The sun. [volume] (New York [N.Y.]) 1833-1916, 1906-05-06
FtyaNuil az foVMrRrIlL.


W H'H Ut. '|
to-dty, end WA greatly taipnt naturally,
W. the nrts itut fsanaft rrunsH.s had
bfevsisd lf fbr nntf motto min"ra' crov"n.
ilpn ~ trmf..n. resulting W - irriai"n On
lbs esfI NJ fHH mI.f. fu' Zoo Frhr ~"
a,esi su'ifyits fsbtnc ~ flia deciaion
go. ~ euufs. fhst IL 0nI .'ei Tho silliha.
besa n iba miners l1 r.. i1Hir pfes'ni
sSreemert W h fbs Hf.. t. nv . frri0d
NJ ahotbst three frsl ITh arnma ~
bhviaia tho fHiaaII.H. .tfiHn m IN"
sntbfsefsn aaiHn untI II" n"u rrrai.
Hebtlnl 4irffI4p Tis ff .Hfa - Hroha
vre, Beyond fta Bssa advances rarofded
81 tho clpan ~ trs rBt,oI yrHeflav AMI
Inc tmttoveweni .r .fasilttiye nrilmnnf
eaa msintairrI uuII fNa sIHsr ~ luHinraa
The upward movement vaa m0a' pro
nSissed, inov.'ably M Raa,ira oomin"n
atock brth boz rta l NJ Nv" tc'rprl" ~.
n0inosurni ~ Scranton nni brraus' steon.
laflve commitment fur No inclnr IN ~"
efooh. had brrn u.usInIly rstrnind IN"
Oafnald report uI Nv" standard Ol 'on-
eany. and Inc rra .idDnt q mcasnar ARROW
panying II, vqs MT In any way . market
factor. a'rpsa boius InHi rn"r" than any
thing elsa upon tho Official recommendation
81 tho Prrsidcnt 10 Congrssa, nov for tho
ffsi time madn. that IA" Rsf prohibiting
pooling arrangements On tho part ~ rail-
way companies should b" repeated
Whether definite action along this line IL
likely ~ be taken ~ ~" prc'"nt session ~
Congress IL, ~ course. douhttul in view ot
the fact that an adjournment ~ Congress-
oannot be very far away, but II seems proh-
able, or Mt least " was ~ considered In wall
Street to-day, that the antl-poulinR laws now
on the Federal statute hooks are mcaHhrnhly
certain 10 he abolished In the no, far distant
future. There Va, a feeling of encourage
ment also over the fact that although tho
passage Of a railway rate making bill by
Congress nj the current session II arpar-
entity unavoidable the grant ~ authority
20 the Interstate Commerce Commission
90 make these rates will he 80 hedGed about
with broad towers Of review by the courts
a. 10 make arbitrary or injurious action
by the Interstate commerce Commission
regarding railway interests very difficult
of accomplishment. hat acted in a way
favorable to the security market more
powerfully han any of these factors was
The u~nuuestionably more oItimi-tic view
taken by bankers and Others regarding the
money situation. Time money az the
week closed displayed a distinctly softening
tendency, and the prevailing conviction
IN the financial district appeared to be not
only that further large sums of money
would be drawn from Europe in gold i'm
ports, but that the outgo of funds TO san
Francisco was practically at an end, and
that the banks in California which have so
enormously replenished their reserves in
the last fortnight will find that they have
taken more money from the East than they
can use and will soon send back a large
portion Of ii. There are. it is true, indica-
tons that in England there ia some demur
ut the large shipn ents of money to this
side, and 1t was said to-day that concern
was being expressed in London over the
fact that the recent advance in the Fank
of England's minimum discount rate from
b. to 4 per sent had not proved ef1cacious
In stopping the outflow of gold from the
London market. On the other hand, now
that the ] ussian loan has been so well
taken and the May day troubles in France
have passed away, the great French banks
are adopting a more liberal Policy In the
way Of retention OF their money supplies,
and, attracted by the high rates of interest
ruling for the use of money here, are willing
to part with no small amount of gold for
our use.
The weekly return made by the Clear
'ug House institutions to-day was, on its
face, ~unfavorable. but the construction
almost universally placed upon it was that
Il represented the condition Of the banks
as being weaker than the facts warranted
and that the actual status Of the banks
to-day would be more clearly shown in
next week bank statement than in the
one issued this morning Although yoster-
days admittedly confused forecasts Of the
bank return pointed to a cash gain by the
banks OF between S5 ,00o 600 and 80, 900. 900,
the official report to-day was Of a loss OF
a, 800 COD. As was the case last week, tho
bank loans increased, although a decrease
vas logically expected IN view Of the liqui-
dalton in the stock market, No doubt the
loans extended to the San F ~nncisco banks
and merchants, and he In gathering of money
by the trust companies on tho first Of the
month, in compliance with the now law
making provision for the kaepinS Of cash
reserves by these institutions. figured in
no small degree IN tho Clearing House
exhibit. We'll Street was 40 exercised
during the week over its own internal con-
dition that il paid very llttle attention to
various developments that under ordinary
circumstance would have affected the
stock market considerably. One Of these
was the suit brought by the Consolidated
Gas Company in the United States courts
TO test the general const tutionality Of the
act OF he STATE Legislature IN reducing
the price OF gas in thi city TO 50 cents. This
act, as many people were not aware, went
so far as TO penaii4e the company If 1t en-
deevored to avail itself OF it's legal right
TO appeal to the courts for a judicial con
struction Of what it declared to be an unjust
and confscatory law directed against it.
The Supreme Court Of the United States
has held in a seemingly parallel case that
the imposition of penalties Of this aort
was void. II would he a matter Of some
interest IL it should he discovered that the
State Legislature in its proceedings against
the Consolidated Gas Company had virtually
nullified its own acts. Another very inn
portant occurrence Of which little was heard
IN the financial district was the paralysis
Of traffic on the Great Lakes owing to tn o
strike Of the Longshoremen s Union. Re-
suits Of a most serious character 20 the
general business interests Of the country
are threatened IL this strike should be pro-
longed.
New York Stock Exchange SaleS May 4.
CLOSING PRICES OF UNITED STATES ioSps.