The San Francisco call., 1906-08-04
New york stock Market.

-NrW YORK Aug s-Today's stock market
s etse s ,saIo5sS Sns2snces of Strength were
fever. This showing told on speculative sen.
timent in the course Of the day ana the tone OI
the speculation became less confident and LED
10 8 sharp reaction. This change was derived
more from the action Of the market itself than
p from any development IN the condition OF busl-
ness or industry. unless the slightly hrmer tone
OF the call money market may nave Deen pAFtl!
however 10 the fact that 81. faul ana mon @
Pacinc showed clear evidence OF being fed out
~hen sttempts were mace 70 Dlu men 81 e2 W.
while Southern Pacific was given over 70 posi-
tive depression. The opening course OF prices
was quite generally downward, but this was
attributed 70 the influence OF the earlier deal
fnEs IN foreign markets. IN which the troubled
affairs Of Russia were once more FACTOR Inc
hover opening here was almost Immediately re
paired IN sympathy with the sharp upbidding OF
St Paul and Union Pacific. Their relapse was
the cause Of some misgivings over the vague
informs ton on which much OF the accumulation
IN these stocks has been based. successive dis-
appointments over the expected confirmation OF
the deal rumors which have hung about these
stocks for many weeks proved wearing upon the
ps tience Of the Il-infOrmed holders except when
taey nave sne ass ess be new
features Of strength proved poor substitutes Ior
these faTorite leaders of market sentiment Inc
rise in New York Central was connected with
some revival OF reports that a comprehensive
merger Of the Vanderbilt railroad properties was
IN contemplation. There was joint advance ID
q number of the North and South trunk line
railroads. which associated with the Cow
ernment's cotton report. which was expected
10 be favorable but which even exceeded specu-
latire anticfpa lions. The cotton carriers sold
on realization. however after the publica-
rion ne Government report. Amalgamateo
Copper vas helped by a sharp upward movement
IN the pdee Of the metal In the London market.
But these evidences OF strength did not prove
wholly convincing IN the face OF manifest reallz-
ing that going on IN other quarters OF the
market. II was pointed out also that the first
transa ctions which occurred in United states
Steel after the dividend declared, which
were in the opening dealings OF Wednesday,
were al the highest prices on the movement
The 81 = point touched then for an instant was
not eQualed afterwsrd. The deduction is IN
sFoidable that large supply Of the stock was
ready for the market 10 take advantage Of the
dave call loan market was due to the indicated
decline for the week IN the cash holdings OF the
banks. which amounts 10 81, al. 600 on sub
treasury account alone and which seems TO be
only slightly Offset by the receipts by express
from the interior. IL Is supposed that the sub
treasury excess OF receipts, which is largely on
account Of Panama IN national bond payments,
has been partly Offset by redepOsit Of Govern
ment funds with the banks. But these re-
banks, while bond payments have come almost
wholly from that source The weeks stock
market operations and the August settlements
also point 10 some further loan expansion. The
impression OF the prOft-taking tendency OF the
DAYS market was emphasized by the response
Il the late 2 point rise IN St Paul, which was
met By an outpouring Of stocks which carried
= long list Of active leaders from 70 points
below last night There very little
scorery and the closing was easy
Bonds we're irregular Total sales tpar Value) .
81 .O07. 600
United states bonds were unchanged on call.
New York Stock List.