The sun. [volume] (New York [N.Y.]) 1833-1916, 1906-05-23

TNNaotN MbF 70
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aNd hpth ihriF vel vrty seli IN the Ia'rf
dHriiHe The story e1tfnrHonty tnlkeN atftIt
" MT generally aruetisd. accounting nv
the fiaH In this Rfottfs ~ aioeks go that IN
view ~ fecrrt lrgislHsiNn man ~ iiw roal
rnrfyinR fsilfuHd r%tntHhies hnd f~rsolve,i
" place Tho coal lands owned nv them In
the cafr ~ ssp4fate organisations. whus~
stock ehen distributed ~ the sSiStina
Shareholders ~ the psearnt an,hfacita
companies wuald assutns uofs ~ lesa thu
nature NJ q stock dividend In tho cHs~ N
certain companies stch q rlah would srrtn
entirely feasible, hut ~ frRa rtla other
companies Ne practicabtNtv W ACCESSIBILITY
L. NaW. a.aAA n ~. - n ..-a NR.Ua.
actions II tho anthracite s'orks to-day
were In quantity entirely di]sproportionatc
W the volume ~ business elsewhere and Tho
buying ~ tho stocks va- NJ sustained char.
acter A. tho day worn on professional
speculntors. gathering 90 from tho
lack Of resilience displayed Ivy prices, at
tackled. the marke, with no little freedom
and succceded In engineering n fall which
" Il was not ~ great cttent vet gave 90 tho
market, finally u ragged and unsettled
appearance.
Tho news to-day In which Wall Street
was Interested contained a mixture Of favor
ablea and u~nfavorahle elements. In sections
Of the winter wheat halt. where recently
there has been complaint Of lack Of moisture,
there were rains last night and this morn
Ing which. though they were said not to
he heavy, were yet manifestly very helpf al
to the growing grain, and because Of this
wheat prices fell to-day at one time in this
market and in Chicago more than a cont
a bushel. While there were further tri MS
fers Of a mail amount Of money 10 San
Francisco the indications appeared to be
overwhelming that the open ing Of the
national banks there tomorrow would
take place without trouble OF any kind,
and it was reported that many Of the saw
ings banks in San Francisco had decided
to also open for business tomorrow, al
though their previous intention had been
to remain closed for q further period.
Abroad the most n0tewort ny develop
ments were the steady strengt hening Of
its reserves by the Bank Of En- gland, the
bank absorbing without difficulty large
supplies Of new gold laid down In the open
market there, and such ease In money IN
Berlin as to lead TO confident predictions
that the Bank Of Germany's discount rate
would be reduced Tomorrow. 1t was also
esteemed a financial factor Of some i'm
portance in banking circles that the bill
passed by the last State Legislature sub
stituting a recording tax Of one-half of
per cent. Upon mortgages for the annual
ta1 Of the same amount became a law
to-day by the action Of the Governor Of
the State in attaching his signature
to the measure. This it is thought
will in the long run tend to make
easier the process of investing money in
various securities. The Federal Mining and
Smelling Company declared to-day its
regular quarterly dividend Of ~ per cent.
upon it's common stock and in addition an
. al ,tl@.I - NJ "a. aa-. ,,lilz A. |
directors Of the Republic Iron and Steel
Company, besides declaring the regular
quarterly dividend Of ~ per cent, upon the
preferred stock Of the corporation, ordered
to be paid another instalment Of ? per cent. |
upon the back dividends on the same issue.
Time money was easier to borrow to-day
than it was yesterday. On the other hand
the weakness Of the stock market this after
noon was coincident with a sudden rise in
call money rates to s per cent. due to the
unexplained calling of loans by one or two
prominent banking institutions, and senti-
ment was also disturbed by rumors of fur
ther borrowings Of large sums of money at
high rates on short time notes by various
railway corporations. IL was stated more
definitely than hitherto that the Pennsyl-
vania Railroad Company had, in addition
to the $50, 900, 900 Of short time notes sold
last week, borrowed s25 ,ooo, 900 more on
similar obi gations in Paris; but no confrma-
ton Of this was to be had. The Brooklyn
Rapid Transit shares weakened rather
sharply upon the publication Of a statement
that legal proceedings we're to be initiated
the Brooklyn Rapid Transit Com
pany in an effort to compel the company to
only a five cent fare for a journey
anywhere within the limits of Brooklyn
Borough, and there was more or less uneasi-
ness, real or assumed, manifested through
out the day by spectators over the charac-
ter Of the testimony likely to be adduoed
at the resumption tomorrow Of the Inter-
state Commerce Commi ssion's investigation
Of the dealings Of the Pennsylvania Railroad
Company with coal mining corporations.
RAILROAD AND OTHER BONDS.