The San Francisco call., 1906-05-24
New York stock Marker.

NEW YORK. NAY 2s.-There was de-
c-Ged Increase IN the amount OF business
csne al tie Stock Exchange today, bUt
cling orders made up large proportion
Z TIE expansion IL activity and prices
Uttered accordingly. The decline in
lrlces seemed the result in large part o.
ne suspsRse involved for speculative
-l0lGers Of stocks in a prolonged period oi
Iullness and sluggishness- A paralysis OF
speculation leads almost inevitably TO {
SOW. sagging tendency. owing TO the nor
he Quietest periods. Spectators dre3t
ne slow shrinkage or disappearance o.
l,rOits in such a market. Today's sellinE
VAS supposed 70 be the -. holders
% this class who have become discour-
1ged over the prospect Of an early re
E-FSl OF speculative actiVlCv- News of the
2enand was not regarded as adverse
aiues and some items were favorably in
eEprereo- The progress Of the inyestiga-
ron INTO the coal carriers was not one
of these The resumption Of the inQuir
today may have been responsible for
-celing Of dependency on the part OS TIE
speculators- The graft disclosures reach
us into the railway world are dreaded fOl
their effect on puD--c sentiment just
= ere me lie insurance exposures, wit.
11st cause n the latter case as wa
liroved BY The event. Pennsylvania stoe.
i-sef showed some resistance to the gen
cral depression IN me market in eontAs
H-lth It's recent persistent weakness, ever
hale other stocks We're strong. ms wa
AtJr1bHteo partly 70 the practical confirm
~ OF Of rInOrs current for several davs
y fresh bond hoEsuon by the company
- Paris. estimates 81 the amount reach
lrg as high as nifty millions. 20 details
we're ohtsinebie as 10 the term the new
ssue is 70 run or the rate Of interest Il is
% bear-
Sentiment respecting the huge borrow
-nSs o1 Pennsylvania was not materially
altered By this new development. But the
iEn market was rega nded VII great SAT
sfsctiou for the relief Afforded 70 the do
nestle market The home market is b.
ieVea to be secured from any furthe
Early demand by this company and IL
yperstiO1 viii serve also 10 fund some a.
ne largest Indebtedness OF tlais market e
Paris and defer the necessity for IL.
QuSd2tion- hopeful aUgury was draw
lron TIE event Of the chances OF Frent-i
participation n American issues sins.
ne incoming OF the obstacles IN II.
bouTSe regulations which have preventes
dealing Il American securities IN Par
heretofore. argues propitioas sentiner
NJ the part az the French financial pon
IS 70 the new departure
AS the public reserves Of capital al tn
time are lodged in France. q willingness
70 venture them IN American securitie
ray oe OF far-reaching consequence TO
the Important financial projects in coz
temptation II this country. which threater
20 De hs-npered by the excessive demands
UPON our own supplies Of capital.
some OF tOday's price movement pointed
% quarters where these needs are n he
net The weakness OF New York Central
Vas attributed 70 the new stock iss75f
pending CircUmstzntial reports were cl;--
neat ef forthcoming SO. 600 600 Temporal.
ilote issue 70 finance the Pacific Coast re-
5uildfng- Ofacssl disclaimer OF ar. earl,
Z Eits1 states bond issue was coupled with
aan- son OF the possibility OF an ultimate
resort 70 this means Of securing resources
po complete the conpanys S great Indiana
plant Hopeful sentiment prevailed as 10
oSnking operations IN San Francisco.
reading and pennsylvania made centers
81 resistance 10 the decline and OF ne
partial rally which followed and which
~as I4lrly wei neid at the close
8 ~ n0o ON' fsi FaiNs-
United States bonds We're unchanged q.