The Montgomery advertiser., 1906-08-29
THE STOCK MARKET
WALL STREET APPEARS TO BE RA-
 TIONAL AGAIN.
business Begins In An Orderly Man. ner For the First Time Since the
 Declaration of the Pacific F-l4Hirss nfyfHeuda.

New York, Aug. 2s--For the first time since the Pacific dividends became a matter of public knowledge. the stock market today began business In an or- derly and rational manner. Instead of the wide openings" and new high records" so familiar in the past fort ume, but prices soon developed a react tonary tendency. This seeming change of sentiment was ascribed to a variety or causes, chief among them being the money situation, disappointment at the absence of gold from Europe and in creastng distrust at the failure of the many reported deals" to materialize.
 Local monetary conditions showed no improvement. Indeed. If anything. they were worse. the banks thus far showing loss to the sub-treasury of five per cent. while time rates held at practically seven per cent for all periods. with the supply diminishing. As for gold Imports, expert oninion IS direction. Another batch of Australian gold was engaged during the day It Is believed that efforts are being made to induce Secretary Shaw to renew his anticipation" order of last spring. but that official. who was in town today has thus far given no intimation Of his attitude in the matter. Exchange weak ened further to 4S4.10 early in the day: The market bore strong evidence of pressure in many. quarters, among the early weak Issued being United States olttl, CIhcttlHS anu fttduiiiSs OH NhC other hand. Canadian Pacific was pro- nouncedly strong. advancing over four points in the first hour
 During the greater part of this period the market sagged. but toward noon trading increased under the active lead of Atchison, St. Paul and Amalgamated Copper. Atchison advanced to a new high record, and Board room gossip had it that not only would the dividend be increased to six per cent, but there al- so was talk of an issue of new stock at Ear. Neither of these rumors, it may De said, was confirmable in official quar- ters. The movement in sugar, one of yesterdays features, 1attened out even before it became known that only the regular dividends had been declared. Early in the movement. when the mar ket was exhibiting it's strongest tone. heavy selling of Reading and Union Pacific started a downward movement which soon took in the entire list. The cause of the selling was consid- erable of mystery until 1t became known that a Philadelphia trust com pany was in difficulties. Reports as to the magnitude of the institutions lia- bilities and Its attendant effect. were of a character to excite great alarm and the occasion was utilized to advan- tage by the shorts. Prices declined from one to three and one-half points with only partial recoveries in most issues. Much of the selling of Reading and stocks was believed to be for account of the embarrassed Philadelphia com pdny or interest lQenIl0eQ CnereWlID. The market remained heavy to the close. practically all the active issues recording lowest prices of the day in the final hour. In fact there seemed absolutely no support In any quarter, the big interests having apparently de- cided to let the movement run It's course. the principal losses were:
 Pennsylvania, 3 points; Reading 1 7-S: Union Pacific 2: Southern Pacific and Amalgamatcd Copper and St. Paul. 1-2. L. & N. 3-S: Northern Pacific ?: Great Northern preferred 1-2; Col orado Fuel 3-S and Anaconda 4
 London's participation in this mar ket was a feature. American's the Hartman issues excepted, closed strong at that center and buying of our stocks sEief Atchison and Canadian Pacific was later resumed here. Purchases for that account wer probably forty thous- and shares on balance.
 Bonds were easy. Total shares. par value. sS3, 170.000. United States Bonds were all unchanged on call
 NEW YORK CLOSING STOCK LIST.