The San Francisco call., 1906-07-27
New York stock Market.

NEW YORK. July 26.-Speculstive sentiment
showed Itself sensitive today 10 the influence OF
the Hartman and Standard OIL favoriies, or
what is equally efectual. that are accepted as
faYorites Of those powerful financial forces
Yesterday the general market advanced because
Southern Pacific. Union Pacific and 81. Paul
were strong. When these stocks were seen today
10 be subjected 10 q process Of market digestion
and of diligent selling on ali favorable opportu-
mites there q revulsion from the feeling ere
ared yesterday by the aggressive buying OF these
stocks rhe suspicion was aroused that the So
called news regarding these stocks was the re
sut of the buying and not the cause Of it. The
f-,le-s vino yrere euDIoved 10 buy the stocks
named yesterday gave the impression that the
Hartman and standard Oil forces were buying
enormous blocks Of these usual faFOrltes ana ms
stock Exchange nelghootlooo. Inc reports q
on early dividend declaration on southern Pa
cihc with resulting benent 10 Union Paelnc from
Its large holdings or lne LoI1eI st0SA , tos,-io
ready credence from the movement OF the stocks
Today many OF the same persons who accepted
these reports were skeptical and expressed the
ConALs % that the whole movement was skillful
maE u ariou by James 4. keene- The Ialth IN
the - Paul plan which was 10 be pIou.is1If5o I,se5
as result u the return from Europe OF VIII
jam Rockefeller and which was implicitly ac-
cepted yesterday WAS shaken again IN lace OF
fhe selling oF Of that stock and the market fell
inc "a await the meeting OF St Paul directors
end advanced strongly On the non-actlon on the
The realizing IN yesterdays favorites was oh.
other stocks. The most Influential support was
due 70 sympathy with the large buying OF
country were encouraging but this was not a
new factor in the market More importance
was attached 70 the news that the steamship
Baltic had been sighted. having on board }. r.
Morgan and was expected 10 dock during the
afternoon. The effectiveness OF the movement
"a United States Steel marred by the back
Wariness OF the preferred stock and Dy The
positive depression OF the sinking fund bonds.
The personal element thus is seen - have played
6 large part IN the DAYS market Again in
huences continued IN favor OF higher prices
There was q conspicuous rally in Russians on
the presumption that a further smoldering with
out immediate cQnnagration might be looked
for IN Russian affairs. The Bank OF England
reported some deterioration Of condition and
there was Improvement shown by the Bank of
France and the Imperial Bank OF Germany.
Foreign exchange continued TO decline here and
approached The gold import point again The
small amount Of the bids and the low prices
for the New York City bonds offered yesterday
were the subject Of wide discussion. with unfs
vorable effect on the opinion OF the investment
situation.
The effect was more manifest in bonds than
fn stocks. The upward start IN prices
came after the announcement OF non-acuOn by
the St Paul directors on the supposed financial
plan.
This apparently singular action was based
upon a speculative assumption that the delay
fb he ST Paui financing heralded the abandon
ment Of he proposed Pacific Coast extension
and q combination with the Union Pacific. The
MAJ closed strong and active all around on
This q lmptiOn.
B6Hls we're heavy. Total sales, par value
Emitted states new Is advanced u per cent
call.