The sun. [volume] (New York [N.Y.]) 1833-1916, 1897-05-30

AtchfnOn, q np..... llolNOr1Olk q w pr, n. SSN
Canadian Pacific. 8 Northern Pscino pr. sch
Chesapeake 4 Ohio. 81 Ontario q West.... 1dia
Erie con. Q o p...... 81 Pennsylvania ...... 8
Erie LIST pf.......... 31a Reading, 1t Q p.... pa
Illinois Central..... 90 st Paul ............ II
Kansas & Texas. ILL., South Railway. Oh
Lake Shore ........l6o South Railway pr. z
Louisville & Nash. g Union Pacific. ...... ~
New York Central. ! o 2 u wabash pf........ 49,
SATURDAY, May 20.
A number Of events, several of them Of moro
than ordinary Importance, have resulted in
higher prices for securities this week. The first
Of these was the decision Of the Supreme Court
that tho Interstate Commission has
not tho power to fix railway rates. This
was followed by evidence furnished by the
Senate that 1t purposes to dispose Of the Tariff
bill without the usual delays that attend the
consideration of such q measure. Then came
tho further setback that those who arc at
lacking tho anthracite coal companies re-
ceived in tho decision Of tho court post
poning the hearing as to the constitution
ality Of the new antitrust laws passed by the
last Legislature of this State. Other encourag-
ing developments were the favorable disposition
Of tho Illinois Legislature toward q number Of
corporation measures, including the Chicago Gas
consolidation and the so-called frontage bills, the
decline in foreign exchange and the consequent
cessation Of exports of specie. and. finally. the
assurances given by the Secretary of the Treas
ury, speaking definitely for the Administration,
that tho Government intends. as soon as the
tariff is disposed Of. to take up tho currency
question in q conservative and compro-
hensive manner. 1t is also to be noted
that railway earnings, both gross and
net, are showing some Improvement
as compared with the corresponding periods OF
last year. Imports of merchandise have fallen
-rAl
ment Of few weeks ago, and there Is q moderate
increase In the volume Of exports.
The Cuban question has ceased to DO O bug
bear. while the cessation of hostilities In the
Levant has impaired q more confident tone to
European financial markets, which is to an ex-
toni reflected here. Tho volume of general
business is not moro than normal. but
the trade reports agree that a revival
of activity simply awaits definite action
by Congress upon the tariff. The anthra-
cite coal shares have been q feature this week.
not only because of the announced determine
ton Of the managers of the coal producing and
carrying companies to test the constitutionality
Of the new antitrust laws. but because of o per-
ceptible improvement in the industry. Besides.
the decline in Jersey Central appeared to reacha
point early in the week that brought the friends
of that property to the support Of the stock, In
which a large short interest had been created.
As q matter of fact, the covering of shorts by
operators who have evidently been alarmed
by the manifest change In the current of
events and It's effect upon sentiment has
been chiefly responsible for the almost
universal improvement In prices this week.
There has been also. as already noted in
this column, a perccptible increase In the vol.
ume of commission business. Tho transactions
in bonds, as we'll as In stocks. have been quite a
little larger than those reported last week.
Tho trading on the Stock Exchange to-day
was comparatively animated and the tone was
in the main strong throughout. The greatest
activity was In the Granger stocks. and they
also scored the most important net advances.
c. B. and Quincy was exceptionally strong.
presumably in expectation Of n favor
able traffic showing for April, which is
several days overdue. National Lead also
scored a noteworthy net advance. and was more
extensively dealt in than yesterday. The only
noteworthy exception TO the general tendency
was c.. C.. C. and st. Louis. which sustained a
net loss OF 34 points. The traffic returns of the
company for tho first ten months of the current
fiscal year indicate that the dividend upon
the preferred stock will not be fully earned. 1t
Ia understood. however, that the present rate Of
dividend will BIO maintained for the current
quarter and that the previous surplus will be
drawn upon to supply the amount required to
make the usual quarterly payment.
The weekly statement Of averages of the As
ISOLATED Banks shows an increase of nearly
81, 800. 900 in lawful money. more than half of 1t
In legal tenders. All Of this money has. Of
course. como from the interior. together
with enough more to Offset tho amounts with
drawn on account Of exports OF specie. An
increase OF over ~, 800. 900 In loans, 1t Is under
stood. reflects special and temporary transac-
tions. Tho two changes noted are not fully re-
hected In the deposits. although they are nearly
G3. 800, 900 larger than last week. Tho net re-
suit brings the surplus reserve up to SIG, 8l6. O0O.
AS compared with the fnal prices Of last Sat
urday. the majority Of stocks are higher. The
more important net advances are In New Jersey
Central 4ss y cent; Chicago Gas. Al; National
Lead. 3is; Burlington and Quincy. 2N; Rock
Island, Gig; American Sugar Refining. 2ss; Atch.
ison preferred and Western Union. ga each;
Delaware and Hudson. 2ie; Northwest and Mis-
souri, Pacific. 2 each: Canada Southern. la;
American Tobacco and Kansas and Texas pre-
ferred, lA each; Northern Pacific preferred, la;
Omaha and st. Paul. ls each; Louisville and
Nashville and Reading. IN each; Southern Rail-
way preferred, l; Manhattan Railway and Ton
nessee Coal and Iron. 7s; General Electric. 81;
American Cotton OIL and New York Central, d
zach, and Atchison. q y cent. Tho noteworthy
not declines ara In Cleveland. Cincinnati. Chi
cago and st. Louis. "a y cont, and Baltimore
and Ohio. 2 v cent.
Final sales compare with those OF yesterday
a. follows:
Aay as. Aav col Nay 90. Mav 30.
A.T&sFs. lo% loE Nat Lead. 265 27ls
A.TAsFsp Ella 2lS Nat Lead pr Cd e4L
Am Cot OIL. Oh loS n W CON-, 1861 1914
Am s Ref ..lleS lleb n Pao com. lah lsis
AIMS Ref p,lo4h lo4h N PaO pf... 3sis asa
Am Tob.... 7oh va NY Cent, ..looh lL0r
Am Bp NJ. lot lokINJC Cent. 74b Ia.