Los Angeles herald., 1906-05-24
BY Associated Press.

BY Associated Press.
NEW YORK, May 2S.-There was
decided increase in the amount OF
today, but selling orders made up a
large proportion of the expansion In
activity and prices suffered accordingly.
The decline In prices seemed the result
in large part of the suspense involved
for speculative holders of stocks In
prolonged period of dullness and slug
A paralysis Of speculation leads al
most inevitably to a slow, sagging ten
dency, owing to the normal offerings of
stocks to be marketed in the quietest
periods. Spectators dread the slow
shrin kage or disappearance of profits
In such q market
Today's selling was supposed to be
by the ''tired holders" of this class. who
have become discouraged over the pros
pect of an early revival of speculative
garded as adverse to values and some
Items were favorably interpreted. The
pro gress Of the coal investigation was
not one of these. The resumption of
sponsible for feeling of dependency
on the part of the spectators.
The graft discloSu reaching into
the railway world are dreaded for their
effect on public sentiment just as were
the life insurance exposures which just
came in the latter case, as was proved
by the event.
Pennsylvania stock itself showed
some resistance to the general depres-
sion in the market in contrast with its
regent persistent weakness, even while
other stocks were strong. This was
attributed partly to the practical con-
1irmation Of rumors current for sevsra l
days of fresh bond flotation by the
company in Paris, estimates of the
amount reaching as high as fifty mil
lions. No details were obtainable as to
the term the new issue is to run or the
rate of interest 1t is to bear. Senti-
ment respecting the huge borrowings
of Pennsylvania was not materially
raI bNrf h tG II lnTar QtTf
the fact that resources were found in a
foreign market was regarded with
great satisfaction for the relief afforded
market is believed to be secure from
any further early demand by this com
pany and the operation will serve also
ness of this market and defer the
necessity for its liquidation.
A hopeful augury was drawn. from
the event Of the chances of French par
ttcipatfon in American issues since the
incoming of the obstacle in the bourSe
regulations which have prevented deal
ment on the part of the French finan cial
powers to the new departure, AS the
public reserves of capital at this time
are lodged in France. a willingness to
venture them in American securities
may be of far reaching consequence to
temptation In this country, which
threaten to be hampered by the excess
sive demands upon our own supplies of
capital. Some of today's price move
inents pointed to quarters where these
needs are to be met The weakness of
New York Central was attributed to the
new stock issue pending.
-Circumstantial reports were current
of Forthcoming $50,000,000 temporary
note issue to finance the Pacific coast
rebuilding
OFFICIAL disclaimer of an early U. s.
Steel bond issue was coupled with ID
mission of the possibility of an ulti-
mate resort to this means of securing
resources to complete the company's
great Indiana plant.
Hopeful sentiment prevailed as to
banking operations in San Francisco.
Reading and Penn nsylvania were CEN
terS to the resistance to the decline and
partial rally, which followed and which
was fairly well held at the close.
Bonds were easy. Total sales par
value $1,795,000
u. s. bonds were unchanged on call.