The sun. [volume] (New York [N.Y.]) 1833-1916, 1905-01-01
FINANCIAL AND COMMERCIAL.
RArnRnAY neo. a1.

SATURDAY, LEO Oh
There was a continuation to-day in the
stock market Of the selling movement
which began yesterday and further de-
olines In prices running somewhat less than
point wero made. While the market was
under no decided pressure It still gave an
appearance Of greater weakness than II
did yesterday, the buying power seeming
somewhat lass vigorous. Save for the
announcement that another pronuncia-
mento from Boston might be expected
before the opening Of the next Stock EI-
change session, there was no development
that could account for the falling tendency
and the decline was due, no doubt, TO the
same miscellaneous profit taking that was
yesterday In force. Baltimore and Ohio
common stock presented notable exoep-
ton 10 the general tenor Of the market,
rising ~ points and closing at the highest
quotation. This was taken as strong
indication that the stock would soon be
placed on 5 per cent. dividend
basis. There has been. Ii Is known
difference OF opinion as TO the Bal
tinnore and Ohio's policy in this matter
among the directors Of the company, one
prominent interest being in favor of an ad-
vance in the dividend rate upon the COM
mon stock. while another equally power
full interest was opposed to this course.
Though it may be therefore, that the matter
Is still not absolutely settled the rising
market value Of the stock naturally leads
WallStreet to form only one inference as to
what the final decision of the directors
viii be-. The bank statement to-day was
not quito as favorable as had been looked
for, but attracted at most, very little notice,
The cash held by the banks increased but
ssiee0o, as against the 5000 900 increase
estimated yesterday, but the statement,
being at the end Of the year, was probably
affected by the complications naturel TO.
the time. A firm tone was again reported
on the London and Continental exchanges,
discounts easing and optimistic views pre-
vailing there as TO the financial outlook for
the coming year.
While IL has been holiday, that 10 to
say. q more or less dull week in mercantile
and other business circles. all advioes
are 10 the effect that better Christmas
trade than had been looked for was ex-
perienced and save for the decision Of
the employees Of the cotton spinning mills
In New England to prolong the strike there,
no word Of an unfayorable nature comes
ITOIU lDe .Dllrlllt7H7 Nthbl lliu ihpob
important occurrence. Of the week was
the breakup OF the great drought in the
Eastern and middle sections Of the country,
This adversely was at the close Of last week
beginning to assume the proportions Of
disaster. and would PROFESSIONALLY, If it
had been continued, have affected prices
In the stock market OF many Of the indus
trial shares and OF railroad systems such
ns the Pennsylvania, whose lines run
through the afflicted territory. As 1t is,
these railroad lines, by the damage done
70 their engines and by the general dis
turbance Of their business, have not escaped
losses; but with the heavy movement OF
freight that is now possible. all these losses
can, OF course. be speedily repaired. The
fan Of snow in the West. too, that attended
the change in weather conditions, has
been of immense advantage 70 winter
wheat. Another bright feature of the week
has been the wenigh uniform tenor OF
the reports OF increases in railway net
earnings for November and Of large
increases in railway gross earnings for the
third week oI> the present month. While
it has beona week Of stock taking and in
ventorS making in the iron and steel bust
ness especially. operations which are usu-
ally accompanied with some cGrtailment
OF business activity. dispatches from Pitts
burg and similar places tell OF rushing
business there. OF premiums paid above
list prices for the prompt delivery OF billets
and other important trade articles and Of
the general conviction that the forthcoming
year is to be very profitable one for iron
and steel producers helpful factor In
the rise in the stock market was the pub
LEGATION Of the final Government estimate
OF money value of the crops raised in the
country this year Of s2o67,Olo,0O0, and a
particularly gratifying development re-
Gently concerning our agricultural Affairs
has boon the increase in our exports OF
corn, despite the high prices ruling for
the commodity. Wehave apparently sue
ceeded in making definite market in Eli
rope for this formerly unexp ported staple,
foreigners are buying it now in volume at
prices that they declared to be prohibit
tive even year ago. The great fall in
the price of cotton due to knowledge that
the otf eIit crop may prove to be az largo
as 10, 100000 bales. or an amount Of Ameri-
can cotton greater than is necessary for
tho needs OF the worlds consumption in
the coming year, is. of course. a matter that
OcIIlhuLA1 DtllJNo GNtlNAT III any COESlutIdIlOu
Of general financial and business affairs
But the truth about il Is that its influence
cannot be justly measured at this time,
since it may be immensely modified by the
prospects for the next seasons crop. II.
for instance. II could certainly be known
that the present crop would be succeeded
by another bumper one, or. on the other
hand, that the next crop would fall to TO-
600 600 or 1900 900 bales. deductions from
what has already happened might be drawn
with much greater readiness than is now pos
sible. The drop In cotton prioea will unques-
tionably stimulate our exports Of the article.
although neither foreign nor domestic con-
suners seem at the moment particularly anx-
ious to buy, and statistics Of cotton stocks
on hand are not such az in and Of them
selves 10 advance the price Of the staple
On the. Other hand, the very low price at
which cotton Is now selling will put an i'm !
mediate qiiietus upon the plans which had
been undertaken with 50 much vim for en-
larging the worlds production Of cot
ton by stimulating is growth in new
and untried portions OF Africa and other
tropical lands. II seems TO be a fact
that our current cotton crop has coat be-
tween and cents pound to raise, and in