The Montgomery advertiser., 1906-05-27
THE STOCK MARKET
THE SELLERS OF YESTERDAY BUY-
 ERs OF DAY BEFORE.
Traders Even Up Their Contracts Over fhe sunday Holiday--Bank Re- turn Is Uusattsfactory and Has
 weakeulux Effect.

turn Is Unsattsfact0ry anu nas
 New York. May 26-Traders who bought stocks on the rise yesterday sold to even up their contracts over Sunday. That was about all there was to the market which was narrow and professional to the last degree. The
 pressure on prices relaxed to some ex-
 tent after. the first hour under Lne in- fluence of firm tone in Pennsylyania.
 which did not share In the weakness or
 the general market. Prices faded away
 again In the closing dealings ana m scme instances ended at the lowest with the ton eeasy. The bank return showed a weakened position and had an unfayorahle effect on speculative
 sentiment. The surplus oyer .ns fsei aEa This compares with surplus or $111, ,465, 800 at this time last year, ana of $2g,6s2,325 two years ago; SupscsfpRae- ions fall due next Tuesday to the f5o,- 000, ,o00 Of Pennsylvania notes and there are other syndicate requirements to be met later in the week. The usual month end necessities are also to pc
 met The possibility of a furry in call money next week was therefore kept in view. There were quite empnatlc disclaimers of some of the rum1rs yes- terday of a great corporation in pros pect for taking over the coal companies from the railroads in order to comply
 with the. law. These rum9Ts CTS cause1 er and exchange markets were nominal, as usual on Saturday. The Imperial Bank | of Germany, made a strong return @ ana
 the Berlin discount is rate ssoono was easier. io The stock market of the week has been a highly professional and showed l the effect of the langiud speculative | of the general world of capital.
 The volume of dealings fell to the l lowest of the present year. Eariy III | the week fluctuations had became mar
 row and sluggish, the current of prices | shifting constantly under the almost exclusive operations Of proIessiohal
 room traders. who did not e ven.ure 70 | carry prices far in one direction, lack ! ing the advantage of any wide market
 as a medium to carry their speculatlon: | The result of this state or tnlnss va, discouraging to the holders and q IalI I in prices was the natural result. Later l there was a good recovery ana evi- dence wasS apparent of resumpipn
 of benevolent control or tne niar asrt os 1 bankers and speculative orSanlzatl9n1ss 2 2
 with large resources. The favoraple | position of the coalers by reason or tne ' three year labor settlement was cited | as ground for the advance. mere Was | discussion also of the possibility that the railroad companies would pc ieo to divest themselves of their ownersn'o os s coal mining companies on accoui.. Of 1 the tendency of recent judicial decisions and of intended legislation as well as by the disclosures in cohnectioh "i'n l the coal roads inquiry. l The exposures of grating practlcess
 amongst Pennsylvania officials brought out by this inquiry were of notapLe in- | duence In the depression ana paraiy-
 sis of speculative interest in stocks | early in the week. The effect o1 pup | lie confidence in the securities or tne
 railroads was feared and also the like
 ifhood that agitation against corpor- | ations would be stimulated and cause | dnaCe to the value of thelr secn 'tF s'
 When prices turned up Ssra, prod sional sentiment adopted the view | that the exposure would work the I cure of harmful practices snd Dene nt | the earning power of the compah es.
 sentiment over the op m9ney anS snd % Came to
 a conci lsion of a hopeful view, The | first incident to induce this conclusion was the news that the Pennsylvania
 had placed large e9nd .nnsvl1aaiS .ssns lp Tis stock h1s been under pressure fn" | some tim3 past on acco Int Of It's huge borrowing operations; ,4o, sources werc opened to .t was ac-
 cepted as q hopefu auscry or sne
 of capital for .the enormous projects ot | expansion and extension of enterprise
 in contemplation in all lines Of Amer
 ican. industry. The efreet was n@eIsn.- @
 ance companies had a prospect O. ST curing a S25.000,O00 loan in France to | finance their San Frdnrisco losses. | Such an arrangement wCutd servs to
 keep off the market ss3urities In the | reserves of these compa lics which 3th- erwise might have to Dc sold to pay | losses. .
 was hoped. would leal to n renewal cf | gold imports to New York and to TT a | further replenishment If bank resorves | for the strain wo lli lHnd to a renewal ! of gold imports to Nsw York and to | the further repleIislment of bank re-
 serves for the strain of the fall te- | quirements upon money markets.
 | Tho anftrR HnmnOSnra with which | banking operations were resumed in | San Francisco was another reassuring
 factor of emphatic influence. Not only
 were the deposit and discount banks | free from any semblance of run. but the withdrawals from savings banks
 proved moderate and resources on hand Under the conditions there can scarcely | fall to be q large early return to East | ern bank reserves of the large sums
 piled up in San Francisco as precau-
 ton against emergencies. The i'm
 portance of these additional resources | for the local money market Is kept
 prominent by the maturity of subscrip-
 tons for securities issued from time to
 time, and by the further issues still in
 prospect Even the great Pennsylvania
 borrowings, although evidently supply
 ing the immediate needs for carrying l on the great Improvements under way
 by that company are believed not to ex-
 haust the requirement. for completing
 the work
 | ClTCumSCaNIldI T6pOTIS OA dIi lAlSHuCu
 $50,000.000 bond issue by the United
 States Steel Corporation for completine
 the great Indiana plant. met with the
 official explanation that such an issue
 if 1t is made. will be sometime in the
 future. Reports of a $50,000,000 note
 issue by the St. Paul met with a less
 qualified denial, although early addi.
 tions to capital resources are believed
 to be needed for the pushing of this
 companys coast extension. Now York
 CentraPs improvement also admittedly
 requires large new capital resources.
 Payments this week and next of stocR
 and bond subscriptions include those
 by Baltimore and Ohio, Delaware and
 Hudson. Chicago and Northwestern and
 the Pennsylvania $50,O00, ,000 notes. call
 ing for an aggregate estimate at nearly
 S70, 100000
 Crop news is watched with increas-
 ing interest in the stock market and the breaking of the drought in the Southwest has been of appreciable ben
 eft to stocks. No cause for depression is offered by the news of business and | industrial conditions.
 | Bonds hase been dull and irregular. United States new As declined 1-2 per cent on call on the week.
 l Nyxw1 Nynnrr ssuaN~wy vaun