The sun. [volume] (New York [N.Y.]) 1833-1916, 1905-05-07
FINANCIAL AND COMMERCIAL.


ket to-day reflected the very considerable
sTtinN1shment Of the short interest In
the market that was accom- lished yester-
o. dAy. Quotations for few stocks at the
opening Of business we're up 10 their yes
terday afternoons closing, and save In one
OF two instances this level was not, In fact,
reached at any time during the Stock TX
8, DANCES half session. The foreign markets
were heavy, because, II seems, Of the cir
culation Of what appear TO be unfounded
ulmors In Paris that NJ. Doloasse, the able
French Minister Of Foreign Anairs, had
aEain presented his resignation. An ad-
ditionAl cause for some slight depression In
the London market was, perhaps, the ap-
proaoh Of the fortniRhtly financial settls-
ment. Some sympathetic effect was per
baps produced in our market by a large fall
In the price Of Peoples Gas stock, brought
about BY an unexpected recon ideration OF
!. the measure passed in the upper branch Of
the Illinois Legislature yesterday, by which
the proposed cut in the price Of gas In the
-Sity Of Chicago was averted The probable
files concerning the action in the matter
that the Legislature will finally take were
very much mixed to-day, with the chances
favoring the enactment Of a law rather
hostile than otherwise to the gds oompany's
interests.
The AmalRamated Copper and Metro
politan Street Railway stocks were on the
other hand strong features Of the market
to-day, the one on account Of the indica-
tons that the Metropolitan company had
formed alliances with the Pennsylvania
and New York New Haven and Hartford
Failroad companies and the other by reason
OF the. widely dispersed impression that
the speculative position Of Anal gamated
Copper stock is now unusually well fortified.
A sharp bidding up Of Northern Pacific
Q stock, due apparently 20 the fact that the
back dividends upon the Northern Pacific
shares will soon be distributed, was without
market influence, and likewise small atteD'
ton was paid to the weekly bank state.
meat, which was OF moderately favorable
character. Bank loans we're reported as
decreasing nearly ts,OO0OOO owing Of
course % the recent heavy liquidation
IN the stock market, while bank cash IN.
creased 81 400 500, the net result being an
increase in surplus reserve Of a little over
S7OOoOO0. The general stock market to-
day was perhaps during the greater portion
OF the day Ietharagio rather than weak
In the closing half hour stocks were again
pressed for sale, the effort not being very
Sigoro1siy made but ssrVing to plaza final
prices pretty near tho lowest Of the day.
The security market during the week
has been Of the same hesitating and I'M
certain sort that It has been for some time.
leading financial interests seeming to hold
aloof from the buying side, at least In any
determined way, while spectators for the
fab continued their activity and were able
- 70 .foroe the sale Of a certain quantity OF
. stocks held for the rise on slender margins.
There Is little doubt that on Thursday,
when the lowest prices Of the week were
made and the lowest level was touched
since the market reached lie zenith early
. IN March. a pretty large line Of stocks Of
this character were dislodged, OF at any
rate were thrown upon the market because
Of the unwillingness Of the party or parties
holding them to carry them further Events
Of the week OF financial importance have
not been many and underlying financial
conditions appear TO be practically I'M
changed. The ease in money has become
more pronounced, 30 much % that there Is
talk in banking circles that II il continues
gold is likely to be exported at a not far
distant date. in view Of the undated deraand
in Paris for the yellow metal. This demand
is accompanied by repeated although not
urgent sa.es Of Sc curitiss 10 Lond N fr
French account, and by a sharp bidding
for new gold in the London market by Paris
bankers. Il Is regarded as probable that
London. IN view OF the lowering tender cy
Of money rates here, will prefer TO send
gold 10 Paris from this city by the 'tri-
angular operation In exchange rather
than 10 make transfers from its reserve
stores Of the yellow metal. Reason for the
fan IN money rates here Ia, Of course not
dihicult TO seek in the decided volume Of
stock market liquidation that has occurred
and In the increase Of the money circulation
10 the country as attested In the Official
statement thereof for the last month lately
Issued by the Government. The calling
n by the Government Of a large portion Of
the public moneys held by the national
banks has brought about the inevitable
result OF increasing the bank note cir
oulation through the taking out OF new
circulation based upon the release Of Gov
eminent bonds deposited by the banks
with the Treasury; while the increase Of
the country's gold production has likewise
swollen the total OF the general circulating
medium. Soon, moreover. the enlarge
rnent Of the circulating medium arisir z
from this latter cause will be augmen ted
by the receipts OF the seasons supply Of
gold from the Alaskan mines.
Such matters as the growing Government
deficit the teamsters' strike in Chicago and
the colder weather that has recently gen
orally prevailed have been very properly
regarded during the week a. having little
or no value as factors IN the security market.
The interference with business in Chicago
owing 10 the labor troubles may, Of course.
assume more Importance than Il hitherto
has done II these troubles 60 on unmitigated.
But the dehcit in the Government revenues
although unexpectedly large for April
can In way develop importano between
now and the next meeting Of Congress,
when steps will unqu"stiona1 ly Re taken 70
repair whatever losses Of this nature have
been caused; while the lower temperatures
Of tha week have done no more at the worst
than 10 check 10 soma extent the planting
Of corn and have probably b'en Of benefit
20 the winter VIII at crop In promoting its
stead and normal growth. The outlook
for winter wheat is, II nnyth'ng, more en-
oouraging than it has been at any tima and
the monthly Government crop report which
s-riIl ha u1ibliahed nR tive will a. IN bel ava 1