The sun. [volume] (New York [N.Y.]) 1833-1916, 1906-06-02

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aination NJ Tho kira and u,issn " Srain
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to-day In financial circlre abroad Other.
Wiee therr vas absolutely M news from y
financial min, ~ view from tho other aidc
~ the Atlantic Tho rlling NJ s'ocka In tho
morning hours In tho market here today
vas In only trihinR amount, although n
made lower prices for the standard shares
than wore seen NJ any time yesterday "
appeared 10 10 merely y continuation NJ Tho
temporarily recrding movement witnessed
yesterday. hasad seemingly upon n minor
sort NJ speculative disappointment felt over
tho failure ~ negotiations for the Pennsyl.
vania loan In Paris 10 reach n rapid and
successful conclusion; hut when the specu-
latora for the fall began to try To grasp the
small profit that had accrued to thnm "a y
result n their operations thoy found no
stock offering for aale and that the market
rose 40 rapidly that their profit disappeared.
The upward movement continued during the
rest Of tho day in a desultory fashion, the
majority Of stocks showing at the close net
gains. The strongest stocks were the
Louisville and Nashville, Illinois Central,
Atlantic Coast Line and In general the
shares Of the Southern Railway companies,
owing, presumably, to the bright outlook
for the cotton crop. In the case OF Louis
Vile and Nashville stories circulated Of a
kind frequently heard recently, but finding
few believers, that the company's dividend
rate was shortly to be advanced to a I per
rent basis, that a proposition was about
- 49, 1H--.-- NA- 4 @nta.,l- aeI Na,k
vile shareholders a price Of 5000 a share for
their stock in Atlantic Coast Line, 81 per
cent bonds, and 40 forth. The Colorado
Fuel and Iron, Tennessee Coal and Iron and
some of the railway equipment stocks were
also active and higher,
Call money rates to-day rose at one time
to 81 per cent. and we're higher throughout
the day than they were yesterday; but
beyond any question this was solely due to
the tieup of money incident to the first
of the month. Every trustworthy indica-
ton points to further ease, at least for the
time being, in the money situation. Esti-
mates OF to-morrow's bank statement were
that the banks had gained in cash during
the week in the neighborhood of 50 500, 900,
owing mostly to the return Of money in larger
sums from San Francisco: and il money
is to be cent back from the Pacific Coast in
ensuing weeks at the same rate as that
maintained in the last few days it would
seem as il necessarily but one effect must
be produced here upon rates for the Use of
funds. Reports of railroad earnings to-
day comprised hat of the Louisville and
Nashville increase in gross for April of
$393, 900 and in net Of s80, 900 and the Union
Pacifc's gross increase for the same period
Of s55s 900, but in net of but s43, 00O. State
ments made unoficially but proceeding
from we'll informed quarters that the plan
of the long discussed st. Paul financing
had been arranged and that it included an
issue to the stockholders of the road at par
of 20 per cent. Of their holdings in new stock
and of an equal quantity Of new 4 per cent.
bonds of the company, subscription having
to be made in each instance to both at took
and bonds, we're without influence upon tn,
market price of the st. Paul shares. Sim
ilarly the announcement that the report
of the recent investigation by the Govern
ment of the state of affairs in the Chicago
stock yards was to be sent to Congress on
Monday was in no sense a market factor.
Cotton and wheat were both again weak
to-day upon the improving crop prospect.