The Montgomery advertiser., 1906-07-27
THE STOCK MARKET
SPECULATIVE SENTIMENT SHOWED
 ITSELF VERY SENSITIVE.
Influence of the Hartman and stand ard Ofi Favorftes, Caused Re- vuisfon of Feeling Toward
 Policy of Buying.

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 New York, July 2s.-speculative sent iment showed itself sensitive still to the Influence of the Hartman and Standnrd oil favoritesA or what is equally effectual, what are accepted as fayorites of those powerful finan- ciat forces. Yesterday the general market advanced because Southern Pa cihc, UEion Pacific and St. Paul were strong. When these stocks were seen today to be subjected to a process of market digestion and of diligent sell ing on all favorable opportunities there was revulsion from the feeling cre- ated yesterday by the buying of these
 The suspicion was aroused that the so-called news regarding these stocks was result of the buying and not the cause of 1t. The brokers who were employed to buy the stocks named yes- Hartman and Standard oil interest; were buying enormous blocks of these usual favorites and this belief was strongly prevalent throughout the stock ar early dividend declaration on South ern Pacific with resulting benefit to Union Pacific from its large holdings Of the former stock. found ready cre- dencc from the movement of the stock. Today many of the same per sons who accepted these reports were skeptical and expressed the conviction that the whole movement was skillful manipulation by James R. Keene. The faith in the St. Paul plan which was to be promulgated as 9 result of the return from Europe of William Rocke- felier and which was implicitly ac- cepted yesterday was shaken again in the face of the selling of of that stock and the market fell in an apathetic condition soon after the opening to await the meeting of St. Paul direc- tors and advanced strongly on the non action of the plan. The realizing in yesterdays favorites was obscured for a time by the rising tendency of other stocks But these were less effective in dominating sentiment than the ones which were being sold. The most -ln- f1uential support was due to sympathy with the large buying of United States Steel. Trade reports from this indus try were highly encouraging. but this was not the new factor in the mar the news that the steamship Baltic had been sighted, having on board J. F. Morgan, and was expected to dock dur ing the afternoon. The effectiveness of was marked by the backwafdness of the preferred stock and by the positive depression of the sinking fund bonds. The professional element thus is seen to have played a large part in the days market. Foreign influences con- tinued in favor of higher prices. There was conspicuous rally in Russians on the presumption that further
  ffagration might be looked for In Rus sian affairs. The Bank of Eng iand re- ported some deterioration of conditions and there was improvement shown by the Bank of France and the Imperial Bank Of Germany Foreign exchange continued to decline here ani approach ed the gold import point again. The small amount of the bids and the low prices for the New York city bonds offered yesterday were the subject of wide discussion, with unfavorehle ef- feet in opinion of the investr 1t sit- nation. The effect was more manifest in bonds than in stocks. The new up- ward start in prices came after the announcement of non-action by St. Paul directors on the supposed finan- cial plan. This apparently singular ac- tion was based on q speculative as sumption that the delay in the St. Paul financing heralded an abandon ment of the proposed Pacific Coast ex- tension and combination with Union Pacific. The market closed strong and active all around, on this assumption.
 Bonds were heavy. Total sales par value $1.34i,000. U. S. new As. ad- vanced 1-2 per cent. on call.