The sun. [volume] (New York [N.Y.]) 1833-1916, 1905-01-29
FINANCIAL AND COMMERCIAL.
SATURDAY, Jan. rs

IA in New York Central and ndvanoc
generally throughout the railroad list
and among tho leading industrial stocks
speak for themselves regarding to-day
stock market The attention Of tho market
centred around the Northern Securities
frorp Of stocks, and II is the general belief
that some change in the ownership or al
least the form of ownership of the Chicago
and Northwestern Railway Company liz i'm
pending and TINT all this has direct benr-
ing upon the approaching breakup of the
Northern Securities Company. At any
rate, n mere possible enlargement Of divi-
osnd distribution can hardly account for
such a sensational rise in Chicago and North
western common stock IA has recently
been experienced and whnteyor may be
tho precise form Of any new relations that
the control OF the property may assume,
the advance in tho price OF it, shares,
along with the strength OF other rail-
way stocks of the same family. IA un-
questiOnaby due % the fact that one
great ownership has come to cover the
New York Central Lake Shore Chicago
and Northwestern and Union Pacific
RAILWAY companies. Expectations seemed
to be to-day that tho Supreme Court Of
tho United States on Monday would take
action upon the motion for a rehearing
before IL Of tho Northern Securities case,
inaEmuch as the court adiourns on Monday
for "A vacation Of several weeks; and the
general impression was, however ncor-
rectly, that the court would decline 10 inter-
fere with the judgment already pronounced
by the United States Circuit Court of APP
peals. one prominent incentive to this
determination being supposedly the decree
of the Supreme Court already entered that
the affairs Ct the Northern Securities Com
pany az an illegal corporation should be
speedily wound up, Yet all such e1pecta-
tions and prophecies regarding the matter
are obviously In the nature of guesswork,
and little reliance should be placed upon
them. The foreign markets we're again
to-day in cheerful mood because Of numer-
OBS indications that the Paris settlement
next week would pass off without difficulty,
and by reason Of qualification over the
semi official announcement that the Rus
alan loan which was TO have been put out
In Paris next month has been indefinitely
held over. All the foreign bourses too.
were influenced by the recurring though |
vague ruinors that peace negotiations !
between Russia and Japan are under way. |
The time is certainly ripe for parleys OF this !
and Of one fact there can be but !
little doubt in view of recent developments.
that whatever influence the bankers of
Berlin and Paris possess IL being used 10
'top the dreadful, wasteful and now APP
oarently useless war between the two
The bank statement to-day was better
han most people reckoned upon cash in
reasing nearly Bl0,O00,G0O as against
previously indicated increase OF but be-
vecn Sio0oOoo and SO 600 600 so that
Though loans increased s1e.S3i 100 the
urplus reserve enlarged by 50 2l5, $50. II is
hus clear that receipts of money from the
Interior OF the country and from nearby
Institutions are currently much larger than
ave been publicly estimated and that the
financial condition at this centre IA one Of
immense and undisturbed money plethora
Ne shipped this week over SO, O0O, 900 gold to
Europe and may ship further sums next
week and the week after. But there are
ew intelligent persons who can longer
question the fact that these shipments
imply represent extensions of credit by
ur bankers, We are lending money
broad that we cannot use proltably at
ome, and the sums so lent stand to our
redit III the great European cities 10 I've
eturned to us whenever We have need
I them. The general prospect for money
ates remains the same as II has for so long
time. Time money is pTocurable for ten
lonths or year on terms lower than eve-
eforo known Bank loans are. OF course,
ow increasing heavily. az they usually do
I this time Of year. This Il n matter that
! former years gave rise 70 some fore
odng inasmuch as there was no pop
lar understanding Of the cause OF tho
henOmenon. But the truth is now
learly and generally appreciated that the
act is an indication Of financial strength
ather than weakness. The trust COM
anles that loaned money for the financial
equirements incident to the end Of the
ear are being paid on and as they can
OF renew their loans. arc heaping up their
alances in the banks. There Is really
hus moro money available for specula-
We and business purposes. than there was
efore. Neither is there any let-up in the
urge prosperity Of general business. Pre-
rainAry returns of railway net earnings
Isl month show great increase over that
the same month last year and statis-
clans aver that, despite the recent in
lement weather. railway net earnings ia
10 present month will make an even better
rowing than for the month preceding.
he low price of cotton has checked busi-
ess in the South a little. but on the other
and. there Is especial and exceptional
otlvity in the Northwestern section With
Ia subsistence OF the strike movements
n the Pennsylvania Railroad and among
10 employees Of the lnterborough COM
any here. the labor outlook in the country
large is almost unclouded while tho
citation for tariff and railway freight
Ite revision laws has. undoubtedly lo.t
ven the small force in Congress that it at
ID time possessed. In the iron and steel
idustry the pig iron market is quiet a., il
ways is at this season of the year but
evertheless holds as firm as ever the
rgest producing and manufact urus iron
I'd steel concern being obliged TO buy
cavity from outside companies pig iron
ipplies 10 meet its own requirements
rade authorities say that the pleasant
azure Of this business at present is the
luminous quantity OF the specifications
ling turned in on old contracts A marked
Of the week in Wall Street
as the advance in many Of the industrial
iares, especially in the preferred stocks.
GOD businp-s Dresent md aacttroJ L.. -