The San Francisco call., 1906-06-20
Neu Yorl stock Mnrket.

NEW YORK. June ls.-There was
substantial recovery Of stocks today
from the downward course Whlcn was
pursued through last week ana whlcn
was carried over into yesterdays mar
ket The tendency toward recovery
was perceptible in yesterdays trading
uatIl II was overcome by the outbreak
of selling in Pennsylvania. The de-
cline was thus forced beyond Its llm-
its IN a manner and the recovery today
was corresponding sharp-
This was particularly so in Pennsyl-
Vania itself The fact OF the sharp
break IN this stock yesterday while the
dnal steps in closing the contract. for
the placing OF the $50 .o00. 600 loan in
Paris were being actually "a ken oHers
something OF mystery. The rush 70
buv the stock this morning on the ON
cal announcement of the terms of the
loan indicated decided misapprehen-
sion on the part of many OF the sellers
YESTERDAY IT was the eager rush TO
buy part OF this class that caused the
wide spread in the opening quotations
Of the stock which carried il up TO as
high as l33. This price was only mo-
again during the day. The Pennsyl-
Vania loan operation, however, was
strong influence in the whole market.
Notwithstanding the fact that the
negotiations and its probable success
fui issue have been known and dis
CuSSed for several weeks. The I'M
portance Of this opening for securing
capital for American enterprises makes
a special appeal 10 sentiment owing
u
acter 70 be met by many Of the great
railroad systems OF the country. The
operation has an important bearing
2 so on the Immediate money situation,
owing 10 the large borrowings in for
e gn money market made for New
YOrk's benefit in the last few months
and which are maturing constantly at
the present time. Various rumors were
current today OF intended recourse 10
foreign money markets for several
other Important railroad systems which
r~4 .0f 2 * 1F cr.Fr rsa7
TO carry out projected improvements.
The effect Of the breaking OF the
drought in the winter wheat region
had some belateo influence in today's
market the result having been Offset
yesterday by the contrary effect Of the
wea kness in Pennsylvania Today's
violent slump in Interborough and
Metropolitan consequent upon the
Withdrawing OF the peg which has
been Inserted in that stock at fifty
since the rganiZation plan went into
erect The Abandonment OF support
was the occasion OF very busy discus
OF stocks which the supporters were
obliged 20 take yesterday at so offered
a SUFFICIENT superficial explanation for
the break Where the large amount
Of stock came from. however. and the
terms OF supposed pool agreement TO
withhold II from the market formed
the subject Of the days busiest gossip
regarding the movement The general
market succeeded in throwing off the
influence OF this diversion. The trad
ing became intensely dull at the high
level but prices were pretty well
maintained with the sustaining infiu-
ence of the special strength in Balti-
more and Ohio Positive assertions
xUere made Of the prospect of an i'm
mediate Increase in the dividend rate
ia this stock. Otherwise the principal
strength OF the day was shown. In the
same speculative favorites as for some
time. Conditions in the local money
market were but little changed The
realizing IN the final hour was we'll abb
sorbed and the closing tone was firm.
Bonds were irregular Total sales.
mar value, sI.l40,0oo.
United States registered advanced