The sun. [volume] (New York [N.Y.]) 1833-1916, 1906-06-08

lNVNHUNNg NNNH '
The general line ~ daily desnaFcatlon In
atock Esohanes dealines tina, has fpr SINE
~esHa paas besn . msttey n aotics VS.
aeain In svidsnes to-day In tho f%oteTaft
~ tho day tho mashes wss strong many
s'orhs making nsw hiah ocrdf ~ Tho
rsssent movement inshs afiernIun priorf
d%ecliHmi IN prpft iatlrs lssvihs however
aiibstsntial nei gains IN ihs ossr ~ netfly
III me active stnctt Tho unirrtinr ~ Tho
trading 80 Vigorous aud fsiliSn' mr. ugh
uuf and tho market very pefespNihty dis
plnvei y broadening fsndeney tpr Tho
nf4i time In many days rtWmiasipu hottsc'
fe1utted y distinct inrfrtae ~ interCtt Nv
ateuulatiph ~ thn general priiir and ~
enlargement ~ orders ~ The ptfi ~ theif
~istomefa Nv iny stt0ks Ye' ~ uauii
the iay %Witnets~i the drvclnpnrr' ~ ~
souatiiunal ~ ogrn important news ~.
footing yhliiru The foreign markets. were
lstless lntrrrii IN nnrncial matters m
Pafis s'll hring ourhcl hy tho hkclihr nd
that y Inv viii bc paascd In France ir
p,ains u taV up'n inc Imet From all tho
foreign financial cipiiala came q Repetition
NJ IN" familiar story ~ caaier conditions
IN tho money mqrkel accompanied ~
INV WV Nv wv N'flFNNN w NFAfNFlN III f'N
Tho risc In our market TO-DAY appatrel
20 take place In n grJup ~ aposa after
another, IN tho morning there was y fur.
thrr pronounced advance In tho linton
Pacific, southern Pacific. ~ Paul and other
standard railroad shares. which was fol-
lowed by large buying ~ tho United states
steel, Republic Steel and Iron stocks and
tho shares NJ several Of tho lesser steel and
iron producing nina. an exception
being. however, Colorado Fuel and Iron
stock In which liquidation after the rrCrnt
sharp rlae IN the price of the issue was
plainly in progress, Then the Reiding.
Delaware and Hudson and Amalgam1ted
Copper stocks we're IN turn the features.
All these stocks we lkened in about tho
same proportion when the market declined
in the afternoon.
While II Is understood hat there has been
a. yet NJ definite conclusion Of arrange
ments looking forward Ia the retirement
Of the Wabash debenture b bonds, which
have been long matters Of ~semi-public
notoriety. il il yet believed that these
t~iations nave reached practically "A satis-
factory termination, and that the scheme
that has been matured comprises the pro-
posed authorization Of a general mortgage
bond issue covering the Wabash property,
by means Of which not only the Wabash
debenture B bonds but all other bonds
of the road can be retired. with the net
result Of directing the revenues of the
company hereafter to the benefit OF the
stockholders. Call and time money rates
once more softened to-day, and as a natural
consequence thereof sterling exchange
.-o,, oJ,,o,ool nNo rnill;nn l,a b,,plrnI
and fifty thousand dollars more was re-
ceived by telegraph from San Francisco.
over $l3, 600 900 that has been cent
back from the Pacific Coast since the dis
aster there. 1t is impossible. Of course,
that this return Of money from the West
take place without placing the local
monetary situation in a better light. The
prevalence of rains in the Northwest was
to the fullest possible extent by
in the grain market as an argu-
for higher wheat prices, and under
Of thiss sort quotations of the leading
wheat options advanced two cents a bushel.
Properly enough, little attention was paid
to this in the stock market, nor did the
on the Produce Exchange COM
mand the support Of conservative people
there. Very seldom is it found to he the
case that grain, especially in the spring
section at this time of the year. is
hurt by too much moisture. Reports of
earnings to-day included the Great
Northern's exhibit of an increase in gross
Tor May of $7la 900 and Of the Fries decrease
gross OF 5000 900 changed into a decrease
net Of but $i3. 900, this saving being due
the ability shown Ivy the management
of the road to curtail operating expenses
turing the coal strike. Some years ago
sue h a reduction in operating expenses
not AVE been undertaken, but the
Erie. with many other railroad companies,
Ia now reaping the benefit of the money
spent along it's lines in improvements. 1t
this same large diversion Of earnings for
and for the virtual acquisition
If new property that is chiefly responsible
Tor the strength in the market at present Of
such stocks as the American Locomotive
and Brooklyn Rapid Transit shares.
In the case of both these companies the
book value Of their stocks has enlarged
enormously by reason of expenditures Of
he sort described in the last few years.
The power Of the companies to reduce their
operating expenses in good AND bad times
has been greatly increas. ], and will I
presumably lead to the distribution Of
initial dividends upon their stocks Nhe
American Locomotive PREFER ed stock hav-
of course, been a dividend payer from
tho heuinpinu\ in a short TINA 4