The sun. [volume] (New York [N.Y.]) 1833-1916, 1906-06-01

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nv mo tH ivfnrs miIifify W The stpch
ttehnnfr truenfei Nv c~9heentfiir w .
fos titrhs such. Notably ~ the ~ Ftui,
Northern Pacific Gfsli Northern preferred
illinois, ,rntfal md touisyiiie and Nash
vilir shares t%icnlinga scrc 1luu relatively
animated IN Concentrated Cms toloftdn
Flol and Iron. t'niied aiaies stool, Allia.
Chalmefs and other industrial s'poks, hut In
tho afternoon mo market hecame stagnan'
and finally. perhaps more by renson ~ a
mere profit taking movement h from
any other oause. declined rather sharply
Tho Pennsylvania Railroad shares l"d IN tho
fall, and their weakness vas accompanied
ny a story that negotiations hy the manage
ment " the company Tor the snle ~ 80 ,non,-
mn short term notes IN Paris had been
broken IN. This story wac authoritativoly
stated 20 no untrue. hut II wns learned from
trust worthy sources that thcre has been
up ~ thia time something ~ a popular
misunderstanding " the status 81 the trans
action in question. II has been commonly
supposed that the pennsylyania's sales of
It's short term notes to Paris bankers was
some time ago definitely concluded, hut the
fact Ia that the arrangement referred to has
not yet been settled. although II IL thor
oughly believed in we'll informed quarters
that the loan will, in due course, be taken
by the Paris houses with whom dealings
in the matter have been had.
No doubt, alao. the lAte decline in the
market to-day was assisted to some extent
by the fact that at the monthly meeting
Of the directors Of the ST. Paul road to-day
no announcement was made concerning the
plan Of the company's financing In order
to raise money for its Western extension,
of which there has been lately so much
talk. All the gossip was in the morning
on the Stock Exchange that the plan was
to he promulgated to-day, n when the
expected action was not taken spectators
were naturally more or less disappointed.
All ,h,D ,.itnl ,,urs NJ tha 1n ~ waG IN NnFuhln
to the market. Such splendid reports of
railway earnings for April were re-
ceiyed as the Rock Island record for
the combined Rock Island and st.
Louis and San Francisco systems OF a
net increase of SAC, 600; and OF the Illinois
Central's net increase for the same period
of si37,OOO. Consolidated Gas stock was
helped by the refusal of the Supreme Court
in this state to entertain a motion looking
forward TO placing the court in opposition
to the stand already taken by he Federal
courts In temporarily restraining the en-
forcement of the law fixing the price OF
gas at so cents a thousand feet, Up to the
close OF business So, 400, 600 had been trans
ferred during the day by telegraph from
San Francisco to this city, while the local
banks at the opening of business reported
a gain from the Sub-Treasury on account
of similar operations thus far in the week
Of s., 2Ss, 900. In addition to this it was
learned that inquiries were making by San
Francisco bankers at the Treasury Depart
ment as to the facilities that would be
afforded them for the transfer Of money
here at an even more rapid rate than to-day
took place. There was further pronounced
weakness in the grain markets, caused not
only by good crop news. but by the collapse
of recent speculation for the rise in this
commodity. Heavy rains occurred over
the Decoration Day holiday in Eastern
Missouri and Illinois n other portions
of the winter wheat belt where complaints
of drought had still persisted. Statements
that the earnings of the Brooklyn Rapid
Transit Company yesterday we're the largest
Of any one full day in the history OF the com
pany were very properly beneficial to the
price of the company's' stock in the market,
while the announcements that a previous
importation Of gold by a local banking
institution from Australia Of 81, 10000 had
been increased by $500, 600, and that the Gov
eminent, on account, presumably, OF the
plethora of money here, had discontinued
its policy of re lea sing money against gold
imports, were certainly not matters that
could give rise TO pessimism.
49,,