The Montgomery advertiser., 1906-08-03
THE STOCK MARKET
VERY LARGE SPECULATIVE LIoUIDA-
 TION WAS CONNECTED.
stnEing Power of Absorption Was Again Demonstrated and Strength Revived
 m Intervals of the Heavy
 SeIlinr.

., New York, August 2-very large specula- s,s use nquiaation was conducted in today early reaction and the occasional hesitation ot the movement. But striking power or aosorption was again demonstrated and vals of the heavy selling. The tone of speculative sentiment was largely influenced conv,", vns , movement of special stocks owing & 10 Following the leadership of powerful groups oi capitalists in taking cue from the very general confidence that far reaching plans involving both corporation finance ana stock market operations were reflected m the movements Of the market.
 Very explicit assertions were made of the certainty of important dividend increase to pc made and other plans to offer attractions 10 stockholders and it was argued that a concentrated determination to awaken an active interest in the securities market was thus reasonable deduction to b" drawn from the course of leading capitalists The desfrabilfty of a more active demand. for in the hands of bankers and syndicates or to help in the Notation of new offerings which are seen to be inevitable is so well ity to the current assumption. The moro immediate action of today's market was plainly affected by the large reduction Of the port interest which resulted from the advance of yesterday caused by the unex- pected action of the steel corporation d. rectors fin resuming dividends on the conn mon stock The strong upiift to the mar ket also offered opportunities for taking profits on the part of those who bought heavily last week. when the rise was still in an incipient stage. The rapid rise Of St. Paul early in the day and later de- monstration in Reading were hardly enough to offset these influences But the az gressive strength in the Hartman Pacifics proved more effective and served to restore the feeling of confidence that abundant means were back of the movement to stin- ulate a speculation. St Paul was the center of all kinds of rumors including one of an per cent dividend guarantee on the stock for control by Union and Southern Pacific and supposed competitive buying in the open market supposedly by the recent control and Union Pacific interests. Tho air was filled with rumors of dividend in- creases also pointing especially to Union Pacific, Southern Pacific Atchison. Norfolk and quite indefinitely.
 Little attention was paid to general de- velopments. Foreign exchange continued to harden. Money on call continued easy. although there was some calling of large loans reported. The sub-treasury took large sums from the market on account of payment of a note of the Central Pacifi" tions to the Panama Canal bands.
 Pennsyivania's good showing of June net earnings helped the stock and the cut in passenger fares on the system wac disre- garded. The adjournment of directors meetings without anticipated action did not ruffle the confidence of operators and tns late market showed no more than tse or dinary effects of room profit with the clos ing generally strong and active.
 Bonds were easy. Total sales par value $1,s23,O00. United States bonds were uD. changed on call.
 NEW YORK CLOSING STOCK LIST.