The sun., 1908-12-20
FINANCIAL AND COMMERCIAL.
SATURDAY, Dec. 10


Ia highly irregular manner, general
strength being shevn In the first three
quarters of the time devoted to business
operatlons, while distinct weakness pre-
vkiled In the last half hour OF the Stock
Exchange session, reaching the point OF
: running break In several active stocks
just before the market close. But II
b questionable whether tine weakness
tias shown among active speculative
favorites, even If belonging to the list
Of the .so-called standard stocks. or the
constant and particular strength of
vaFioue other issues was or was not
the dominating feature of the days
business Thus while there was distinct
pressure. seemingly in the nature of a
drive at prices. brought to bear in the
time stated against the Union Pacific,
st. Paul. Southern Pacific and other
stocks of similar grade. there was
thHcughout the day heavy concentrated
bnyinR of the Interborough-Metr
" per cent. bonds and Of all the Colorado
md Southern securities. The buoyancy
IN the case OF Colorado and Southern
~as Of course explainabIe by the an
nouncemelIt ID the columns Of The SUN
this morning. which later in the day
assumed official form. that the Chicago.
Baxlington.a QHincy Railroad Company
bad acquired possession of a controlling
interest In the Colorado and Southern
properly. The significance OF this event
10 it practical bearing upon the stock
market Is that 1t proves that the recent
advance In at least one of the low priced
shares has been due to sound and sub
elantial reasons, and there can now be
but little doubt that in other cases. notably
IN those Of the Wabash and Interborough-
Metropolitan companies. an accumulation
Of Aeeurities for a definite purpose has
been going on. 1t may be said that
speculative interests hostile to the market
endeayored to make out that the special
weakness Of Union Pacific stock to-day
was due to evidence of supposed sin
ffing6ment' by the Hill interests upon
those Associated with the name Of MIR.
Hartman. through the purchase of the
Colorado and Southern by the Burlington,
which in effect brings the Hill lines into
any halfway territorial conflict is involved
IN the affair is, 1t Is almost needless to
say, absurd. Practically the only news
lof the day aside from the Colorado and
Southern announcement was that con-
tained, ip the figures of the weekly state
mbnts of the banks and trust companies,
palblished after Stock Exchange trans
actions-wer at an end. These figures
we're highly interesting, They exhibited
. decrease in bank loans in the statement
OF fkaot0al conditions of more than SIS, ,OoO,-
p0e, being the largest ever shown at any
ore time in the record Of the banks
prpner. This decrease did not. however
represent an actual liquidation in the
i7nancial community as whole, inasmuch
as he loans Of the trust companies in
cresasf by si6. .46e 900. AS the amount
Of bank cash exhibited on account of
special opera tions which are matters of
cnmmon knowledge decrease OF nearly
Sf7, ,0O0.0 900, the bank surplus fell to a
little more than SIC. .o0o, 900, a sum which
for tho first7 time IN the present year
unfavorably with that of many
pf4YiQns weekly statements at this season
but which is still In excess of the surplus
IN the last two years. But it cannot be
too often repeated that the true way TO
gauge the existing monetary situation is
'hfbaRhi an observation of the current
'nxzs for the use of call and time funds. |
E definitely proves an easy money situa-
sion present and assured for an indefinite
time to come.
While financial developments this week
hive not been of extraordinary import
asioe they have still been somewhat more
numerous than usual and the week as
! whole has been more fruitful in this
lffE than for some time past The one
stock market factor of the period was Of
sosErses the heavy drop in the price of
american Smelling and Refining common
stock owing to the dispute between the |
company and certain oonsum-
Ing interests regarding the adjustment
nf contracts for smelling during the COM
Ing year. which eliminated in threats
Dn the part Of these consumers TO build |
new smelling works of their own. II is |
manifest that controversies Of this nature !
are just at this time not infrequent in
he business world. 1t is the season
Fhsn yearly contracts are entered into.
md now that plans are being laid for the
Of business on a larger scale
han during the last twelve months it
3 natural that good deal OF jockeying
,f che kind described should go on. A |
notable case in point has been the long
Itatding difference between the steel
manufacturers and the railways over
he price and specifications for steel
,ails, but this difficulty has been at last
ldiusted, and the Pennsylvania Rail-
Dad Company's orders for steel rails
,laced during the week will undoubtedly
,e, az they always have been in the past.
he fcrerunner OF large orders from tho
aiIWhy organizations. One very fav orable
:enpening of the week was the decided
in the condition of winter
vhBAt. Beneficial moisture prevailed over
no entire winter wheat section, and ac-
lording to all competent authorities |
! Universal condition OF betterment is
O. bes noted in the case of this valuable |
ropsr Early in the week came the pub |
Ioation OF the Cove: nment's total figures |
i the grain crops this year. which con-
ais1ed no surprises. But reviewing these
lgaires and comparing them with those
4 fAforrner years an interes ting deduc-
ion that cannot be avoided Is the fact
hat 1.-The aggregate volume of our grain
rops holds now about constant from
ear 10 year.; that is to say il does not