The San Francisco call., 1906-05-26
New York Stock Market.

NEW YORK, May 25.-Stocks under
went q comprehensive recovery in prices
today on dealings which at times showed
great animation. There were one or two
Ssnspicuous exceptions 10 the sweep of
the upward movement The undoubted
strength of the market was nevertheless
fairly general There was notable
unanimity of opinion that the strength
of the advance was largely due to the
necessities of an uncovered bear ac-
count At the same time reports were
current of an absorption OF some Of the
daV'S faVorite stocks on account of
banking interests closely affiliated with
the companies and intrusted with their
financial operations or representing the
actual control of the properties. The
belief In buying of this kind was par
ticularly effective in intimidating the
bears and in driving them into shorts.
Reading was still the conspicuous leader
OF the advance and the upward rush in
the price carried the price higher than
that ruling when the news of the San
Francisco earthquake was first received
Ia New York. Erie shared pretty fully
IN the strength of Reading, but outside
of these the coaiers did not fully keep
pace with the movement. The supposi-
tion that the anthracite carriers were
considering a project to divest themselves
OF ownership OF the coal companies by
division of these assets among stock
holders was the main influence in the
movement. The Hill stocks made
characteristic upward flight without any
news TO explain the movement. The
movement in general was not based on
any known development in the situation
10 Justify the radical change in the spec
ulative temper since the early part of the
week The speculative element is foster
Ing q supposition that banking negotia-
uens with foreign money centers have
been going on which promise supply of
money resources for the use of the New
York money market which will insure it
against stringency during the coming
season. The Pennsylvania bond sale in
Paris is the concrete fact on which this
snppositioh is based. Beyond that au-
heritative Information on the subject is
\ Z 70 be had IN banking quarters. The
money market was firm today both for
call and time loans, the latter partly in
sympathy with the former. Syndicate
requirements account for the rise in call
on Baltimore and Ohio stock@subscrjn.
lions called for s. sos, 900 today and a so
per cent installment on Delaware and
nqason conyeIt5le ~ It BE bonds subscriptions
Next Tuesday the subscriptions to the
s5VO1v,OJ8 pennsylvania note issue are
payable and later in the week comes
1he payment on Chicago and North
western stock subscriptions The SEN
tiInent Of relief caused by any promise
OF replenishment of the money market
npder these conditions and with large
new capltai issues in prospect is UNDER
standable. London discounts were harder
today but the impression prevailed in
Wall street that there might be some
early renewal OF the gold import move
Inent. The current average of the weel,
lnolc6tes slight change in the cash
Item but syndicate operations NAV have
an lnfuence on the loan item of fhe
banks, The stock market showed some
signs OF WEAKNESS late in the dav and
prices receded considerably, with the
closing tone easy.
Bonds-Converfible into stocks xero
strong ana rose in sympathy There was
neayy buying OF Wabash debenture sI3S'
bonds
Total sales Cpar value), ss.72o.oOo.
call SAN ~Nna1a6co on