| Show l BUSINESS DULL DULLIN IN III WAlL STREET Powers in Control Content to Let Prices Remain as as 4 They Are BURLINGTON BOND ISSUE PROOF THAT MONEY FOR IN INVESTMENT INVESTMENT INVESTMENT VESTMENT IS PLENTIFUL a New Nev York May Ia 26 The signal contraction contraction tion lion In the th volume of ot the stock mar market market market ket was WaR the most mo t notable feature about Jt it today Dullness overcame the dealings after the tile experimental attempt to con continue continue continue the advance of ot yesterday When it became that no Important opera operations were following this riso In prices it was concluded that the sponsors for the market were satisfied d with the protection protection tion ion they had lied afforded against the acute depression at the end of ot last week Their manifest disinclination to follow the ad advance advance vance ance with buying prompted to the late fresh outpouring of ot stocks Some influence was allowed to the sate sale of t C Chicago Burlington Quincy bonds bondson on the causing of ot the early advance in prices The Intention to I sue these bonds had not been heard of ot when hen the market dosed yesterday and the subscription of ot was announced almost as soon OOn OOna an a business had commenced The sub subscription subscription price was waR 96 4 as IlS a compared with the 86 06 at which Pennsylvania were sold Modifying conditions in the comparison were the large amount of ot the total authorized for the new Issue the 4 being larger than has ever eer be before before before fore been authorized by b an American rail railroad railroad railroad road and the lower tower lien Hen of ot the Burling Bunting Burlington ton bonds bond The TIle difference was Indicated in the price at which the new bonds were sold when Issued on the curb the first sale at 98 95 being subsequently shaded to below 97 while In the case of ot Pennsylva Pennsylvania nia ia bonds par was reached before the were closed The quick sale sate of ot the offering and t ti price realized for it were judged by bond bondmen bondmen bondmen men to represent an Improvement over oven the bond market position as compared with the Pennsylvania sales The he deduc deductions deductions deductions drawn from the Incident were con Important A free supply of ot capi capital capital capital tal for tor fixed Investment was Inferred Interred and on the whole whose at improved terms for forthe forthe forthe the borrower This Insurance of ot a sup supply supply ply ph of ot funds makes for revival In de demand demand mand for tor commodities for tor which the funds will be expended It was assumed I that the sale would Improve the prospect for the Union Pacific financing which It Itis Itis is ia supposed is now no awaiting the adjust adjustment adjustment ment of ot a difference as to terms between capital and the underwriters There are plenty of other financial plans dependent on a betterment In the Investment de demand demand demand mand so that symptoms of ot that are re regarded regarded with Interest The stated purpose of the Burlington issue to reimburse the compans treas treasury treasury ury for toc outlays already alread made for better betterment ment and additions would help to ex explain explain explain plain the persistence of ot reports of or an extra distribution dl of ot Northern Pacific and andreat Great reat Northern stock st as those companies would profit as aa Burlington B stockholders this incident was thus given a fa ta interpretation It proved power powerless powerless less to renew the upward movement of ot stocks prices priceR Rather It was taken tak n ad advantage advantage advantage vantage of to resume th the selling to take profits as aa was wa the growing tendency on m favorable news n S announcements of ot last week London was wu a free tree seller of ot stocks here early In the day da Reports of flood dam damage damage damage age and the sensitiveness of ot the tha commodities ties markets market to crop news newa were not re regarded reI gard favorably Declines in discount rates In London and Berlin marked the decreasing force of ot the probable demand for gold on New ew York At the same time 4 jr western money markets reported a grad gradual gradual ual nal change In the course of ot the currency movement which marks the approach of ot the crop moving season Any further de decline dine cline in the Interest rates here her seems to tobe tobe tobe be arrested although there Is no positive rise In rates yet et to record The late break In prices was wa a direct response to the th contrary movement In the price of ot othet whet het Bonds Bond were werl Irregular Total sales par pac value United States bonds were unchanged on en oneall call |
