Los Angeles herald., 1906-08-04
Rv Associated Press.

Rv Associated Press.
NEW YORK, Aug. S-Today's stock
market became even more spotty than
that of yesterday and the isolated m
stances of strength were fewer. This
showing told on speculative sentlment
in the course of the day and the tone OF
the speculation became less confident and
led to sharp reaction. This change was
derived more from the action of the
market itself than from any development
in the condition of business or industry
unless the slightly firmer tone of the call
money market may have been partly
responsible.
Larger Importance was attached, how
ever, to the fact that ST. Paul and Union
Pacific showed clear evidence of being
fed out when attempts were made to bid
them up, while Southern Pacific was given
over to positive depression.
The opening course OF prices was quite
generally downward, but this was attri-
buted to the Influence of the earlier
dealings In foreign markets in which the
troubled affairs of Russia were once more
a factor. The lower opening here was
almost Immediately repaired in sympathy
with the sharp upbidding of St. Paul and
Union Paclnc. Their relapse was the
cause of some misgivings over the vague
information on which much of the accum-
ulation in these stocks has been based
Successive disappointments over the eX-
pected confirma ton of the deal rumors
which have hung about these stocks TO for
patience of the ill informed holders, eX-
cept when they have the example OF
large buying and advancing prices before
their eyes. The new features of strength
proved poor substitutes for these fayorte
leaders of market sentiment
The rise in New York Central was
connected with some revival of reports
that comprehensive merger of the Van
derbilt railroad properties was In con-
templation
There was a Joint advance in num-
ber of the north and south trunk line
railroads. which was associated with the
governments cotton report which was
expected to be favorable, but which even
exceeded specula tive anticipa tions. The
cotton carriers sold off on realization,
however after the publication of the
government report.
Amalgamated Copper was helped by a
sharp upward movement in the price OF
the metal in the London market. But
wholly convincing in face of manifest
realizing that was, going on in other
quarters of the market.
1t was pointed out also that the first
transaction which occurred in United
States Steel after the dividend was de-
clared which were in the opening dealings
of Wednesday were at the highest prices
on the. movement The Az point touched
then for an instant was not equaled
afterward. The deduction is unavoidable
that large supply. of the stock was
ready for the market to take advan-
tage of the effect of the dividend.
The firmer tone in the days call loan
market was due. to the indicated de-
cline for the week in the cash holdings
of the banks, which amounts to $4,771 900
on sub-treasury account alone and which
seems to be only slightly offset by the
receipts by export from the interior.
1t is supposed that the sub-treasury ex-
cess of receipts which is largely on ac-
count of Panama in national bond pay
ments has been partly offset by rede-
post of government funds with the banks
But these redeposits do not go entirely
into New York banks, while bond pay
ments have come almost wholly from
that source.
The weeks stock market operations and
the August settlements also point to some
further loan expansion.
The impression of the profit taking
tendency of the days market was en-
phasized by the response to the late two
point rise in ST. Paul, which was met by
an outpouring of stocks which carried a
long list of active leaders from one to
two points below last night.