The sun. [volume] (New York [N.Y.]) 1833-1916, 1906-05-20

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lIoAtlon NJ the weekly bank stateInsnt DID
not uaur a Ripple n ssoitsment. Hank
cash Inoraaes q iistls ovsr tsB 050, o change
not far fran yesterdays estimates, which
had, In fact, iudloated q dscreass In cash
Of about ths same amount An lnorUaso
Of Ols, 00Oh non In the leans was doubtless due
In part % some ~ the numerous complicA.
tlona attending recent felationNo OF the Sub
Treasury and the local Cieannk HOUSE In
etltutiona and IN part Ia the taking up by
tho banks Of maturing loans made by for
eign houses. This surplus reserve, a. the
net result % all this, decreased In round
numbers q. 1000, 900, but still stands at q
larger figure than that shown ct the corrs-
spending tins last year and In several
years recently.
Less excitement was exhibited by the
stock market this week than in any similar
period since tho San Francisco earthquake,
and the market tended to grow dull as IL
logically should following the perturba-
tons Of the last few weeks. From the
point Of view Of the general business out
look tho leading developments Of the week
have been the impulses 70 all legitimate
business operations given by he warm
weather and subsidenoe Of labor troubles,
the enormous prospects for businss for ut
least twelve months ahead that 10 opened
before ths iron and steel mills and the bril-
liant promise to date made by the seasons
crops, while Wall Street has been interested
more than anything else in the continual
lowering Of rates for call and time money,
the weakness Of sterling exchange, the indi-
cations Of an early adjournment Of Congress
and in the discussion concerning the Penn
s~ylvania Railroads current borrowings and
tho relations between various subordinate
officials in the Pennsylvania management
and different mining concerns a. disclosed
In the Interstate Commerce Commission
investigation It Is needless to say that
the sum total of all these developments has
been fundamentally favorable TO vahles.
With regard TO the money situation IL can
only be said that 1t certainly seems az II
money rates were rapidly tending to moro
or less nominal figures. A potent factor
hero Ii the extremely amiable disposition
exhibited toward our country by the Euro
pean money lenders, who, as witnessed In
the fall Of sterling exchange, are not prees-
ing for the return of money recently put
u by them. Indeed the feeling seems TO
be In foreign financial circles that our ooun-
try, in view OF the San Francisco disaster
and Of the enormous volume OF business now
being transacted by us, has claims for the
time being superior to that Of n other
nation upon the worlds money market.
Pessimists naturally ~endeavored TO make as
much capital as they could out of the Penn
sylvania disclosures. The fair oomment
upon these revelations seems to be that
while they imply the existence in the case
Of one Of the country's leading railway cor
porations Of practices which it had been
supposed had become virtually obsolete in
railway management, they are utterly de-
void Of bearing upon the financial status Of
the company in question and indeed illus
trate, 30 far as the Pennsylvania Railroad
Company is concerned, that the most inn
portant question that troubles it is how 10
take care Of the enormous amount Of bust
ness that presses upon lie facilities for
accommodation.
Nav York Stuck EXCHANGE Sales Ma 10,