Los Angeles herald., 1906-08-17
BY Associated Press.

NEW YORK, Aug. 16.-Wall street
spent a day Of feverish impatience in the
expectation seeing the solution of the
riddle of the excited speculation in Union
Pacific and Southern Pacific. The excite
ment continued at high pitch in those
stocks. 1t was initiated by the delays in
the assembling of the authorities having
the decision of the question of the dtVi-
dends of the two stocks.
AS IL a. m. is the usual hour for the
assembling of the committee the dealings
on the stock appeared to be approac ching
a elimination as that time drew near.
The delay was explained as being due
to the attendance of the members at a
funeral. Other explanations were forth
coming as the delay was prolonged. The
day passed without a solution Of the rid
die.
The uniformed speculative following of
the buying of the stocks was somewhat
dazed by this course of procedure The
movement of the stocks. however, showed
but slight effect from this condition. The
sustained strength was attributed to
conviction that a decision on the diVi-
dends to be paid had been arrived at, al
though the announcement was withheld
The market fell into intense dullness
during the midday period. Speculative
feeling was at a high tension, however,
in the mood of uncertainty as to what
the action of the market would be after
the expected good news was out. Conf
dence in the action to be taken was. too
strong to allow much room for influence
of any scattered skepticism. But on the
subject of how the market would act if
speculative hopes were all fulfilled there
was great diversity of opinion, Hence
the mid-session halt in the trading and
the sagging tendency of prices on the
part of those seeking TO guard against
a profit taking reaction.
The action of the money market was
a restraining influence on any dispoSi-
ton to run into speculative excesses The
average rate for call loans during the
day was higher than yesterday in spite
of some substantial replenishment of
local money supplies. The largest part
sub-treasury of 81, 10000 transferred by
telegraph from San Francisco and which
was on account of Australian gold, a
consignment of which was received in
San Francisco on Tuesday Regular sub
treasury operations are also yielding
something to the banks with the month S
tide. On the other hand the deposit of
100000 at the sub-treaSury for telegra phic
transfer to St. Louis was of a sensa-
tional effect as a distinct evidence of the
force of the harvesting demands which
may be counted upon to take many mill
lions out of New York when well under
way.
The foreign trade figures for July We're
not assuring, although the future move
ment of the crops Is largely depended
upon to move gold in this direction. ne
expansion of upwards of $22 900 900 in the
value of July imports and the relatively
small growth in exports leaves the eX-
cess value of exports for the month only
SS,92S,9oO as compared with S23, ,S15 IN
July last year. The strength in Pennsyl-
vania made an active market for the
convertible bonds, of which large hold
ings were left in the hands of the syn
dicate when it was dissolved. The reac-
tion in prices which followed the an
nouncement that no dividend action
would be reported from the Union "a
cific and Southern Pacific meetings was
resisted. The view was apparently taken
that the stocks were in stronger posi-
ton, with the mystery still unsolVed than
II formal announcement of dividend ac-
ton had been made. The action of the
ST. Paul directors in Offering the S25 900.
600 of treasury stock TO stockholders at
par, thus confirming a long standing ex-
Dectation, encourag ged confidence in the
dividend hopes in the Pacifcs. There was
heavy realizing just at the last on the
Southern Pacific and the closing was in
consequence unsettled and irregular.
value. S2.350000
United States bonds were all unchanged
on call