The sun. [volume] (New York [N.Y.]) 1833-1916, 1906-05-18

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,oha tim", . professional mrs throughout
There vas nothing particular IN The nees 70
etpiain eish~f thH sudden hufat ~ strength
IN tn anthfncits shafeH IN tho morning
~ tho weakness In tho general lsst IN TIE
afternoon One theory Tor tho notable
advancp In tachawaana stock wRa thHe
ihasmuch ~ by tho bill nos fendinE IN
Congress, which will, presumably, soon
hecoma u lac. railroad comf anies VIII
not 10 Permitted 10 carry on III husi'
neat ~ mining or selling coul, tho Iacha-
%uanna's coal lands would IL fclrghted
10 tho ownership ~ u separate company
whose stock would b. parcellcd ont 10
tho etistine iackawanna shareholders on
favorable terms. All thia. ~ cours". In
wolves a pretty FAR look into tho future.
There werr In tho afternoon vague rumors
that a perturbing announcement regarding
the stock market 81 some sort or another
waa 10 be made at Washington. hut none
of these materialized The pressure TO
cell Pennsylvania stock depressed the
market as much "a anything else, and this
appeared 10 no almost Of wholly speculative
order. Operators for the decline affected
To lay much stress upon the testimony
brought out yesterday at the investi-
CATION bang conducted by the Interstate
Commercr Commission into tho relations
between the Pennsylvania Railroad Com
pany and various small oDal mining oom-
nanies. Facts were indeed developed
at this hearing tending to show that undue
IA had been extended to some Of these
ooal mining concerns, chiefly In the matter
Of furnishing oars for Use when needed
by subordinate officers Of the Pennsylvania
organization but bear speculators in
their haste TO constrIe all this in as black
a light as possible forgot the important
fac that II was not shown at the investi-
CATION that the Pennsylvania Railroad
Company as such had countenanoed the
practices complained Of and that II was
obvious from the very circumstances OF
the cas- that these practices would meet
with no sterner r~eprobation anywhere than
from the mana cement Of the company.
National Lead stock sustained an extreme
loss of @ points to-day. a portion Of the fall
being recovered before the close OF bust
ness upon the news that the directors OF
the company had decla red a quarterly
dividend Of 1 per cent. upon the common
sha res. Exa ggerated stories ha We for some
time been current that the Lead common
stock would he placed upon a 8 per cent.
basis, but no semblance Of authority has
ever attached to these tales and in all well
circles no greater distribution
than az to-day directed was in any way
looked for. There was an effort to make
pessimistio capital out of the fact hat a
further shipment Of 81, 227, 900 was made
from this city to San Francisco to-day.
The nm tipnal Ia he md an win pS ha nkA n re.
IL seems, to open for business in San Fran
cisco in about a week, and some OF these
institutions appear to be taking unusual
pre- cautions to render themselves strong
against any possible demands that may be
addressed to them, Considering the very
large drafts upon the Eastern centres that
the San Francisco banks have already
made for this purpose such additional
transfers of money to the West as are nov
ma king are not a little surprising. So far
all this has any bearing on the money
situation, however, the fact remains clear
that money here is working easier daily.
There were further concessions to-day In
both time and call money rates. rhe strong
est features of the stock market to-day
were the Amalgamated Copper, Reading
and American Locomotive common stocks.
for the buying Of Amalgamated was
far to seek in the practical certainty
enlarged dividend distributions upon it
in the neal future, while it is entirely posi-
bic that the accumulation of American
Locomotive stock had reference to the
formation of a closer alliance between the
American Locomotive and General Electric