The Montgomery advertiser., 1906-08-16
THE STOCK MARKET
EXCITED SPECULATION ON HARRIMAr
 rAcIFIcs FEATURE,
Backbone of This Movement Was Concen- trated Buying of Two Stocks by
 Commission Houses Thought t0 b. Wise.

New York. Aug 15.-Today's stock mar ket was made up in overwhelming propor- riman % Pacifios e Tbe euss,Ib bseSbone i @ of this movement was the concentrated buying of the two stocks by commission houses usuai- iy credited with conducting operations in the stock market for capitalists closely as sociated In the control of these railroad
 Eagerly following the movement was q cloud of speculators of all degrees of prom thence down to the small room trsdere ps of slight fasqn 3r.ps Sn in and out of this class helped materially to inflate the volume of the transactions. But cepted as evidence of the conclusion of important plans regarding the properties That these plans had to do with dividend policy was taken for -"anted.
 It was assumed very confidently that an increase in the dividend on Union Pacific payments were to be initiated on Southern Pacific. the yearly rate for the latter be- ing commonly assumed at four per cent, but with conjecture running to a higher that the relation of St Paul to these prop critics were also involved In the coming troi of that property, either by issue of bonds in exchange for the stock or other wise. was In oontemplation- These y,r yariaas ation and so far as could be learned no formal action has been taken yet on the meetings of the executive committee of the Union Pacific and friends of the directors of St. Paul who are fixed for tomorrow. Attention became more and more concen- trated in the movement in the. two Harri- man stocks and in the final hour Of the trading they moved up to their previous record prices through flood of offerings and closed strong at the top level.
 In September of 1902. Southern Pacific was lifted to s1H during the operations by the pool in the stock headed by James R. Keane The campaign at that time was based on the confident assumption that dividends were at hand and the refus- al of the control to grant this expectation was the occasion Of bftte- animosities which found their way ultimately Into the courts.
 Southern Pacific's previous record price of 1eoh was touched in January this year Top prices today were s1M for Southern Pacific and 1s1M X for Union Pacific The only important supplement in the market today to these movements was In Reading and Pennsylvania. the former coming early in the day and the latter ip the last hour. The market otherwise was marrow and generally sluggish and the profit taking In the general list under cover of the strentgh In the leaders made the tone irrsular up change in general conditions
 Rates for time loans continued to ad- vance and bids for 90 days nccommoda- tion were raised to five per cent with the call loans showed n6 important changes Foreign exchange yielded somewhat from the point reached on the recovery after the disputed reports of gold engagements market is gaining on sub-treasury opera tions by reason of large pension payments, but shipments of currency to the Interior are being made by the banks.
 value sa0I5,0o0 United states new 4s advanced < per cent on call.
 NEW YORK CLOSING STOCK LIST.