The San Francisco call., 1906-08-03
New York stock Market.

NEW YORK Aug. 2.-Very large speculative
iiqSication was conducted IN tOdays stock mar
ket and the eject was seen IN the early reac-
tim and the occasional hesitation Of the move
meut. But a striki@ power Of absorption VIZ
market IN the interval OF heavy sellisg. The
tone Of speculative sentiment was largely in
nuenced by the movement o special stocks owing
70 the conviction among operators that they
were following the leadership Of powerful groups
q capitalists In taking a cue from the move
ments of these stocks. There was very general
confidence that far-reaching plans. involving both
corpora tion finance and stock market operation
were reflected In tie movement Of the market.
Very explicit assertions were made Of the Ger
fainty Of important dividend increases TO be
msde ana OF other plans 10 oner attractions 70
stockholders and II argued that concerted
Determination 10 awaken active interest In
the securities market was thus reasonable de
duction 10 be drawn from the course Of leading
capitalists. The desirability OF more active
demand FOR securities 10 take OF large accu-
Gates OF TO help IN the d0tation OF new oder-
ines which arc seen to be inevitable is well
the current assumption. The more Immediate
action OF the days market plainly affected
BY tie large reduction OF the port interest which
resulted from the advance Of yesterday caused
by the unexpected action of the Steel Corpora
ton directors IN resuming dividends the com
mon stock. The strong uplift 10 the market
also offered attractive opportunities for taking
profits on the part OF those who bought heavily
laHt week when the rise still in IN
ciplent stage. The rapid rise OF St Paul esrIy
80 the day and later rise in Reading were
hardly able 70 offset these influences But the
aggressive strength In the Hartman Pacifcs
proved more effective and served TO restore the
feeling OF confidence that abundant means were
back OF the movement 70 stimulate speculation.
81. Paul was the center OF all kinds Of rumors,
including q rumor Of per cent dividend
guaraptee on the stock for control by Union and
Southern Pacific or supposed competitive buying
in the open market. supposedly by the present
control u the Union Pacific interests. The
or was filed with rlmors Of dividend increases
elso, pointing especially to Union Pacific South
crn Pacific, Atchison, Norfolk and Western
Chesapeake and Ohio. Pressed Steel Car and so
On quite indefinitely. Little attention was paid
. general Developments. Foreign exchange con
unued 70 harden. Money on call continued
easy, although there some calling OF large
loans reported. The Subtreasury took large
sums from the market account Of a pay
ment ~ note Of the Central Pacific falling
due and OF payments OF subscriptions to Panama
canal bonds. Pennsylvanis's good showing OF
June net earnings helped the stock and the cut
IN passenger fares on the system disre-
Eerded. The adjournment Of directors meet
ings without anticipated action did not rufne
the confidence Of operators and the late market
showed no more than the ordinary effects Of
room profttakng. The closing was generally
strong and active.
Bonds were easier. Total sales. par value,
81 928 600.
United States bonds were unchanged on call.
New York stock List.