its predeces-
sors for some months back. Shipments Of
wheat and -four increased only moderately,
but cotton exports rose very decidedly owing,
Of course, TO the larger takings by foreign
spinners at the present relatively low range
Of prices for the staple; while, as regards
general merchandise, the total excess OF
our exports over imports was almost as
great as il was in March last year and
greater than it was in 1902. In the Russo
Japanese War a great naval Dattle Is APP
parently about to be fought but there is
small reason for any one TO think that the
result Of the affair will be any different than
that Of similar events in the course Of the
present struggle.
Right at the end Of the week the indica-
tions seemed to be that the battle might
not be fought quite as speedily as general
expectation has made out. Finally, it
appears at the moment as II the Congress
sional investigation Of railway matters
that is TO take place during the summer
is likely largely TO peter out. The most
prominent members Of the Congressional
committee will not. it is learned be present
at It's sessions. and fea1 that the work Of
the committee will be a disturbing factor
financially have disappeared from import
ant quarters.