The San Francisco call., 1906-07-29
STOCK MOVEMENT
IS IRREGULAR.
Bank Statement Is Not
Up to Expectations
and Prices Go Back
BUSY

NEW YORK, July 2S.-The specu-
pursued during the days session at
the Stock Exchange, but protective
measures for the market were evident
| ly IN rorce. The movement was rather
sluggish and Irregular and the level
was held up by the medium of some
new advances at points not conspicu-
Gus during the week. The stocks We're
mostly in the class of industrials and
specialties, especially among the
metal industrials and coalers. The
stocks of the great transcontinental
railroads and the trunk railroads were
comparatively quiescent. but not under
active pressure.
dealings continued very large in
United States Steel and that stock rose
10 within small fraction of 40, which
had been promised for it this week by
It's speculative sponsors. Amalgamated
copper and the smelling and lead
| high-priced coalers made character
istic flights
The bank statement proved a dis
appointment and was followed by a
pronounced reaction in prices. The
cash item showed only about half the
expected increase, and as the deposit
item was swelled in addition by loan
plus was slightly encroached upon by
the added requirement. The loan ex
pansion was reminder of the needs
OF an extensive stock market campaign
for facilities. The changes in the
money situation, however, are evident
ly not sufficient to affect the price of
call money. There is an expectation
expressed also in speculative quarters
that the surplus resources of the
United
readiness to protect the money mar
ket from any dangerous stringency
during the fall. Support was forth
coming at the reaction after the bank
statement and some stocks rallied
vigorously to the best of the days The
closing tone was irregular.
Total sales of bonds, par value,
S955,00
SPECULATION IS ANIMATED.
The stock market this week has
given evidence of an awakening from
its Indifference to the prosperous pro-
gress of the affairs Of the country.
This Indifference held the market in
an apathy in face of an uninterrupted
chronicle of growth in all departments
of Inc lstry for some time past. There
has len an animated speculation in
small number of prominent securities,
which by their influence upon senti-
sponse in the whole list. The factor
bearing most effectually upon the re-
newed speculative activity has to do
more largely with the personal element
than with any forcible new recogni-
ton of the conditions of prosperity in
the country. The impression is wide
spread among some operators in the
market that big men" in the financial
world are buying stocks with which
they are closely identified The varia-
tions of this theme have constituted
the staple of the weeks news in, the
market. A great many rumors have also
circulated of special departments re-
garding the properties foremost in the
market movement. But these rumors
have been kept within the realm of
conjecture and without authentic con-
firmation have met in some cases with
explicit denial without affecting the
course of the movement on which they
were based.
case in point was the meeting of
the directors of the ST. Paul on Thurs
day, with all the most influential mem
bers in attendance and a general con-
viction in the street that the long
heralded plan for financing the Pacific
Coast Extension, involving valuable
rights to stockholders, would be an
nounced. Instead, came the announce
ment that no plan was forthcoming at
present, dII6T WHICH dD Duy1nR
movement broke out in the stock mar
ket The same effect was produced
in less degree last week by the ad-
journment of the Union Pacific direc-
tors with the announcement that ac-
tion on the dividend and decision on
the Southern Pacific dividend had been
deferred, the former being left to the
executive committee. This action of
the market in face of speculative dis
appointments was in marked contrast
to it's former tendency to sell off on
good news, and was a conclusive in
dex of the change in the speculative
temper.
BONDS DULL AND HEAVY.
The foundation for the current in the
cuying of stocks by large capitalists
was primarily the coincidence of the
appearance Of buying orders with the
return from vacation trips abroad of
various leaders in the financial world
The brokerage houses, which executed
the conspicuous buying orders, were
those supposed to act habitually for