The sun. [volume] (New York [N.Y.]) 1833-1916, 1903-06-01


all the railroad stocks. vt. Paul and Penn
sylyania stocks are now we'll within this
range. New York Central and North
western and some other stocks are still
above it, but they represent ownership IN
immensely valuable but as yet undivided
equities which must be considered in their
purchase price Southern Pacific is not
yet paying any dividends: but at $50 a
share it is selling below the figures at when
the control Of the company passed a ie"
years ago. and 1t includes, too, the worm
Of the expenditure out OF gross earnings
in the period named Of between S25 COO ooo
and $40 900 900 in the permanent improve
ment of the property. Missouri Pac'ic
| is now selling but slightly below per
/ cent. basis and there is every reasonable
| certainty that the Missouri Pacific divI-
| dend will be enlarged within twelve months
| Baltimore and Ohio Is In the same cate
CORY. The attitude OF the banking ana
| great capital interests seemed last week
| to be of no disposition 10 "bd up stocks
| or even 20 support them especially under
| the bear attacks. but to let the short sell
ing run its course and to buy steadily at
a fixed ratio as stocks we're offered down.
The bear operators were. in other words.
selling in to scale, process which
may be continued for fairly long ''ne'
but whose end is invariably attended with
much discomfort to those who indulge IN II.
or unfavorahle conditions the continued
dry weather in the eastern part OF tho
Middle Atlantic Statesman having fallen
in the Western portion the delayed plant
ing Of corn and spring wheat in some
sections and the failure OF bank loans
here to show any reduct on, despite the
stock market liquidation, are the weightiest
that can be mentioned. The matter last
mentioned i, Of less Importance than it
seems because it has beell brought about
by the paying off Of loans made abroad 10y
means Of money borrowed here. by the
transfer of trust company loans 10 banks,
as u usual al this time. and by tho duplica-
ton in the bank loans caused by the hor-
rowing for corporation purposes. such as,
for instance those Of the Pennsylvania
Railroad. The Pennsylvania company is
borrowing money and issuing new stock
at the same time. When payment il made
for the new stock the companys bank
loans will he paid Of. Competent author!-
ties in the iron trade say that too much has
been made of the recent cut in pig iron
lHcS aver 'fld' won ilNS S'lNl uIl'
naturally high price in the last year owing
among other causes, 10 the stcppage Of
supplies Of coke for Inc iron furnaces
which resulted in sort Of iron famine.
Prices made on such basis we're abnormal
and their reduction is not sign Of over
production in iron. Al the weeks end
the labor situation in tho country is very
greatly improved and the truth Of the
observation continually mad" by eyp0ri-
enced observers Of labor matters, that with
the end of May the strike fever throughout
the country would ahate. has been very
soundly att"sted. In nearly all the les
that have suffered from cessation Of work
on large scale by tn" employees Of the
butcher. the baker and the candlestick
maker the men have returned To their
occupations. In this city he great build
ing trades strike is over. or will he in day
or so. while the freight handlers strike at
Chicago. in which Wall Street expressed
more concern than in any other, will now.
as seems very clear. he averted by mutual
concessions made by employers and men.
DANIEL +, KELLOGG