Evening star. [volume] (Washington, D.C.) 1854-1972, 1905-05-14
PACIFICS FEATURED
BANK STATEMENT DID NOT VARY
MUCH FROM EXPECTATIONS.
Further Scattered Liquidation Of Stocks
Past Week-Wednesday's Business
Smallest of the Year.

NEW YORK, May 13.--There was no i'm
portant new development to account for
the easy tone of the stock market today,
but the inability to maintain the higher
prices secured by yesterdays sharp re-
covery served to largely discredit the char
acter of yesterdays movement. de-
cidedly lower range Of prices for Ameri-
cans came from London this morning and
1t became evident that some weak accounts
which were tided over the settlement which
was completed yesterday and saved from
failure were coming up on the market
again.
In the local market the renewed pressure
against the Pacifcs caused a bad impress
sion and undid the good effects Of yester-
days impressive buying OF those stocks.
There was a good deal Of irregularity in the
group. Great Northern preferred, Northern
Pacific. Northern Securities itself end the
Burlington joint bonds showing some
strength, while Union Pacific. Southern Pa
cifc and st. Paul on the other hand, were
under pressure.
rather vague report was in circulation
Of determination arrived at by the 81.
Paul authorities to push their extension TO
the Pacific coast. This WAS the nearest
approach to news bearing on the treup.
A bad impression was caused by the an
nouncement of a deficit In the net earnings
of the New York, New Haven and Hart
ford for the quarter ending March 81, the
first In the history of the company, as was
pointed out.
The bank statement did not vary widely
from expectation, the loan expansion going
to swell deposit item and the reserve re-
quirement while the cash holdings de-
creased slightly. as was expected. The net
result was shrinEase of over $1,000, 900 in
the margin Of the surplus reserve. bring
Ing that item down to S18712. 675. The call
for surrender OF government deposits or,
Monday makes requirement OF about $14-
100000 on the national banks throughout
the country, but many OF these have ar
ranged to make the payments by drafts on
their New York correspondents. The
growing ease Of the money market, how
over. UP to the end OF the week leaves no
stock market closed dull and weak. Total
sales Of bonds, par value, 1,3s5OoO
Hesitating Tone of Speculation.
There has been some further scattered
liquidation of stocks this week, but the
pressure first relaxed and then ceased.
There followed the natural demand from
uncovered shorts whose demand to cover
lifted prices here and there at times. The
feature, however has been its dullness and
suggishness. which left the days business
on Wednesday the smallest of the year and
at a level comparing with the midsummer
dizziness of last August.
The hesitating tone OF the speculative
sentiment and the disincination to make
any large new ventures were the result OF
ia md fha
desire to await developments on several
matters of Importance In the judgemnt OF
future values of securities.
A quiet stock market Is normal to the
period of growth of the crops up to the
critical period of their maturity, and the
expectation of varying prospects in this re-
gard has its part in the declining activity
of the week. The government report or
condition of winter wheat as of May l
showed a percentage rather in excess or
common expectation. and prospects for
this crop are considered bright.
Weather conditions since the date OF this
estimate have not been wholly favorable
for the planting of spring wheat and corn,
and the prospect of the cotton crop is still
entirely underlined. The favorable winter
wheat condition also had been so definitely
foreseen that its effect on stock prices was
only moderate.
The Troy, apd Ctaa1 rreda