The sun. [volume] (New York [N.Y.]) 1833-1916, 1906-05-16

Uffhn stock mafhet to-day raa 10 huNhl
~ n tecaH,s evident NJ the Gloss ~ last
we-k fbat The buyiaa N atecks ~ baahiha
ant ather substantial mteFessa following
ne rersnf samt- psHlehy decline IN pfiors
We fnf fhs tifne heina arrested and That ~
the marhst had fisen relatively Hlfuuat ~
sharply ~ II Rsd isciihs,i N vas ~ q euHs
ai,lsrshls etient irpfived n The protection
N . ahoft interest and thus strongly IN
vited realization salsa lerins that The
accumulation ~ sturha by tho great cap
i'alsts sts prosecuting NJ laas, ~ n siowef
faea and that terhnirnl cphdit lunH IN every
Wv invited q f%eHrtinn IN prizes profes-
siunai atecIlafors fur 'tufha' either Tor
the siae w the fan made haste w aell s'0rhs.
and . fall IN the market thus hfwighi shout
ran inoherted hat saturday and yes'rt
dpy and to-day up ~ midday had attained
Considerable prufnfttona Tho market
opnnei tn.dav ~ n slight recovery from
yesterday closing quotations hut after the
frat ho'f ~ business again sold m ~" do
clinina movement eliminating In what bore
every appearance ~ beinR n speculative
Flid A. this 'ifna q decline had hcnn
engineered from the highest pricoa ~ tho
day averaging yer two pointa In Tho stand
ard railway aharrs and running Ia ~ and
81 points respectively In the Great Northern
and Northern Pacific stocks, After this
the market remained dull for q time. and
then upon general appreciation 81 the fact
that tho attack upon values had failed 20
induce any considerable liquidation re-
covered with much hriskness. Closing
pricps showed generally small advances and
declines rather misCellaneously scattered
through the li=t Of securities.
BUSINESS on the stock Exchange to-day
was obviously for the most part ~ profess
sional origin and the market ~ n whole
was a pretty unintercstlnE affair. " was
at one time sought to construct a bear
argument" out Of the fact that the quar-
terly dividend Of 81 a share, az announced,
on the Standard oil stock was a reduction
from the dividend rate Of the preceding
quarter OF SIS a share. But the force OF
this plea was speedily dispersed when IT
was recalled hat the Standard Oil Com
pany's quarterly dividend as to-day de-
clared was the same az last years distribu-
ton for the corresponding period, this also
being NJ IA rate lower han that for the preced-
ing quarter. The selling Of stocks was,
moreover. supposed TO be influenced by the
official PRONUNCIATION OF the news that the
Pennsylvania Railroad Company had sold
$50. OOO, 900 Of its short time notes to a firm
of bankers. but this incident 40 far az il
was used to affect the market adversely
proved a feeble weapon For some days
mast il has been rumored that the Pennsyl-
vania management in the present borrow
ing was to pay extortionately for its money.
and it was even definitely declared in Wall
Street last week that the new notes would
be sold pom a 8 per cent. basis. 1t was
disclosed to-day that the notes-which
run Tor eighteen months and bear ~ per
cent. interest were offered to general
buyers so as to yield but 4.e9 per cent.
The notes were quickly resold 10y the
ranking house that purchased them and an
announcement to this effect in the early
afternoon undoubtedly had much to do
with the strength Of the stock market
thereafter. II was also learned on trust
worthy authority hat the method OF pay
ment upon the notes would be arranged
as il has been on similar occasions in the
past-so as not to cause the slightest dis
turbance in the money market. The most
important developments OF the day were,
in reality, the heavy rainfall over the State
OF Kansas and throughout the Southwest
and a further decided weakening in rates
for the Use Of time money, While there
have been recently no acute fears Of damage
TO the wheat crop by the lack Of moisture
In the territory described, something of a
drought has been prevalent here, giving
rise to stories OF injury to the crop from
dust storms, &c.; and had this continued
its effect would undoubtedly have shown
itself in both the grain and stock markets.
The rain yesterday and to-day in Kansas
and Oklahoma which efectually dispersed
the drought conditions was therefore
very welcome. Time money to-day loaned
for ak months at ~ per cent and for
periods carrying over the first Of next
january at s per cent. Lenders, too,
accepted ~ per cent, for sixty and ninety
days Use of funds; and banking houses
generally reported that the cause Of the de-
cline was a heavy movement of money
to this centre from the interior sections.
or routine occurrences in the financial
district to-day mention should be made OF
the Northern Pacifio's report Of an increase
in gross earnings for April Of nearly $500 900
and the publication OF the New York City
Railway Company's statement for the
March quarter, which, although still show
ing a deficit, exhibited IA deoreas 40 in this
item, az compared with the corresponding
quarter a year ago, Of $500 900,
No. yE-.t A,uA GaInp Ia. 2