New-York tribune., 1906-05-19
enlisted.
Closing prices of active bonds dealt in, with
STOCK MARKET OPERATIONS.

Transactions in yesterdays stock market
showed material falling off in volume as COM
pared with the dealings of recent days. the re-
duction from Thursdays operations, for in
stance amounting to more than 100000 shares
DHlness was accompanied by a gradual sag
ging of prices, though declines as a rule were
confined to small figures with final losses gen.
orally above the maximum weakness which was
recorded in the forenoon trading Dealings rep
resented in great part selling for the account of
traders rather than liquidation of long stock
Considerable pressure was reported in Penn
sylvania. the issue at one time selling more than
a point under it's opening figure. the movement
being due to the unfavorable sentiment created
by the disclosures regarding the companys re-
batting practices and improper methods by some
of the minor officers, as brought forth in the in
vestigation now being made by the Interstate
Commerce Commission. Naturally, the Penn
sylvania developments, together with the large
financial needs of the company. do not tend to
inspire bull enthusiasm in such a market as
prevails at present. In addition to the recent
S50000,000 note issue by the company it is now
reported excellent authority that the road is
preparing to increase its obligations still fur
ther by an issue Of $15OOO0OO of short term
bonds, the proceeds to be used in connection
with the acquisition by the company of its own
waterworks system and $1O0OO,00O of equipment
notes. Other important weak features were
Union Pacific. Southern Pacific, Northern Pa
cific, American Locomotive and Anaconda,
while among the active shares Reading dis
tinguished itself by exhibiting an advancing ten
dency in the last hour of trading, closing at a
small fractional gain. AS a rule last prices
were above the lowest of the day.
The resumption Of transfers of money from
New York to San Francisco, while causing con-
siderable disappointment ia speculative circles.
has not been effective in influencing money rates
or in creating uneasness among bankers Peo-
pie who are well informed regarding the situa-
ton realize that large amount of money will
be necessary in the reconstruction of the Pacific
Coast city. and they also know that San Fran
cisco bankers are calling for further funds from
New York mainly to strengthen their position
before the opening of actual banking business
next Wednesday. While there may be heavy
Withdrawals of deposits at that time it is not
considered likely that there will be an impor-
tant run on the Frisco institutions through any
Iear on the part of depositors over the position
OF the banks Depositors have naturally become
feaSsured of the strength of their home instl-
tuuons through the ability of the San Francisco
bankers TO draw money from the East and
through the offer of the Secretary OF the Treas
u!y 10 place government funds to the amount Of
%1"'VOV'VJO IN the banks of the stricken city So
lar this offer has not been accepted, but it is
MOI unlikely that with the reopenng Of the
OdhKS government deposits to the amount named
may De received. According to the known move
inent of money in the week the local banks have
'oS' less than S5OoOOO in cash holdings, and as
lAe movement of money rates in the last two
Gays has not suggested a particularly unfavor-
dDie bank statement, in some circles II Is he
HeFed that there has been large enough re-
"ucuon in loans to bring about a gain In re-
servo above legal renuirements