The sun. [volume] (New York [N.Y.]) 1833-1916, 1906-06-03
TWAseiAL AVD e0WSsHr'aE.


Ths haTfeuiae tepdruey n tbs ao~h
assrkes, shlsh lratife No inactivity ~
apNsulatfys tnslnN hss lem hutie~ahi"
dHgine ~ Werk stH h1afH plainiY per-
ospeitie tSadty art sitisrtsh ~ Nafte'
Wea s,Hl atsuiu'eiv atseHina dull aud "
fegulag NsNg a'rsus made eunafieFfhl"
advances TN .nafFrt WanifHatly NJ
Nsed ~ eanafti fmtuiss Nv ~ upetfi
dlrsctiun ffjsr q fiar y = points m ~ Ptul
enumou stpeb nnst ~ vhlob Nas r%e'alnet
~ thr ciUe ttm m Nv pfeytieot impression
that the 81 paut e~auraby's plsn N AhHne
he Nv Western r. ttersipr ~ W leaat NJ fIlH
me mNt,ey fnf ihs preliminary k0fH IN
SasVaI IN pualhua NJ ittoHs Nv 'h~ cuss,
WauiI sppn 10 tht nuncei snd souli 10
Nreb ~ ~ elvc ~ ihr conpady'a shtfe.
hnlipfa iaiflv larer Hltsrfip'iuN 'fiah,s-
~ hsw tsstiea " sNturttrs NJ M NJ Tho
hesf approarh ~ tipr time N this annou8cra
neht n concerned stecuittors may 10
mistaken. fpf thrre ars substantial reas1na
fof helievihg thnt althnuah thu plan may
10 promulgated In The oufrrnt month, the
fnattef viii Ircutne news nctfer M end
~ the north than tho present tins N II,
however. accepted ~ certain that Tho ~,
Paul WiI raise tho money " ncgds by m
INAfN " w INR VNlNllNII HHFN w WFffHNFlFf
stocks and bonda. aud that a GoUd portion
81 Theses will 10 offered To Tho ~stOckholders
on favorable terms. Glss-e- "a IN tho
value ~ The rights were many to-day,
and varied from 10 Is per c"nt. computed,
~ course. upon tho par valu" ~ the present
~. Paul common and preferred shares.
This form ~ financing II no doubt par
ticulariy adapted 20 the SO Paul'a needs.
The road stands In magnificent credit and
lie stock has become heavily concentrated
In recent years In the hands of wealthy
capitalists who are unduestionably firm
believers In the future ~ their property.
They will therefore be more inclined and
will be more able than the stockholders In
many other railroad corporations 20 sub
scribe TO tho new securities issued by the
company rather than sell their subscrip-
tion privileges In the market, The only
actual development to-day having a bear
ing upon the market was the weekly state
mont Of the Clearing House banks, and this
was largely on-oommittal. Tn supply
of bank cash increased 81 ,128, 100. or much
less than was estimated yesterday. pre-
sumably because the large receipts OF money
from San Francisco coming near the end
Of the week figured only 10 a small extent
In the ban return. As the loans of the
banks increased 81, 1852 400. the bank surplus
remained practically unchanged from last
week. The only other incident OF the day
deserving Of notice was q break In Greene
Copper stock on the curb market, for which
the trouble at the company's mines in
Mexico, as detailed in the morning papers,
was sufficient explanation. Especially
strong stocks to-day in the regular mar
ket besides st. Paul common were Colo
RADIO Fuel and Iron. Tennessee Coal and
Iron, Texas Pacific, American Ice and
Anaconda shares. All the Wabash issues
rose upon renewed stories of the maturity
of the ~refunding plan looking forward to
the retirement OF the Wabash debenture B
bonds. Brooklyn Rapid Transit stock also
displayed irmness on account of the large
volume OF summer trade that is developing
over the c%ompany's lines.
The stock market, taking the week as a
whole, has been one Of great inertia, with
commission house business playing a very
mall part in it and with even the profess
sional trading element manifesting q desire
to temporarily retire from speculative
ventures A noteworthy fact about the
market was, however, that a creeping
upward movment in quotations was evil
dent, although in a dull market the price
Of stocks usually tends slightly to recede.
There were two important occurrences
during the week that might very we'll have
stimulated more active buying Of stocks
than actually took place, IL speculative
temper had been less inclined to lethargy
following the more or less sensational
fluctuations in prices since the earthquake
in San Francisco. One Of these was the
dissipation by a heavy rainfall Of the So
called drought over the winter wheat belt
which banished al ground for anxiety up
to the present time regarding the seasons
winter wheat harvest. Accompanying this,
too, were numerous private estimates Of
an increased acreage and improved con-
dition of the cotton crop. The other was
the transfers OF money here in large sums
from San Francisco, which may very we'll
mark the beginning OF the return Of the
money withdrawn from this centre during
the last six weeks for the purpose of fortify-
ing the position of the San Francisco banks.
Up to the opening of business this morning
over $4,000 had thus been sent back
from the Pacific Coast and it was made
known that the Treasury Department had
agreed to provide facilities within the next
forty-eight hours for the Geographic rams
fer here of at least IS, 600, 0OO more. On
Monday the local holidays that have for
weeks past been promulgated throughout
California will cease and the banks there
will begin to transact business in the usual
way. All this makes more optimistio tho
view entertained in local banking. circles
of the Immediate and future money situa-
ton.