The sun. [volume] (New York [N.Y.]) 1833-1916, 1906-12-17

ton rather than for the emergency circula-
ton Of currency proper But there appears
TO be no objection raised anywhere, a indeed
none there could be, against the wise and
just proposition to place all the revenues
Of the Government as they fall due IN
the national depositaries so that the peoples
money will be at all times available Tor
their use and that the hateful. bungling and
uncertain interference Of the Government
with tho money situation. with its vast
possibilities Of corruption and mistake,
will be at an end forever. Why cannot a
law bringing this about be passed at Wash
ington this winter and why should not
bankers bend their efforts toward this
end rather than to the establishment OF
some new system Of currency issue upon
which tho mind Of the country is not yet
clarified
All this is very important, because there
are few people so ignorant in Wall street
Just now as not to know that the money
question" in the country will assume Tar
more Importance In the year to come than
il has even in the year just ending. We
are confronted with the fact that great
as has been the increase Of the money
supply in recent years, not only through
the production Of gold here and In other
countries but through the increase in the
volume of our national bank notes, it is
still inadequate to meet the stupendous
demands OF the business Of the land. There
is not a railroad system in the country
that would no like to parallel, IL 1t could,
the example OF the Great Northern and
Northern Pacific stock issues which look
the centre Of the stage in Wall Street at
tanfian d,trinD thn Uaak DQGnifa reasons
as 70 the cause of the selling movement
in these two stocks when the news OF
their stock issue became public, or prac-
tically public, are still not at hand. Specu-
lators for the decline endeavored to make
out that it was because people were be-
coming frightened over the extent OF
the demands for new capital being made
by the railway companies. Others alleged
that it was because the financial plans
OF the companies were disappointing, and
that it was realized that after the rights
to subscribe to the new issues were de-
Quoted from the Great Northern and North
ern Pacific shares there would be no
more similar rights for a couple OF years
TO come. and that thus the stocks as 2 per
cent. dividend payers ought to sell in the
present money market considerably lower
than they did in previous years. Another
theory was, which is more likely to be the
true one, that the Union Pacific Company,
still a large holder Of the Great Northern
and Northern Pacific shares, con-
Guided to iiquidate a good part, il not the
entire remaining portion, of its holdings
OF the two stocks in question on account
Of the plan of the stock issue, inasmuch
as this plan would involve a virtual lending
of money to h company out of the Union
Pacific treasury. Whatever the cause, the
stocks declined violently, so that the Great
Northern preferred shares touched a level.
due cooun being taken Of quotations for
the new ore land certificates, nearly so
points lower than that which prevailed
just previous TO the announcement Of the
ore land transaction. Concerning the adj
visibility of making these new capital
issues, q far as busin ess necessities in the
Northwest are concerned there is Of course
not the slightest question. There Is a
demand for railroad facilities there far
greater than that involved in any current
plans for meeting it; this applying with as
much force as in any other quarter to the
st. Paul's new extension. No one possess
ing any familiarity with the business situa-
ton OF the country at present would be
disposed TO doubt for a m Mr.. Hills
declaration the other day that the country
is In need Of at least 2iO, 100 miles of new
railroad, or the statements Of other author
ities equally well informed as to the vest
amount Of new railway terminals and the
like that ought to be provided for. The
trouble il hat the same thing appears to
hold true OF every line Of business through
out the land; and questions az to the means
of carrying all this great business along
without entailing rates for the use of money
that shall not be 40 excessive as to result
finally in checking business itself are nat
urally being agitated.