The San Francisco call., 1906-07-28
New York stock Market.

NEW YORK. July 27.-Tbe stock market
save good demonstration Of its absorPtive
power today in face OF numerous sales 10 realize
on the weeks considerable rise. The strong
front offered by the market TO this selling was
the more notable IN view OF its eentering on
ST. Paul snd Southern Pacific. which ef-
fective leaders Of market sentiment and likely
10 influence the whole market by sympathy
An effective counteracting influence TO this real
izing was the enormous and aggressive buFins
Of the United States Steel stocks, the IN
wieldy bulk Ok which makes them very difficult
10 move effectively, but which are OF CORE
spending effect sentiment when there is a
striking movement in them. The proht- king
iu Southern Pacific carried II al one time about
two points below the high level Of the week
and 81. Paul was - much as three points on
Effective disclaimers were made today OF the
rumors of the passing Of control OF st. PAU into
Tnion Pacific hands, which were circulated yes
terday 20 Offset the disappointment over the
n0n-action OF the ST. Paul directors on the late
financial plan. The effect Of these disclaimers
was. largely confined 10 St Paul itself although
the lS-F,ors were an influence in lifting the
u-hol u -srket before The selling 20 realize
fvfendeL 10 other quarters Of the list and AFFECT
81 the transcontinent tai railroads generally as
well Of the Eastern trunk lines some
u the stocks which were subjected 10 this pro
cess recovered later IN view Of the steady ab-
sornfiOn which met the offerings. Speculative
sentiment continued 10 be largely dominated oy
the supposed views and market operations OF
individuals and groups conspicuous in the nnan-
clal world. There were reports current OF the
quarter bv f6e United States Steel Corporation
IN the report due next Tuesday and the pros
poets Of an early dividend the stock were
believed TO he improved from this condition
But huying Of the stock Influenced 10
much greater extent by the presence Of j. 2.
Morgan at his office upon his return from Eu-
rope and by the sttribution TO him Of confident
opinions on the stock market and the condition
of THE country and especially Of the steel in
dustry. There We're no public utterances 10 con
firm these reports. but professional traders pro
fesspd 20 ful confirmation Of them II the
STREAM Of buying orders for the United States
Steel stocks which poured into the market, and
which were denoted Morgan buying in the
gossip of the Stock Exchange The ease OF the
money market and the promise Of strong bank
statement kept the speculative movement Tree
fron obstacles that account some large
disbursements made yesterday converted the
nrevfous loss of the banks 70 the Subtreasury
into s small gain. But the returns from the
interior movement are chiefly relied upon 10
increase the cash showing Of the banks Pre-
Hmlnary estimates Indicate q gain from this
source as iigh as s. .OO0. 600. II IS suggested
thar as the New York banks secured the lGrg-
est portion 0f the Panama canal bonds there
have been some remittances from interior banks
wishing 20 secure portions Of the bonds 10 secure
new circulation Reports Of extensive cutting
of grain rates by Western railroads seemed
not 70 disturb speculative confidence The
parallel strength and realizing went on In the
me rket throughout and kept up 70 the closing.
B0pds were steady. Total sales tpar Taluel,
s. .32e.00
Unite states 81 advanced Z. per cent on call.