Los Angeles herald., 1906-08-28
Bv Associated Press.


NEW YORK, Aug. 27.-New high rec,
ords were registered by ST. Paul and
Atchison In the course of todays S stock
market, which was for the most part
dull, rejecting further profit taking in
the Hartman issues and other stocks
whose recent advances have been most
meteoric.
Atchison's high water mark was attrib-
uted to the returns for that system for
July, which showed a net increase of
s420,OO0. The lists tendency toward
heaviness reflected the disappointment
shown at the failure of our bankers TO
secure even a share of the South African
gold landed in London.
AS matter of fact, all the days known
Developments suggested an absence OF
anything like urgent demand for the
metal from this quarter. There was little
change in the foreign exchange situation.
although the rate weakened some more
later in the day, and the only interesting
feature regarding this phase was the
announcement of an engagement of $3.50,
600 Australian. gold, which, will not be
received here for some weeks.
The days trading was below that of
recent days, and was again largely linn
tied to the same stocks that made up the
Union and Southern Pacific, Atchison.
st. Paul. Reading, United States Steel
and Amalgamated Copper To this very
small list might be added Sugar, which
was pronounced feature of the early
trading by reason of its sharp advance
on relatively large transactions after a
protracted period of inactivity. Sugar S
dividend time is approaching and 1t is
not unlikely that today's movement was
an attempt to discourage that event.
Money conditions manifested no mate
rial change, call loans opening at 81.
per cent. with an increasing demand foI
and a reduced supply of time accommo-
dations. Nevertheless conservative bank
ing interests professed to feel more al
ease regarding the outlook, basng theil
hopes on the belief that the banks of the
west and southwest are preparing to dc
more of their own crop financing; .alsc
that the government will continue, If oc
casion requires, to replenish the money
supply at interior points.
Western adviceS show that the outlool
as regards the railroads continues very
bright, earnings as instanced in Atchi-
son running well ahead of last year
grain showing an increase Of 20 per cent
with mercantile prospects especially
being taxed beyond their carrying ca
pacity, traffic being far in excess of mov-
ing facilities.
Persistent selling of the active list be-
gan to show in the general decline OF
prices early in the afternoon. The fes-
lures of greatest weakness were st. Paul,
Union Pacific, Northern Pacific and
United States Steel. while number of
speclalties registered marked recessions.
The movement was accelerated by sell
ing from London. which reported sharp
declines in Russian securities The clos
ing price was weak at about the lowest
prices of the day.
Further weakness was shown in for
eign exchange, which declined to 4S4 %
just before Uie markets close, the lowest
point Of the present movement. Note
worthy, railway. returns of the day, be
sides that of Atchison were Louisville &
Nashville and Southern Railway. show
ing gross increases for July of $500, 900 and
900 respectively.
A drop of 21z points in Cuban bonds
reflected the troubled condition of affairs
in that country. Otherwise bonds were
easy. Total sales. par value. S33l0.000
United States bonds were all unchanged
on call