The sun. [volume] (New York [N.Y.]) 1833-1916, 1906-05-11

agsa ssFUWGik In IN stoak mashst. " The
daailn2F vags more qelstly e5astsetad than
Yesterday, ~ apwafd apyVeBsenf " pFirss
Naa ntsge aGifsfnt. and tAsfs Wsss . laresy
hamhW " e~saasFvatiVe atsegvegs ~ haan-
eial matlaga vim b@aBs e8aStaepl lhat .
f~uadasguntal shaaes ~ M hstteE hsf
taksa piasH IN ths Hqaafal astuaeisa. Tbs
chisf 0ksiaetss In ths say N ths rising
teAfeesy IN Ibs magtss wes silhs The
t-aetlhagnsas ~ many spseHtatoFa Aha
levuHtsfs Nv hrfg at9cisa aad 'hs aatHSai
teusisBuv N ~eFofeauhnaI opsfHtogs fgs ina
dscliest ~ aHii seorsa aitsF sich = cs%ntiharua
advaacs Wisl8ttt fsteti9n ~ hes oeusefef
N Vai,1s4 aAcs lssf VESTS bfesh ~ Waa
NJ 90 IasteFdsy aad tn asy befofe,
tsadsFs ~ she cisaa Lee, nafnef made aaothsr
ea0Fe t8Hdsy ~ ~ prices dawn, ~ rather
ssaahe ~ tess NE atasiIlty n me marhee
~ tentative shost &ies Thla resulted,
IN the eafiles part n Tho day, In decllnes
IN prices avWFaeing perhaps half . point,
hot ~ shis levei . FIRM suppSst Sas an
counteEati and the market iiapisyedthrouah-
oWt the day . pgrEiatant and stiibbosn hard
nasa that indicated that interests popsss-eti
n M email financial ~fesources w~rs 40
~cumulailna asuueitlee This chafautev ~
the buyina WIS ssaIn emphaslsssi In tho
stocks that wers to-day strongest. These
were tho standard railway shares. rnion
Pacific. ~. Paul, Northwestern. New York
Central, psnnsylvanla aud tho like. There
ga a subsidsuo0 % that buying % In
d,Istrial shares which wna Yesterday un-
favofahIy commented upon, and the market
moved upward az a steady and sustained
pace that impressed everybody tina, watched
u. Not gains In prices, taking tho list of
securities through and through, wore rom
siderably greater than they wero yesterday.
Matters were helped In the first instance
by tho failure Of the directors NJ the Bank
Of England 10 advance to-day the minimum
ratio % Discount OF their institution, al
though this course had been generally
anticipated after the advance In the last
few days In the price OF sterling exchange
here, which manifestly relieves the English
money market from the strain recently
placed upon IL by the demands Of our bank
era. Another encouraging factor was the
d. lolution Of the short lived strike Of the
longshoremen on the Great Lakes, an affair
that seems 10 have been undertaken by the
men AZ tho result Of false prctences prac-
tised upon them by another and smaller
labor union. Wall Street has paid very
little attention to this matter, believing
that IL vas an unimportant affair, but the
possibility Of a prolonged suspension Of
traffic OF the Lakes has been regarded
very seriously in high business circles, and
a relief greater than is possibly mag ned
win be felt in these quarters now hat the
dispute has terminated.
Sterling exchange here to-day made a
fttrThar a1vapra nf paorly hnlf m nopf in
the pound and now stands al a point that
to this side, save those that have previously
been arranged for, entirely out OF the ques-
ton, and it would seem, indped, TO be a mat
ter for some consideration whether in view
OF the rise in exchange and the decline in
money rates here oil the gold that has
been engaged for our account In Europe
may be brought over. Call money to-day
was pressed upon borrowers In great album
dance, the rate at one time falling as low
"a ~ per cent. Most Of the days loans
were made below 81 per cent. more
notable still was the weakness that de-
veloped in time money, the rate for funds
for all maturities less than six months
being generally quoted at 5 per cent d, while
more than 81 per cent. was asked for
the longer periods. and the opinion was
prevalent In certain banking quarters that
time money might soon fall below 8 per
cent. for all dates. Optimism on this point
waa no doubt increased in some degree by
received from San Francisco
that q returning movement Of the money
shipped from this centre was likely
to begin. One San Francisco bank at
east notified a correspondent here that
81 SOC, 900 Of the money asked for by the
bank a fortnight z and that was remitted
requested was about to be sent back.
The reduction in the Brooklyn Union Gas
quarterly dividend rate from
. to 1 per cent. was, OF course, expected In
view Of the similar action taken not long
since by the larger gas producing concern
IN this city and wa without influence upon
The market. Whether OF not 1t was so re-
the most weighty new Of the day
was that contained In the Governments
May crop report, which was made public
n the afternoon. II was one of the most
documents from a stock market
point Of view over issued by the Depart
nent OF Agriculture. Not only was the
condition of the winter wheat crop on May
placed at OIL. As compared with SOL on
April 1 and 81, the May average for tho
asst ten years, but the reduction in the
loreage Of the crop owing to winter killing
his loss has almost invariably hitherto ran
lbove 2 900. 900 acres and has sometimes
double that quantity. The SUBJ
Of the report was hat a winter wheat
,rop is indicated only 7,7ti,Q 600 bushels
thar, n year ago. when the largest crop