The San Francisco call., 1906-08-10
New York stock Mnrk..-

NEW YORK. Aug. e.-The large buying Of
Z = e--s! vans was again about the only feature
n restraining the falling tendency OF prices
s5seNAere was less effective than yesterday.
Feiopments 70 account for the change in the
LiAEAeL tone and II was largely due 10 the
iASt a the decline in prices yesterday and the
l--L -etce rom that fact that distribution OF
STOCKS was going on from the hands OF inhu-
enIel capitalists. The belief that they were
lolioNtlg slch leadership sums up practically
the whole motives OF the recent operations in
lle maEket on TIE part OF the speculative ele-
nent The conviction in that Qusrter that the
gresr capitalists oc the country were accumu-
leting stocks originated about the tine OF the
last meeting of the directors Of the Union
Paeihc. Special efforts had been made 10
secure quorum Tor that meeting and while
y vas announced that no action had been
there was widely disseminated rumor that g
decision had in fact been arrived 81 which would
De- iofinaly announced at some future move
tls-L - tne executive committee Apparently
speculatlTe opinion had pitched upon today 5
sc As lne one 70 announce the long expected
oeFe.opnents upon which that stock had risen
20 20 ssfeIsl weeks with sympathetic eject on
& - "LS.s Ha-lsepLlilhenls4 group Inc ADJOURN
Eent OF the committee today with the announce
Went glet only routine matters had been COZ
slQefea seemed 70 shake the belief ia the in
ueaded Increase in the dividend and the insugu-
raSi's1 OF dividends on Southern Pacific The
similar 10 yesterdays announcement
~ ~ departure OF the -chairmsn OF tie ST Paul
risu for the Pacific Coast Extension Win
had played 50 important q part IN the specu-
lartTe zGTance IN prices, the suspicious atti-
usle toward The movement. which has been held
90 many quarters from the outset was strength
ened. Tie expressed grounds for this suspicion
have been the supposed desire Of very large and
Wel informed holders OF stocks 70 secure g
favorable basis for distribution Of their hold
ings. The money market also gives decisive
evidence ot the tightening effect Of the begin
ming q the demand for the purpose OF the har-
vest The calling OF loans placed here by
Western banks and the increasing demand for
actual cash from the interior. showed plainly
that the sessonable demand for funds now due
was setting in The payment OF sUbscri ptions
Tor the Panama canal bonds is also making the
hanks losers on the sub-treasury operations, the
intclded redeposit with the banks OF Government
funds being apparently delayed IL their infu-
ence upon the banking reserves. The rate for
the rates for time loans also we're appreciably
lrmer. There was a sharp reaction. however. IN
the foreign exchange market The discount rate
IN rhe Paris open market fell away and sterling
exchange there advanced. Prospects for re-
sumption Of gold Imports were brought Thus into
renewed considers tons. those movements
served 70 take Paris out of any competition with
zion meanwhile has been materially strength
ened since the Joint competition Of Paris and
the Bank of England put a stop 70 the last
engagements OF gold in London for New York
eccount. The late development Of strength in
Southern Pacific Offset 70 some extent the effect
of the weakness IN Union Pacific and g rally
IN prices repaired part of the extreme losses.
The closing quite firm
Bonds we're steady. Total sales, par value,
81 SIS. .0oo.
United States bonds were all unchanged on