The Montgomery advertiser., 1906-08-08
THE STOCK MARKET
VOLUME OF TRANsACTIONS WAS
 BETTER SUSTAINED.
Evident that Shifting Process Was Coins On. ns Usually Practieed By Skilled Generals to
 Felfcitate Digestion.

New York. Aug. 7.--The volume of
 transactions in today's stock market
 was rather better sustained than yes
 terday after the normal activity of the opening dealings. notwithstanding the continued oppression of the hot wave.
 But prices did not fare so well. It
 was evident that a shifting process market isadership Hn hnen of fS s campaign % m un-
 der skilled generalship to facilitate
 digestion of profits and to tighten the
 burden of the large accumulations
 ment of prices. Yesterdays strong
 market had the effect of bringing in some additional outside demand over night. and 1t was the execution of or ders Of this character which made the
 activity of the first hour. The nar-
 row range of fluctuations on which
 this large volume of business was
 supply of stocks was kept closely
 commensurate with the demand, the
 professional reading of this action In
 the market was that stocks were be-
 recent speculative buyers. After this
 stage of the dealings had passed. the
 state of activity with sharp advances
 which has recently signalized the liar
 rfnan Pacific developed in other quar-
 ters of the market Pennsylvania was
 the aggressive leader of the new up-
 ward movement. This diversion of the
 speculation to new quarters of the | 4
 suspicion by the professional element committed to an advance as the ex-
 cessive movement In the Trans -conti-
 mental stocks and the large congestion
 and dealings in them had begun to arouse suspicion. This group of stocks is almost alone in the list in having risen above the high figures of the from the San Francisco losses. But the change in leadership of the move ment proved lacking in efficacy and in began to faii off. The effect of this on sentiment proved of more influence than. the new points of strength. A break in Consolidated Gas helped to unsettle the tone of the market. This was based on the adjournment of the executive committee with a formal an- nouncement that the quarterly .divi- dend. the declaration of which is now way open for an inference that the dividend would be left in abeyance by refraining from action in this way. This served to cast shadow on the
 were being indulged of comprehen- sive system of dividend increases on long list of stocks. Hopes of this
 pal speculation going on: Attention was attracted by the agitation amongst
 stockholders of the American Express
 Company for larger dividends which stock on top of yesterdays ten-point
 advance. The recent increase in the Baltimore and Ohio dividend was brought into renewed consideration as an index of the probable policy of the Pennsylvania Road with regard to sub- sidiary companies, which would result in corresponding benefit to the parent company by the icrease in its income | resulting from its stock holdings in | the minor companies.
 Foreign exchange was firm and rates Tor money were also maintained. ex- | cept that time loans for some of the longer dates maturing beyond the first of next year were somewhat easier Five and six months money, however was firmly held and 3-4 per cent was
 said to be obtained for January money. Last prices of the day showed mixed
 changes and the transcontinentaI rail
 roads and some of the leading indus trial specIalties were inside of the de- clines. The closing tone was heavy Bonds were heavy. Total sales, par value, $1,605,000. United States bonds
 were all unchanged on call
 NEW YORK CLOSING STOCK LIST.