The Montgomery advertiser., 1906-05-24
THE STOCK MARKET
DECIDED INCREASE IN AMOUNT OF
 BUSINESS DONE.
Selling Orders, However, Make Large Froportion Of the Expansion of Ac- tivify and Prices Suffer Ac-
 cOrdingIy.

New York. May 23.-There was a de- clded increase in the amount of busi- hhsss h done at the stock exchange today, p. ym. .selllng orders made larger pro- portion of the expansion in activity and puices suffered accordingly. The. de- Slne in prices seemed the result in tsarse part of the suspension involved TOT speculative holders of stocks in a prolonged period of dullness and slug gfshness.
 paralysis of speculative demand Isads almost inevitably to slow sag elns tendency owing to the normal of ferings of stocks to be marketed, even ih tne quietest periods. Spectators dread the slow shrinkage of profits in such market. Today's. selling was supposed to be by tired holders" of tnis eiass who have become discour- Ssd over the prospect of an early re- vival of the speculative activity. News to values and some items were fav- orably interpreted. The progress of the investigation into the coal carriers was not one of these. The resumption sponsible for a feeling of desponden- cy on the part of speculators. The graft disclosures reaching into the rail- road world are dreaded for their eff rect on public sentiment, just as were the packing exposures
 Pennsylvania stock itself showed some resistance. to the general depres- sion in the market in contrast with it's recent persistent weakness even while other stocks were strong. This was attributed party to the practical con- firmation of rumors current for several days of fresh bond flotation by the company in Paris. estimates of the amount reaching as high as $50,000. 900. No details were obtainable of the terms Tor which the new issue Is to run or the rate of interest which 1t Is to bear. Sentiment respecting the huge borrow ings of the Pennsylvania was not nna- terially altered by this new develop uent. But the fact that resources were found in foreign market was re- garded with great satisfaction for the relief afforded the domestic market. The home market Is believed to be se- cure from any early demand from this company and the operation will also serve to fund some of the large indebtedness of this market to Paris and defer the necessity for it's liquida-
 A hopeful augury was drawn from the event for the chances of French partici- patton in future. American capitalfstic issues. insureg the overcoming of the obstacles in the bourse regulations which have prevented dealing in Amer lean securities in Paris heretofore. arr gues a propitious sentiment on the present French financial powers to the new departure. The principal reserves of capital at this time are lodged in Paris, a willingness to venture them in reaching consequence to the future fi- nancial projects. in this country and which threatens to be hampered by the excessive demands upon our own sup plies of capital. Some of today's price movements pointed to quarters where thes needs are to be met. The weak ness of the New York Central was at tributed to the new stock issue impend- ing, Circumstantial reports were cur- rent of a forthcoming $50.0oO.0y0 temporary note issue by St. Paul to f. nance its Pacific coast extension. The official disclaimer of the report of an early United States Steel bond issue was coupled with admission of the pos- sbility of an ultimate resort to this means of securing resources to com plete the company's great Indian plant.
 Hopeful sentiment prevailed as to banking operations in San Francisco. The breaking of the drouth in the southwest did not help the market since the previous crop damage. Read ing and Pennsylvania made centers or resistance to the decline and of the partial rally which followed and which was fairly well held at the close.
 Bonds were easy. Total sales par value, $1,750.000. United States bonds were unchanged on call.
 NEW YORK STOCK LIST.