The San Francisco call. [volume] (San Francisco [Calif.]) 1895-1913, 1905-05-14
v ALL STREET
HAS Dull WEEK
Prices Buoyed Up on Friday
Slip Back Throughout the
List on the Stock Market
MONEY CONTINUES EASY
Condition Of Crops and the
Railway Rate Agitation
Have Effect on Securities

4L0V " k1AO0O O4A fOSSSA AVANrS
NEW YORK, May 13.-There were
for the easy tone of the stock market
to-day, but the inability to maintain
the higher prices secure by yesterdays
sharp recovery served to largely dis
credit the character OF yesterdays
movement. A decidedly lower range Of
prices for Americans came from Lon
don this morning, and it became EVIL
dent that some weak accounts that
tided over the settlement, which was
completed yesterday and saved from
again.
In the local market the renewed
pressure against Pacifics caused a bad
impression. and undid the good effects
Of yesterdays impressive buying of
those stocks. There was a good deal Of
.rregularity in the group. Great West
ern preferred, Northern Pacific, North
ern Securities itself and Burlington
joint bonds showing some strength,
while Union Pacific, Southern Pacific
and st. Paul, on the other hand, were
under pressure. A rather vague re-
port was in circulation Of determine
ton arrived at by st. Paul authorities
10 push their extension to the Pacific
Coast This was the nearest approach
to news bearing on the groups. bad
impression was caused by the an
nouncement Of a deficit in the earnings
of the New York, New Haven and
Hartford for the quarter ending March
81, the first In the history of the COM
pany.
NO ANXIETY OVER MONEY.
The bank statement did not vary
widely from expectation. the loan ex-
pansion going to swell the deposit item
and the reserve requirement, while the
cash holdings decreased slightly, as
was expected. The net results was a
shrinkage Of over $1,000 900 in the mar
gin of the surplus reserve, bringing
that item down to s16,712575. The call
for surrender of Government deposits
on Monday makes a requirement of
about 1000. 600 on the national banks
throughout the country, but many of
these have arranged to draw on their
correspondents. The growing ease of
the money market, however, up to the
end OF the week leaves no feeling OF
anxiety on that subject. The stock
market closed dull and weak Total
sales OF bonds, par value, 81, 3S5, 600.
There has been some further scat
tered liquidation of stocks this week
but the pressure first relaxed and then
ceased. There followed the natural de-
naand from. uncovered shorts, whose
demand to cover lifted. prices here and
there. at times. The feature of the
market, however, has been. its dullness
and sluggishness, which left the days
business on Wednesday the smallest of
the year and at a level comparing with
the midsummer dullness of last Au-
lative sentiment and the Discrimination
to make any large new ventures were
the result of the mixed views over the
outlook and the desire to await devel-
opments on several matters of import
ance in the judgment Of future values
of securities.
BIG CROP OF WHEAT. 4
A quiet stock market Is normal to
the period Of growth Of the crops up
to the critical period of their natu-
rity, and the expectation of varying
projects in this regard~has it's part in
the declining activity of the market. |
The Government report of the condi-
ton of winter wheat as of May
showed q percentage rather in excess
of common expectation, and prospects
for this crop are considered bright. |
Weather conditions since the date of
this estimate have not been wholly IA
vorable for planting of spring wheat
and corn, and the prospect of the cot
ton crop is still entirely underlined
Keen attention is given to the course
of the iron and steel trade owing to
the great Importance attached to that /
trade as an index Of conditions
throughout the industrial and CONNER |
cial world. The influence from this |
source has not been helpful to stocks |
owing to the statistical showing that
the prodigious production Of pig iron !
has at length overtaken consumption, !
resulting in an addition to stocks in |
the hands of merchant furnaces dur
ing April.
duced by the revival of discussion over
to establish Federal control !
of railroad rates, which were brought t
out again by the Presidents public adj !
dress on the subject at Denver and at +
Chicago and by the remarks of the |
Secretary of War before the Interna- |
tional Railway Congress.