Los Angeles herald., 1906-08-08
BY Associated Press.

BY Associated Press
NEW YORK, Aug. 1.-THE volume of
transactions in today's stock market was
much better sustained than yesterday
after the normal activity of the opening
dealings, Notwithstanding the continued
oppression of the hot wave. But prices
did not. fare so well. 1t was evident
that Shifting process was going on, such
as is usual in the market leadership Of
q campaign. under skilled generalship 10
facilitate. digestion of profits and to
tighten the burden of the large accumu-
la4fDnS necessary to force the upward
movement of prices
Yesterdays strong market had the eff
feet of bringing in some additional out
side demand over night and it was the
execution of orders of this character
which made the activity of the first hour.
The narrow range of fluctuations on
which this large volume of business was
transacted disclosed the fact that the
supply of stocks was kept closely COM
mensurate with the demand. The pro-
fessional reading of this action in the
market was that stocks were being dis
tributed to take profits by the. recent
the dealings had passed the state of ac-
tivity with sharp advances which has re-
Gently signalized the Hartman Pacific
developed in other quarters of the mar
ket
Pennsylvania was the aggressive leader
of the new upward movement. This di-
version of the speculation to new quarters
was regarded at first with satisfaction
by the professional element committed
to an advance as the excessive movement
In the transcontinental stocks and the
large congestion of the dealings in them
had begun to arouse suspicion. This
group of stocks is almost alone in the
list in having risen above the high fig
recovery after the San Francisco losses.
But the change in the leadership of the
movement proved lacking in efficacy and
began to fall 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 formal an
nouncement that the quarterly dividend,
the declaration of which is now due, was
not considered. This served to cast a
shadow upon the confident speculative
hopes which were being indulged Of a
comprehensive system of dividend in
creases in a long list of stocks.
The recent increases in the Baltimore &
Ohio dividend were brought into re-
newed consideration as an index of the
gard to subsidiary companies which would
result in corresponding benefit to the
parent company by the increases in it's
income resulting from it's stock holdings
in the minor companies
The early buoyancy of the Hill stocks
was based on renewed rumors of an early
contamination Of the ore land deal.
Foreign exchange was firm and money
rates were also maintained, except that
time loans for some of the longer dates
maturing beyond the first of the year.
were somewhat easier.
The cheerful resumption of financial
markets in London after the holiday
helped the early tone here. Last prices
of the day showed mixed changes and
the transcontinental railroads and some
of the leading Industrial stocks were on
the side of the declines. The closing tone
was heavy.
Bonds, were heavy. Total sales, par
value, 81 sos, ,0O0
United States bonds were all unchanged
on call.