The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1906-08-03
Speculative Sentiment Largely
Influenced by Movement Of
/ Special Stocks.
REDUCTION SHORT INTEREST
Opportunity for Taking Profits.
from Those WHO Bought III
Il 1ncipieht Stage.

ifBy Assocla,od prcaa.1

eE4ffFNtsENA NASa8 ! osyFcNlENIsgtN6
NEW YORK, August Very largo
speculative liquidation was Conducted II
to.day's stock market, and stiio eject
WAS seen In the early reaction und tile
occasional $liesltntio OF the movement.
But a striking powerNof absorption was
again detionstrntcd5nn hi strength revived
1n8Fthe market in the intervals OF the
heavy selling. Tho tone OF speculative
sentiment was largely Influenced by the
movement OF special stocks, owing to The
conviction among operators that they
were following the leadershipg OF power
full groups OF capitalists In hA8cuG
from the movements OF these stocks.
The moro Immediate action OF to-1ay's
market was plainly Infected by the large
reduction 81 the short III interest which
resulted from the ndvnrfceaof yesterday,
caused by tho unexpected actiotlso OF tile
Steel Corporation directors in r.suInlng
dividends on the common stock. Ire
strong uplift to the inarket also offered.
attractive opportunities for taking profits
the part &of those who? bought leEvi!y
last week; when tho rise was SILL In an
iricipicnt stage. Tho rapid rino Of ST.
Pnul carly in tho day and q SIntcr Ic,le
niiGtratlon8i In Reading, were gi,nrdly2Rufli-
client to Offset these Influences. 13ut Z the
Il nggressIve strength IN tho Hartman
tPncifics proved more $effcctive8and served
to restore the feeling OF confidence that
abundant means were back OF the; move
1ncnt$ to stmulnte,n speculation ST. Paul
was the center OF n1l Kinds OF $ri,inOrss to
account for Its volatile advance. These.
included an eight per cent. dividend
guarantee on the stock FOR control by.
Union Pacific, Southern Pacific, .Atchison.
supposed competitive buying III tho open
market, supposedly by&tl present con
troll and the Union Pacific interests.
The MIR was filled with rumors with
ii dividends increase, pointing especially to
Norfolk ana Western. and
Union PncIfc, Sotllern Pacific. Atchison.
Ohio Pressed Steel Car. and soson,$ quite
Indefinitely. Little attention was paid
10 general Developments Money on call
continued easy, although there was some
calling Of large lonnH reported. S3#s SH$
Pennsylvania good showing Of June
net%earnIngs helped the stock. and The
cut Ia passenger fares on tllts system was
d%Isrcgnrded. The adjournment OF direc-
tors meeting without Anticipated action
did not rutrlet the confidence OF operators,
and the late, market showed no more ithnn
the ordinary effects OF room 4iiroflt-tnk-
ing, with the closing generally strong md
Bonds we're w,p easy. Total sales. par:valuc,
!, IS, 9a3,oo United States bondn were we're I'M I'M
changed on call. n $
Total sales q, 800. 100 shares.
SEWg9oRk, August 2s-Money5 onfcall
easy: 2gt3H per cent; ruling rate 211s;
closing bid, tx: offered at 2H. Time
loans slightly firmer; sixty day bllls.,
SiAIl: ninety days. 4G44k; six months.
81. Prime mercantile paper, eA95N perf
cent. Sterling exchange firm then easier:
at S~.s5l5as4.s52o for demand and at $500
Tor sixty, day bills. Posted rates. s4.S2Mp3
34.s3 and si:s5h ls4.8. Commercihl Gpllls.
SIS 7.sTs,.s9. Bar silver, e4M. Mexican,
6dollnrs. EQ1h. s$$S 4