The sun. [volume] (New York [N.Y.]) 1833-1916, 1906-05-19

Rs,esV Vsay 10

W."
49, sss, atwhtf#t FHb m~rftsspyHilaa
iaeH N utassst tNd knifustipn IN = lsss
ylarrpus ~ ihtH fsstefisy baf aHi
stth atairisrt fifes q, elvs Ransfti "
~ ne H,aTHa'. = eri ruftlrN n ~ rfas
fsasloatl fftitee al@rusrs s-rsue' hra''i"
y, tai,isa ma fts sTmtpi ~ fs ~ y
sefsfesl mst Na mtfset hsi nu' - hah
.ua .est ssteli,r iter 10 trsrr' shafp
upsssi wHsemeHi fss SWING ihrse
orsrt'of, trrrBssi Nv W. ~irtNs ~ 'tE"
fte position Ub' tny erss' derlier IN rfic~S
wa h%srillv fn 40 etrse'e,i. hnf thsv
ettlpialnsi ~ tha mrs, rlti tht' 'erHnictl
conditions atlt,i ~ . f,li " . rnlrt W -
T. .nHIfty rrr's1jrHs Vievt ~ thia sor'
r.-rtr.ue npsrcinl matter, shuuld N
.mfs hIuliy no Iirninri ti'h no'i~',
lui yrl uaI ,r,ss ~ tho klti scra 'lr orlv
r..ttn f...s io tho wttbrt today n
IH, tfr.. u4 n nuslross -sluue rrrasnr'
,.p.enirttrd utsn retnsvivsnn stock
oatensiblv ar' opiv heraiise ~ NJ" dis.
closures ~ rrtiv rprrupfIor ~ shti srnnei
a. y. auch. made In tho c1ifse ~ N" Inter.
state totnmefre Comm iasion's investiEn-
ton n the relations hs,wpon tho company
and vafio,ts small rpal mining concerns,
hut hcciuae ~ rumors that further horrow.
lnaa ~ the Pennsylvania mans cement
were ~ Immediately follow this weeks
aale Nv tho milrpad ~ tSn Or.@H short
term notes ivory mo understands. ~
riufap. that tho e]spondiiu-ts - the Penn
-ylvnun ormtany m 49, great work ~
Improvement and now construction ara
nlt cnmrIo.sI. but " 10 wholly Improbable
that thrrr will hs ANY further borrowings
nv tho ruI IN 'hc rcHr future unleee, In
view ~ tho continual Increasing chespness
~ money. f.youhlr tenders regarding
now loans should loo made 10 the company
Iy banl1ng i~ntorests here ur abroad. The
weakness IN Pennsylvania stock this morn
ing synpathoucallv affected tho general
market and declines running to the extent
OF ahuut a point wcrr made in the frat hour
of hu-ircs, In the principal i~sr"-. After
tins and during the rest uf tho day thu
market slowly recovered thn greater part
Of it, carly Joss. So that final net declines in
price. we're in few cases more than small
fractional parts Of / per cent. Trading
was wholly without feature and seemed to
ba entirely composed Of the operations OF
that class II hahitual speculators who rarely
let a day pass without buying or selling
stocks.
II must ne said that in 40 far az there were
any financial de yelopments during the day
they were entirely on the constructive side
Of the market. Wheat prices declined on
"A further precipitation OF moisture in 500
lions where il wa needed in the winter
" heat belt, and although more rain would
not hurt in certain parts OF the winter
" heat territory. the feeling in we'll informed
circles in the grain trade seems to be very
strong that a decline in prices there. owing
to favorable crop prospects, is more likely
to occur in the next few days than an ad-
vance. One factor in the grain business
at the moment is, however. recurring proof
in various ways of the small stocks of
heat in farmerS' hands and ut the primary
receiving centres. 1t il evident that the de-
mands made by consumption upon the wheat
producing interests OF the country are
about as great as can be attended to, and
this therefore makes for higher prices; but
this from lie point Of view of the producers
and Of the railroad companies in their
territory is a financial influence than which
none could be more favorable, News from
Washington was to the effect that such
progress was making in the Senate with
the railway rate bill that a vote might be
taken upon the bill within t~wenty-four
hours, leaving the way open for an early
adjournment of Congress. San Francisco
sent encouraging reports OF the restoration
of commercial order there, and there was
a call to-day for the shipment through
the Sub-Treasury to the Pacific Coast OF
only 500 600. 1t was further stated that
the San Francisco banks were making
ARRANGEMENTS to procure from the Govern
ment SIC, 900, 600 of public money, which
would, Of course, lessen to that extent the
call for money from our bankers. Some
splendid reports Of railway earnings were
received, the Baltimore and Ohio announc-
ing a gross increase for April OF 1851 ,199,
and in net Of $447 ,5O4, the Southern Railway
a phenomenal increase in gross earnings
for the second week OF May of nearly
s16O, 900, and the Chicago and Great Western
an increase of $23 1893 in gross for the same
period. So, too, the forecasts Of the weekly
bank statement proved discomforting read
ing to SPECTATORS for the decline. During
the morning it was made known that the
loss OF the banks to the Sub-Treasury dur
ing the week amounted TO over SIS 900 900,
and 1t was not until the stimates of the
bank statement appeared that 1t was real
lied that this loss to the S~ub-Treasury was
only apparent and not real, The loss in
question merely represented the passage
through the Clearing House OF the imports
of gold received by the 1ational banks dur
ing the week, which we're Immediately COW
cred into the Sub-Treasury. The fore
casts of the bank statement were for a net
loss by the Clearing House institutions Of
less than a million dollars. DISCOUNTS were
easier to-day nearly everywhere in Europe;
while sterling again weakened here, and in
Paris moved favorable to the London mar
ket. There was, too, to-day n further bro
nounced concession in time money rates
here. Time money loaned at ~ per cent.
for ninety days and four months, while
lenders found it hard to get 5 per cent.
for loans running over the end OF the year.