Los Angeles herald., 1906-07-27
nv Associated Press.

NEW YORK, July 26. : Speculative
sentiment showed Itself sensitive today to
the influence of the Hartman and Stand
ard Oil favorites, or what is equally
effectual, what are accepted as favorites
of those powerful financial forces
Yesterday the general market advanced
because Southern Pacific, Union Pacific
and st. Paul were strong. When these
stocks were seen today to be subjected
to process of market digestion and of
diligent selling on all favorable oppor-
tunities there was revulsion from the
feeling created yesterday by the aggres-
sive buying of these stocks. The sus,
picion was aroused that the so-called
news regarding these stocks was the re.
suit of the buying and not the cause OF
IT, The brokers who were employed to
buy the stocks named yesterday gave the
impression that the Hartman and Stand
ard Oil forces were buying enormous
blocks of these usual favorites, and this
belief was strongly prevalent Throughout
the stock exchange neighborhood
The reports of an early dividend declar-
alton on Southern Pacific with resulting
benefit to Union Pacific from its large
holdings of the former stock found ready
credence from the movement OF the
stocks. Today many of the same persons
who accepted these reports were skep-
tical and expressed the conviction that
the whole movement was skilltui manipu-
laton by James r. Keene
The faith in the st. Paul plan which
was to be promulgated as a result of the
return from Europe of William Rookie
yesterday was shaken again in the face
of the selling off of that stock and the
market fell into an apathetic condition
soon after the opening to await the meet
ing of ST Paul directors, and advanced
strongly on the non-action plan
Realizing in yesterdays. favorites was
obscured for time by the rising tend
ency in other stocks. The most infuen-
tial support was due to sympathy with
the large buying of United States Steel,
Trade reports from ,the country were
IS,,f AI,tr rrkf.e aNt foo
tor in the market. More importance was
attached to the news that the steam
ship Baltic had been sighted, having on
board j. P. Morgan, and was expected
to dock during the afternoon. The eff
fectiveness of the movement in United
States Steel was marred by the back
wardness of the. preferred stock, and the
positive depression of the sinking fund
bonds. The personal element thus is
seen to have played large part in the
days market.
higher prices There was conspicuous
rally in Russians on the presumption that
a further smouldering without an I'M
mediate conflagration might be looked
for in Russian affairs. The Bank of
England reported some deterioration of
condition and there was some improve,
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 unfavor-
able effect on the opinion of the invest
ment situation. The effect was more
manifest in bonds than in stocks
The new upward start in prices came
after the announcement of non-actlon by
the ST. Paul directors on the supposed
financial plan This apparently singular
action was based upon a speculative as
sumption that the delay in the st. Paul
financing heralded the abandonment of
al laAtG 90 TOW cfStx n.1A
a com bination with the Union Pacific.
The market closed strong and active
all around on this assumption.
Bonds were heavy. Total sales, par
value, $1,3n,000
United States new As advanced Y per
cent on call