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The sun. [volume] (New York [N.Y.]) 1833-1916, April 17, 1905, Image 8

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THE SUN
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MANKKiifl IIA y AMI unnurnn unnurnnBARING unmm unmmn unmmBARING n
BARING MAGOUN GO GOIS
IS Wall Street New Vork VorkForeign ork orkForeign
Foreign Exchange ExchangeLetters exchangeLetters
Letters of Credit CreditInvestment CreditInvestmcnt
Investment Securities SecuritieEnglish SecuritiesEnglish
English Consols Coughi and Sol SolDEWING Sold Soldrtn
nd Allnn ror rorIAIUoO
IAIUoO rtn IInllIII A CO 1ld loadoa loadoalUu
lUu m IEAIIUU I CO 11010 11010DEWINC
DEWING DEWINGRUGGLES DEWINCRUaCLES
RUGGLESCo RUGGLES RUaCLESCO
Co CoMEMBERS
MEMBERS NEW YORK STOCK EXCHANGE
30 WALL STREET STREETNEW STREETNEW
NEW YORK YORKDtpBilli YORKPepo
DtpBilli Pepo I ntcclfvit 9 Jblect bJct I a Draft DraftIntetMl DrartIDI
IntetMl IDI AJIowed on Uftllr Dati DnUaCM DnUaCMINVESTMENT DalaDeINVESTMENT
INVESTMENT SECURITIES SECURITIESJOHNMUNROEGl SECURITIESJOHN
JOHNMUNROEGl JOHN MUNROECO
30 Pine St 4 Post Office Sq SqNEW SqNBW
NEW YORK BOSTON BOSTONLETTERS BOSTONLETTERS
LETTERS OF CREDIT CREDITto
to Sterllnr Franca and Dollara DollaraCOMMERCIAL DoU DoUCOllERClAL
COMMERCIAL LETTERS OP CREDIT CREDITUIUS CREDITIJIUs
UIUS OP EXCIIANOB ANU ANUCADIE ANlJCADIE
CADIE TRANSFERS TRANSFERSMUIMROE TRANSFEIUMUNROE
MUIMROE CO COliCE
7 liCE SCninK PARIS PAIU5II
0 U Piymptoa T A Oardlair W WI1cX1UIAo WI1cX1UIAoPlympton I ItcKiiin ItcKiiinPlympton
Plympton PlymptonGardiner PlymptonCardiner
Gardiner Co CoDAMCnilS CODA
DAMCnilS DAMCnilSConservative DA IElU IElUConservative
Conservative Investments InvestmentsLIST
LIST ON MKQfBST MKQfBSTlt nrQtIsTrmber
lt rmber ratxr Ntw N York Stxk St > Ck Eiebaoc Eleho
27 WILLIAM ST COR EXCHANGE PLACE PLACEChicago PLACEOhicago
Chicago HEW YORK Boston BostonDONALD BostODOIIAID
DONALD OIIAID MACKAT tlA CIt A T Cewprlilnn rIloc
MtmWr Mew Ih Yerk ti < BMU mi rltj 11 of oflh oflhIMk Iki Ikilixk
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C TROVVBRIDGE HOLLUTIR CO COmi COu COP
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F W KENDRICK KENDRICKMackay UNDalCIMackay
Mackay CoM CoMBankers Co CoBankers
Bankers BankersNassau BankersNaSSau
Nassau and Cedar Streets New York
13 Congress Street Boston BostonDealer BostonDealers
Dealer in U S Government Bonds and andother andother
other Investment Securities SecuritiesDeposits SecuritiesDeposits
Deposits received and interest allowed allowedon
I on balances subject to draft at rght rghtrUrv ght ghtM
M rUrv Verne v to Ox PhiUAWU Nod < i > I > to Pa
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WmAReadCo WmAReadCoBankers W m A Read Co CoBankers
Bankers BankersMuntxn
Muntxn ol th N Y and Boston Stods Eichinget
25 Nassau Street New Ne York
43 3 Slate Sued 205 U Sails Stre StreBOST04 Street StreetBOSTON
BOSTON CHICAGO CHICAGOMaryland CHICACOMryland
Maryland Telephone Building BuildingBALTIMORE BuildinaBAL
BALTIMORE BALTIMOREInvestment BAL TlMORE TlMOREInvestment
Investment Securities SecuritiesDeposits SecuritiesDeposits
Deposits received and Interest allowed on onBalances onBalances
Balances subject to Draft at sight sightCommission sightComn
Comn Commission ssion Orders executed in all th thprincipal thl thlprincipal
principal Markets MarketsCtw MatketlQu
Ctw D Earner EarnerJ Jay Cooke 3d 3dCbu 3 3Horau
J Horict Hirdloj Cbu bas S Phillips PhillipsChasD PhillipsChas
ChasD Chas D Barney Co CoBANKERS COANKERSANDBROKERS
BANKERS ANKERSANDBROKERS AND BROKERS
25 Broad Street StreetIXEW streetIEW
IXEW YORK YORKt22
122 South Fourth Street StreetPHILADELPHIA StreetPIlILADELPUIA
I
PHILADELPHIA PHILADELPHIANWHALSEYGO PIlILADELPUIAN
NWHALSEYGO NWHALSEYGOBANKERS N W HALSEY CO COBAN
BANKERS BANKERSBonds BAN CERS CERSBonds
Bonds for Investment InvestmentInterttt InvetmntInbrut
Interttt Ailowrd on Deposit Accounts AccountsFitctl AccounFilell
Fitctl Agents for Cities and An Corporations Corporation4g
49 WALL ST NEW YORK YORKPhlidBphia V ORK
it PhlidBphia Chhap Chl aJ San Francisco FranciscoHenry FranciscoI
I Henry Glows Co CotiANKna GoIIArn
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keiiht Ibt and avid oldLetters I ILetters
Letters of Credit CreditItsued
Itsued arailnble the world orld over overMi oycrTtftpllMt
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PUBLIC SERVICE CORP CORPCOLD
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THE Tll 1 FINANCIAL SITUATION SITUATIONTu SITt ATIO ATIOThe
Tu The overage price of wouritlf ha haonco hu huonco
onco mora returned return nearly to tho big bigKlnt high highIMlnt
IMlnt Klnt that It touched six wrokn ago go and th thfact the thefnet
fact liidloatoa that tbo nwlllenco of th thmarltot the themnrltot
marltot ban broken throuub nil the effort effortnmita dTortllmnde
nmita to restrain It hat tho main tendnno tendnnoof tendenof
of iho market la atlll j owrrfully > upwan upwanuml upnrd upnrdand
and lint probably now hl hlRh h record wllbo Will Willbo
bo attained on tho present Ilrro < ent movement movementLwt moemont113t
Lwt week oerUlnly witnc < i 8d cd a genulni genulniand grnulnonnd
and general rjvlvnl of epeeulotlve on onthunlaum onIhuall1 >
thunlaum Ihuall1 > lm and It must bo admitted thai thaigood
good 100 < 1 croundH for this feeling existed e 18trd 1 1would It Itwould
would bo hard to find a time In the hiaton hiatonof hlsloryof
of the pant when everything wemed < t tbe to tobe <
be no working for our countrya flnancla flnanclaand financlnlnnr
and nnr buslnoH wellbeing a U at present presentTo
To begin with wo are entering tho ecnoi ecnoiwith ecl1JOnwith
with a proi propoot > ect for a production of our ouileading ourItnlling
leading oeronli thl IhlA year nr that hojt novel novelIwen noerheen
Iwen e iuallccl < True we w are only at th thbeginning tho thobtltlnnlnR <
beginning of tho crrp year ear and It l III reason reasonablo reMOnnhlu
ablo to oi oXlect > ect that Iwforo th end of Ihi Ihiwwon IhlI4MOII
wwon thonltogetlier brilliant outlook that thanow thatnow
now BUindn will Im somewliat hni hnpalrt > alre > < l lAnd lAnd
And yet tho fnct remnln tlmt a 470
000000 bushel winter wheat crop IH loom looming loomIng
ing up and that tho ppring wheat seed seedIng sccdIng
Ing ha hM l hoen > oen twothirds cximplcted m man at atIIn
an earlier data and under more favorabli favorablicircumstances fnoralloc1rcuDUltancoe
circumstances than hna ever been told o oWore of ofbefore
Wore in tha traditions of the groin gll n trade tradeOf tradeOf
Of course there la general realization nov novof nowot
of tho changed position In which the agrl agrlcultural agricultural
cultural bunlnoM in our country count stand standoa
oa I1 compared with that of former years yearsOreat yearaOreat
Oreat as I1 our wheat crop possibly may tx txthis be bethis
this year e4r we shall export comparative comparativeilttlo comparatJnlyilllio
ilttlo of It We have pawed pnllll < < l from the claM clasiof claMof
of nations which are mere producers anr anrshippers anlt anlthlppolll
shippers of foodstuffs and row material materialInto materialInto
Into the higher rank of n commercial manu mnnufactoring manufoclurlng
factoring and trading country whose great greaiand greatnnd
and busy population consumes practicalall practical
all tho food It produce We are when whenEngland wheroEnglnnd
England was eighty or ninety yeare ago agoat agolit
at the threshold of her wonderful career carceiin careerIn
in the modem business busln world Our ex exports exporta ¬
ports from now on may be less le e In bulk bulkbut bulkbut
but they will be greater In value than tbej tbejused tbeyullud
used to be The foodstuff and otbei otbeieoarno otbereOnrllA
eoarno and raw products of tho earth earthwill f4rthWill
will be transferred by our Industrial geniiu geniiuInto genlUIIInto
Into articles of a more elevated grade ol olwealth ofwellth
wealth and In the exports of these tb article articlewe ortlclllllWe
we shall find a larger profit than we did In Insending InIICndlnjt
sending abroad our wheat and corn In the the70s tho7o
70s and SOs This situation will naturally naturallylead naturallylend
lead at times to such speculative move movements movmenta ¬
ments In tho price of raw materials as has hasrecently h hrlCntly
recently been seen lleel here particularly In the thecurrent thecunent
current attempt to cornoT como tho May wheat wheatoption wheatoption
option in Chicago Dut such purely gam gambllng gambling
bllng operations cannot check our pros prosperity protI ¬
I perity and nature usually sees 11 to it that thatthese thatI
I these deals bring about their own cure cureand curennc1
and punishment Wall Street was Inclined Inclinedat
at one tlrno tlmel45t last week to consider con lder the Chi Chicago Chicaeo ¬
cago wheat corner or rather the threatened threatenedcollapso I IcollllpllO
collapso of it as something of a danger dangercloud danlOrcloud
cloud In tho general financial situation situationand situationnnd
and it seems probable that those who were wereconducting Wereoonductlng
conducting this operation did find It ad advisable ¬ I IIsablo
visable to sell a good 00 < 1 many securitleo that thatthey I
they were carrying for the rise with the Idea Ideaof Ide Ideof
of reenforcing re < > nrorclng their bank ank account In COBO COBOthis 00lIOIhla
this was called roll tI upon to withstand a drain drainHut drainlIul
Hut this selling proved pro1 < 1 to bo the last and andfinal andflnnl
final test of the stability of the security securitymarket I Imarket
market Itself Accompanied as It was wasby I
by the announcement that E H Harriman Itanimanliad I
had been dropped from the directorate directorateof
of tho Northern Securities Company Compnnyan an anevent I Iecnt
event which under ordinary circumstances circumstanceswould clrcumetnocswould
would have caused a S or 4 point break breakIn I IIn
In Union Padflo stock and havo dealt the thewhole thewhole
whole market a heavy blow blowIt it yet only onlyserved I IIlerv
served Ilerv tI to disturb prices in the most trivial trivialway trllalwn
way wn The one thing that Ixxaime l > tCIlme most in inevidence IneTldenoe
evidence when the market began to decline declinewas I IaII
was aII the eagerness of people J1EOptewbether whether pools poolsbanking pool8banking
banking interests or large professional professionaloperators prore5llonnloperatolllto
operators operatolllto to buy stocks In other words wordswhen wordswhen
when the market was mot mo t weak it showed showedthe howedI
the greatest strength A formidable buy buyIng buyIng
I Ing movement immediately started and andthere andi
i there are no signs yet ot that this movement movementIs
Is over overAnother
Another great general reason for the theadvance thoad8noo
I advance in value U l of cour courl < e the pros prosperity PJOjperlty ¬
perity of theorem Ihe Iron and uteel trade This Thisi
i lit a hackneyed hackne d subject but hackneyed hackneyedor
or not It is none the less a topic of mar marvel marvel ¬
vel It is all very well to say that tho thoIron thoIron
Iron business 1 > u8In U good and so forth but buthow huthow
how many peoplo actually appreciate what whatIs
Is going on In thl thU respect Jurt now nowalmost nowolm
almost olm t every blast IJI lit furnace In the United UnitedState CnltldHtnlll
State U I under full operation Only hero heroand heroand
and there In a scattered Inotanou In lanN U there therenn
nn Iron company having a alllack Htack idle Tho Thoofficial Thoomelnl
official figure of the production of Iron in inMarch InI
March I rch made public last week Qk nhowcd nhowcdan
an output of pig Iron accompanied by such sucha
a decrease dICTNI O of reserve stores of iho com commodity commodity
modity as to prove a current conumptlon conumptlonof
of 2000000 toiw a month or at tho rate of of2J000000
2J000000 teas a year rar Hucli a vnt 11 > 1 uue in inour Inour
our country of the great product whote whoteconsumption wh o oounumpllon
consumption HIM at the Uvo of most of our ourmanufacturing ourmanufacturing
manufacturing balno htw hitherto been beenunheard n nunhlanl
unheard of The ore producers and ore orecarrying oreoorrylng
carrying railroads have it IH paid made madearrangement madearrnncemlnt
arrangement to nhlp from tho mining miningregion miningregloni
region thU year from 31000000 to 33000000 33000000ton 3 oooOOO oooOOOtOil
ton of tho ore 0 aa a compared compa with 20000000 20000000ton 20000000lono
ton In 1002 the year In which the largest largestshipment larK t tIIhlpmrnli
shipment were provlou prolouly ly made Tho ThoIxvt ThoIot
Ixvt thing alxxit all this moreover I < that thatIt
It It not coincident with a runaway market marketin
in Iron and stetl III I prices a IUI has been the theoa
01 oa < o before at Much period of activity In Intho Intloo
tho trade Hero U where tho great in influence Influenee ¬
fluence of tho United Stato Stat Steel Corpora Corporation Corporation ¬
tion has suocovfully IIUOOG < lfully exerted c erled Itself namely namelyto
to fo restrain tho upward tendency of Iron Ironand Ironand
and steel price that consumption would wouldnot Wouldnot
not 1m checked and that import on onany onany
any lmx Importnnt > rtant ccalo of Iron and Hteel Hteelfrom Iel Ieltrom
from Great llritaln and other oth er countries countrieswould countrlwould
would not be mode Wo must not wonder wonderIn
In view of the th e facts that the shares of all allour 011our
our Industrial Indu trial companies are very try Htrong HtrongIn trangIn
In tho stock market The maintenance of ofuch oflIueh
uch a pace 1400 as I las been described dl > CrbC < i in tho thofundamental th thfunc1amenlal
fundamental branches of the trade moans moansthat moaDltIhat
that the llne dealing d03l1n with the various variousmanufactured variousmanufacturod
manufactured products mu t also be doing doingin doln dolnnn
in exceedingly ex < XC < ilnglY largo largunnd and profitable business businessIt
It Is well known that most of these conoemi conoemiliave
liave 114 f orders for o full fullllix six months business businessmd bUlllnelnnd
md some of them have a longer period periodihead periodahead
ahead It teems eem under all these drcum drcumitancefl tircumslnnOtfl
itancefl almost Inevitable that the United UnitedStates Unlled8taloe
States Steel 8toollltocllll stocks especially the preferred preferredihares preferredIIhares
ihares should sell higher than they now do doUnited doUnlled
United States Steel preferred stock lias liasgrotty hnapretty
pretty well demonstrated the fact that year In Inmd Inond
md year Mr out It Is good for Its dividend dividendPeople dividendIeoplo
People who bought tt when It was flrot tlr t Issued Issuedmd lIIauedand
md raw It decline In price now seeing It Itigaln Itnsaln
igaln Belling higher than Ih n it ever did be beore before
fore ore find their confidence In the property propertystrengthened pro1rt1IStrenlhtmed
strengthened and renewed and arc buying buyinghe buyingthe
the he block for investment on a Urge scale scaleAt 8C8leAt
At tho present price as a security yielding yieldingloarly IoldlngnNlrly
loarly a full 7 per cent annual return It la laettalnly Iacerttnly
ettalnly a tempting purchase and there Is Isittle IIIUttle
ittle doultt that the stock Is being put away nwayn
In n strong bcxrx In pretty continuous fashion fashiont
It t It reasonably certain that this Ihl stock will wille willbe
be > e ono of tho9 tho chiefly dealt in by the now nowrust nowtrmt
rust formed In Paris 4ris under such powerful powerfultanking poworlurbanking
tanking auspices to deal d I In American ne nelurities liecuritloe
lurities luritiesA
A mighty factor too in our stock mar martet market
ket tet at present is the near approach of the thelUtrlbutloa thedlatrlbutlon
lUtrlbutloa br th Northern Securities Bocurlt1C11JI
JI
4
Comparer to Its tookboldert aft r man manpostponement mny mnypoetponemel1u
postponement of the Northern PftcW PftcWnd Paclftoand
and nd Oret Northern preferred atocks hcli hcliby held heldby
by Its treasury It baa beep the ccmmoi ccmmoipractice common commonpractloe
practice to regard thU event as o dlssolu dlssolutlon dlaaolutlon
tlon of the Northern Securities Company Companybut CQmpRnybut
but of course tha company oompnDY may continue contlnudoing continuedolna
doing business as usual the compulsloi compulsloionly oompulAlononly
only resting upon It to rid Itself of posses possesslon potItICIIalon
slon of tho railway stocks IItocl that nave been beeinamed beennomod
named Wall Street believes and believe believelogically bcllevlfIloglooll
logically that this affair will be tb tbprelude tbe tbeprolude
prelude to a rearrangement rc of rallwajnffalrs rallwaj rallw4Ynllnlra
nffalrs and a general effort toward rail railway miluay
way consolidation in the Wost There wll wllbo wUlbe
bo plenty of special developments m mdoubt no nodoubt
doubt auch as in effect the proposed 10 10per 100 100I
per cent stock dividend Uaued by th thGreat tho thoOreot
I Great Northern Railway lIwlY Company to Iti Itishareholders 1111 1111ehueholdera
shareholders the essential motive bohlm bohlmthis boblndthl5
this being obviously a desire to distribute dlstrlbutiprofit distributeproCt
profit to tho Great Northern stockholder stockholderIn
In some other way than by the direct dlrecbut directbut
but Impolitic method of putting thi thistock thotock
stock on a 13 per cent nt basis It cor cortalnly cortalnly
talnly looks as has been stated man mantimes lnany lnany11mIll
times In this column as If tho Union UnloiPacific UnionPAcific
Pacific Company was establishing a com communlty comI
I munlty of Interest In the West similar aim liar t tthat to toI
I that which the Pennsylvania Hallroac HallroacCompany lallroodI
I Company has accomplished In tho East Eastand Eastand
and no one should be surprised IIUrpri ed If the Union UnlotPadflo UnionPncifio
Padflo turns up some day in as strpnf strpnfif
if not as direct control oontrolgf of tho Atchlson AtchlsonCentral AtchillonChIcago
ChIcago and N orthwtllten St Paul UllnoLs UllnoLsCentral
Central and In due time the New York Cen Central Centr1 ¬
tral railway raUwa companies as It now holds tbi tbiSouthern tbeSouthern
Southern Paclflo railway system Gossip Gossiphad Oo aJp aJpbad
had It at tha end of the week that the St StPaul StPaul
Paul was wa not likely to build to the Pacific PacificCoast PacUloC03t
Coast In whatever whate Ol way that much die discussed diecussed ¬
cussed plan turns out ono thing that eeemi eeemirelatively eeemrelat
relatively relat voly certain Is a that we shall have B BhUtory ahl
hUtory hl lory making epoch In the railway world worldIn worldIn
In the next few months monthsThe monthaTho
The money situation with us U a undoubt undoubtedly undoubtedly ¬
edly easing although any term Implying Implyingthat Implyingtbat
that this situation has been other than thaneasy thaneasy
easy for two years U a misnomer Yet Yetwhlla Yetwhll5
whlla oaJl money rates may not fall below belowI
3 I per J > Cr cent It does not look as though they theywere th thwere
were llkoly to rise much above 3 per cent centfor oontror
for a pretty long while Everything U Utending L Ltendlnlr
tending to keep money plentiful pl ZlUrul In Wall WallStreet 411 411Street
Street Money Is returning here from tho thoWest tboWoet
West after ths April disbursements d1 hureemona Money Moneywill
will 111111 be > 1 taken In by blhe the Government from the thebonks Ihebank
bonks In May and June but will be imme immediately Immdlately ¬
diately disbursed dlllbur ed again while the release releaseof
of Government bonds owned by the banks bankswhich hankswblch
which will accompany the redeposlt of ofmonoy ofmonoy
monoy In the Treasury will cause the bank banknote banknote
note circulation to Increase Money Is Ischeaper I Icheaper
cheaper now abroad Iban ban It is here and andBI andI
BI I J the foreign bankers are pressing their theirloans theirloans
loans here upon borrowers and sterling sterlingexchange torllnge
exchange e here Is declining Money oney Is even evencoming evollcoming
coming from the Klondike this year sooner soonerthan lloonlrthan
than usual owing to the early spring season seasonIn AtllaonIn
In spito of fears to the contrary the report reportof
of the condition of all the national bankin bank bank4tho
in the country on March 14 compared with withtliat withthllt
tliat of about the some dato last year yearshowed
showed an increase Incr during the period of ofcash ofcallh
cash reserves re enCS held by these institutions institutionsTha
The statement of our export trade for March Marchpublished MarchpubllAhNI
published last week madn a much more morepleasing moreplooslnlt
pleasing showing than that of Its predecw predecwoors pn > dOCM dOCMora
oors ora for some months back Shipments of ofwheat ofwbeat
wheat and flour increased only moderately moderatelybut
but cotton exports ex porta rose very erydecldedl decidedly owing owingof
of course to the larger taking by foreign foreignspinners 1 1eplnnelll
spinners at the present relatively low rango rangoof mnjttof
of prices for the staple while as regards regardsgeneral rognrdsgeneral
general merchandise e the total excess of ofour
our exports expor l over imports waa almost as asgreat
great aa It was in March last year ear and andgreater
greater than it was In 1BOJ l1 12 In n the Russo RussoJapanese RU88oJapanOllO
Japanese War a great naval battle Is ap apparently ¬
parently about to be fought but there 1s 1ssmall IsBmnll
small reason for any anyone one to think that the theresult
result of tho affair will b be any an different than thanthat thanthllt
that of similar events in tho coureo of the thepresent tbeplOlent
present struggle struggleItlght struggleJUjtht
Itlght at the end of the week the Indica Indications IndicatloM ¬
tions seemed to be that the battle might mightnot
not bo fought quite as spnedily as 8 general genralexpectation generalexpectation
expectation has made out Finally flnall it itappears ItI Itappeara
I appears at the moment as If the Congres Congressional Cong CongIllonnl ¬
sional Investigation Ine tlgntlon of railway matters mattersthat maileillthnt
that is to take place during the summer summerIs
Is likely largely to peter out The most mostprominent mostprominent
prominent members of the Congressional Congressionalcommittee Conglll88lonaloommlttee
committee will not It is learned be present presentat pr ent entat
at its sessions elons and foars tliat the work of ofthe ofthe
the committee will be a disturbing dlsturbln factor factorfinancially factorflnnnclally
financially have disappeared from import important Importnnt ¬
ant quarters quartersFINANCIAL quartetllfIXAXCUL
FINANCIAL AND COMMERCIAL COMMERCIALItlLKOiU COllllERCIAI8UUtO0
ItlLKOiU AND OrBKR BONDS BONDSlllth OSDIlIIQh
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