The San Francisco call., 1906-05-27
PRICES DECLINE
ON WALL STREET
Stock Market in New
York Professional
and Narrow.
Situation in San Fran
cisco One of Redeem
ing Features.

NEW YORK. May 26.-Traders who
bought stocks on the rise yesteruay soiu
today to even up their contracts over
Sunday. and that was about all there was
to the market. which was narrow and pro-
fessional to the last degree.
The pressure on prices relaxed TO come
extent after the first hour under the in
fiuence of the firm tone in Pennsylvania,
which did not share in the weakness Oh
the general market. Prices faded away
again in the closing dealings. and In some
Instances ended at the lowest, with the
tone easy.
The bank returns showed weakened
position and had an uafavorable effect on
speculative sentiment. The surplus over
the legal requirement was SHOWN TO be
s6.694,150 This compares with surplus
OF si1. .465. 500 at this time last year, and OF
500, So, ,325 two years ago. Subscriptions
fall due next Tuesday to the 10000 Of
Pennsylvania notes. and there are other
syndicate requirements to be met later IN
the week. The usual month-end necessi-
ties are also to be met The possibility
of a furry in call money next week was
therefore kept in view.
There were emphatic disclaimers OF
some OF the rumors yesterday of great
corporal ton in prospect for taking over
the coal companies from the railroads In
order to comply with the law. These ru-
mors caused buying of stocks yesterday
The money and exchange markets were
nominal as usual on Saturday. The I'M
perial Bank of Germany made strong
return and the Berlin discount rate was
easier. Total sales of bonds, 81 oeO
The exposures OF grating praetlces
among some Pennsylvania Railroad ori-
ciRIs brought out by the inquiry now go
ing on were of notable influence In the
depression early In the week.
The entire composure with which
building operations were resumed in San
Francisco was a reassuring factor of
great influence. Not only were the de-
poSit and discount banks free from any
sembanee of a run. but Withdrawals from
savings banks proved moderate and re-
sources on hand superabundant to meet
requirements.
The stock market Of the week has been
highly professional and showed the efect
IF the languid speculative interest The
volume of dealings fell to the lowest or
The present year early in the week, and
fluctuations had become narrow and slug
sisA, the current of prices shifting con-
stantIy under the almost exclusive op-
srntions of professional room traders.
Under these conditions there scarcely
could fail to be a large and early return to
Eastern bank reserves of the large sums
piled UP in San Francisco as precauuon
against emergencies. The Importance OF
these additional resources for the local
money market is kept prominent by the
maturity of subscriptions for securities
issued from time to time and by the FUR
ther issues still in prospect.
Circumstantial reports of an Intended
$50, ,0e0. 900 lond issue by the United
States Steel Corporation for completing
the great Indiana plant met with the Off
cial explanation that such an issue, II 1T
is made, will be some time in the future.
Reports of 5o.080 coo note issue by the
ST. Paul met with a less qualified denial.
although early additions to capital re-
sources are believed to be needed for the
pushing of this cempany's Pacific coast
extension.
Crop news is watched with increasing
interest in the stock market. and the
breaking of the drouth in the Southwest
has been of appreciable benefit to stocks
No cause for depression is offered by the
news of business and industrial condi-
tions. 80
Bonds have been dull and irregular.
United States is declined 1-2 per cent on
call on the week.