The sun. [volume] (New York [N.Y.]) 1833-1916, 1905-05-14
FINANCIAL AND COMMERCIAL.
8 ruopAY, May Is.

from those OF an Ordinary bAlufoAy uhAl
holiday. There was the usual reduction
6f business and end Of the week profit
fading. London houses turned sellers after
their recent rather active buying. Prices
opened somewhat lower than they closed
yesterday, rallied and chen became steady
falling again toward the close Of the mar
ket, so that final prices we're generally
at declines There was continuing pressure
for patent reasons upon Consolidated
Gas stock and kindred issues, and an ad-
verse influence appeared 10 be exerted
by a published statement attributed TO
President Earling Of the Chicago. MIL
wEukee and st. Paul Railway Company in
which he definitely declared II was the
Intention OF the st. Paul oImpany 10 ex-
tend its lines 10 the Pacific Coast and gave
details Of the program. On the other
hand. the market derived support from
q prevailing impression that at the long
deferred annual meeting Of the Northern
Pacific stockholders to be held next Thurs
day some light would be thrown upon the
reasons for the recent extreme strength
Of the Northern Pacific and Great Northern
preferred shares, a story receiving some
credencs being that it was the intention
Of the Great Northern and Northern Pacific
companies 70 retire by an issue Of stock
the collateral trust bonds put out by
these companies in 1901 by which provi-
sion was made for the purchase Of con-
trolling interest In the stock OF the
Chicago. Burlington and Quincy Railroad
Company. After the close Of the market
amour cement was made Of a proposed
Increase Of the stock Of the United States
Rubber Company, looking forward 10 an
acquisition Of a majority interest in the
stock Of the Rubber Goods Man ufacturing
Company a transaction that has long
figured prominently in Wall Street gossip.
The weekly bank statement was hardly
up 70 expectations, showing an increase In
loans OF t7595OOO, decrease Of nearly half
a million dollars In cash holdings and a
decrease in the bank surplus Of 32,Ol6, $50.
As the bank surplus now stands, however,
above the seasouable average, and the plain
tendency Of money rates Is toward lower
figure, the bank return was wholly without
market Influence. There figured in the
statement, Of course, a part payment by
the banks 10 the s b-Treasury during the
week on account Of the Governments call
upon the comtry's depository institutions
for SIS 900 900 Of public morey 10 he paid
into the Treasury on OF before the 18th irst.
The only other incident Of the day worthy
Of notice was the report Of the New York,
New Haven and Hartford Railroad Com
pany for the March quarter, exhibiting a
deficit Of S4i7.224.
Specific developments influencing the
stock market during the week we're not
many and prices seemed to be moved more
by the internal condition OF the market
itself than by anything else. There was
at the opening Of the week good deal Of
disturbance on the European bourses,
caused by the evidence furnished by The
Suns correspondents in the Far East that
France was grossly stretching In favor Of
Russia a proper construction Of the duties
Of neutral nations in time Of war. The
French Government first denying the
truth Of the cabled dispatches concerning
the acts Of its officials as described, has
since practically admitted them to be true.
The contingency, when these facts became
known, seemed not at all remote that Eng
land In fulflment Of her treaty obligations,
might be compelled to intervene, il only
IN q diplomatic way. In favor OF Japan
and this led 10 a small connection in the
London stock market that, coming on the
heels OF the fall in prices here, was eK-
tremely unwelcome to spectators for the
rise in London and accumulated the hquida-
ton that was going on in American Sc
curities. But the trouble soon passed,
mainly, It seems, because the Russian
vessels moved out Of French waters and
French federation Of their presence became
ancient history. Then came President
Roosevelt's speech at Denver In which be
roaffirmed in the stoutest way his determine
ton to secure, II possible the enactment
Ct a law giving power to make railway
rates to the Interstate Commerce Com |
mission, and declaring that he would not |
accept any compromise bill from Congress |
on the subject. Had this announcement |
been made a little earlier. and cot at a time |
like last week when the influences making |
for depression in the financial oommu- |
nifty were already waning II would have |
shaken the stock market a good deal more |
than il did, for everybody In Wall Street |
has been given to understand recently that |
the Administration would meet the rail- |
ways half way in the matter and ask for |
something less than the passage Of q law |
entrusting authority to a Government /
agency 10 make railway rates. At present,
however Wall Street seems content to ret
In the understanding that the EXTRA session
OF Congress at which the matter will be
threshed out is almost FIVE months Of, and
the current impression is. very clearly, that
whatever the wishes Of the President may
be In this regard no such drastic law a. he
talks OF will be passed. Whatever un-
favorable effect might have attended the
Presidents speech was largely counter
ba anc,d, moreover, by the Presidents
delivcranco almost at the same time Of a
vigorous r,buke, one Of tho most PRAISE
worthy uttrranO's in his career, 70 the
epres natives Of the strikers who sought
20 obtain from him Assurances that the
United States troops would not be called
uTon in case Of nccr ssity 10 suppress vio-
lencc and disorder In the city Of Chicago.
The Chicago strike, it may he said. seems
tobe pet ring out, lCavinga well nigh oonn-
plste cessation Of labor troubles through
out or country.
The reduction Of the dividend rate OF our
two great LEGAL gas companies later in the
woak appeared TO DO heeded by Wall Street
net ct all. Tho action was unexpected and
ar,ov-,. f.,r,, L., v-t,.- ~