The sun. [volume] (New York [N.Y.]) 1833-1916, 1906-08-05
|. RxMANO1AL AND COMMERCIAL.
RAGuApA1l AuR. 4.

q RAGunph1y Aue. 4.
9aD maz1st to-day showsd . tendency
to Gag PREVIOUS 10 the publication 1t the
bank sta&ozneuA, on aooounb OF che w1de-
spread expectation that che 6gurOs would
show contraction Of the surplus ressEve 10
an unusually small volume for thdsl season
Of the year, There was no eIOat pressure Of
stock, however; and both before and after
chs publication Of the bank statements
~Aioh bore out tho general expectation -
to tho size Of the decrease In the surplus
reserve, tho market displayed q strong
undertone, and Just before the close o smart
rally occurred In some Of the leading Issues
on the covering Of traders shorts. Reports
from Russia were favorable, but in the abb
scnoe Of O market In London the Street
WA deprived Of one OF It's most reliable
indications Of the real condition OF affairs
In eastern Europe. Foreign Interest IN
our market was smaller than on any other
day during the week. Production of gold
In the Rand amounted 70 about 100000
ounces for tho month Of July, this being
q nav high record. A call has been sent
out for the annual meeting Of St. Pau
stockholders, to be held at Milwaukee on
September 20, but II 10 not likely that this
meeting will be called upon to do anything
in connection with the financing OF the
Pacific extension, az the management al
ready has means at Its disposal in the $685.
900 900 treasury stock and unsold bonds
of existing Issues. Apparently authentic
"details OF the plan to merge and
Michigan In Hooking Valley were pub
liehed, and according to these Hooking
Valley stockholders will be asked to author
ize an Issue OF $50, O00, 900 Of new bonds, OF
which OH ,Ooo, 900 will be used to retire tho
pseferred stock, the remainder being re-
tanned for future ~refunding and better
ments. A new Issue OF stock, all OF one
kind, to the amount of 3ls, $50 900 will also
DO authorized for the purpose OF exchange
for tho present common stock at par and
for Kanawha and Michigan minority stock
40 90, Kanawha and Michigan majority
stock will be cancelled. The basis Of ex-
change for Hooking Valley preferred will
DO sllO In bonds for each share of stock.
these figures bear out reports current for
several weeks and it is expected that the
plan will be officially announced In a few
days. The strike at the Boston and Mon
tHQA BLnelt6r dt SToat CaAhD chtoN ASV
hours after 1t was declared.
The decrease In surplus reserves Of the
associated banks brought the surplus down
% $14,122,6 76, which, although low, is IN
excess of that shown ct the corresponding
date In 1905, 1902 and 1899, when the totals
were S12, leS, 525, s0,oSl ,25o and $4,000
respectively. Only q small decrease was
shown in cash, the loss to the Sub-Treasury
being apparently Offset by further receipts
from out Of town in payment for the Panama
bonds; but there was an increase OF $751;
1900 In loans, rejecting the activity In
the stock market during the week and the
inclusion Of the figures Of the State Bank
for the first time In the statement. An
nouncement Of an intention on the part of
the legal department Of the Government
to proceed against a number Of railroad
companies for violation Of the Safety APP
plianoe law had no effect. as the principle
Of the measure has been universally ap-
proved for years, 30 that the only cases Of
Noncompliance are probably where there
has been soms physical difficulty IN the way
Of eecuringsthe appliances or Of attaching
them TO existing equipment. The days
volume Of business was small, q Wills
practically all the active stocks showed
declines on the day there was no evidence
Of any important change of sentiment in
conservative quarters. Southern Pacific
showed notable frmness and closed with a
fractional advance on the day, communi-
eating some OF its strength to Union Pacific
just before the close. Efforts to break
the price OF United States Steel were not
very successful. as good buying was met
With on the decline. Color ado Fuel was
under pressure, as was Anaconda. but the
latter recovered a good part Of It's loss in
the last few minutes. Expectation of action
on the Union Pacific and Southern Pacific
dividend questions and Of a very favorable
Government crop report on Friday next
were strong sustaining factors In a market
which, with allowance for the usual charao-
ter Of trading in q half days session in mid
summer, behaved pretty well. The grain
and cotton markets. were weak.