Los Angeles herald., 1906-08-03
Bx Associated Press.

BY ASSOCIATED 1reS8.
NEW YORK, Aug. Every large
speculative liquida ton was conducted In
todays stock market and the effect was
seen in the early reaction and the occa-
sional hesitation of the movement. But
a striking power of absorption was again
demonstrated and strength revived in the
market in the interval of heavy selling.
The. tone of speculative sentiment was
largely influenced by the movement of
special stocks owing to the conviction
among operators that they were follow
ing the leadership of powerful groups of
capitalists in taking a cue from the move
ments of these stocks. There was very
general confidence that far reaching
plans involving both corporation finance
and stock market operations were re-
Hected in the movements of the market.
Very explicit assertions were made of
the certainty of important dividend in-
creases to be made and of other plans
to offer attractions to stock holders, and
1T was argued that a concerted determina-
t1on to awaken an active interest in the
securities market was thus a reasOna BILE
deduction to be drawn from the course of
leading capitalists
The desirability of more active de-
and syndicates or to help in the flotation
of new offerings which are seen to be
inevitable is so well known and recog-
nized as to give plausibility to the cur
rent assumption.
The more immediate action Of the days
market was plainly affected by the large
suited from the advance of yesterday
caused by the unexpected action of the
steel corporation directors in resuming
dividends on the common stock. The
strong uplift to the market also offered
attractive opportunities for taking profits
on the part of those who bought heavily
last week when the rise was still in an
The rapid rise of St Paul early in the
day and later rise in Reading were
hardly able to offset these influences
But the aggressive strength in the Harri-
man Pacific proved more effective and
served to restore the feeling of confidence
that abundant means were back of the
movement to stimulate speculation.
St. Paul was the center of all kinds of
rumors, including rumor of an eight
per cent dividend guarantee on the stock
for contral by Union and Southern Pa
cific or supposed competitive buying in
the open market supposedly by the
present control of the Union Pacific in
terests.
The air was filled with rumors of divi-
dend Increasing also, pointing especially
to Union Pacific. Southern Pacific Atchi-
son, Norfolk & Western, Chesapeake &
Ohio, Pressed Steel Car and so on, quite
indefinitely. Little attention was paid to
general developments.
Foreign exchange continued to harden.
Money on call continued easy, although
there was some calling of large loans
reported.
the market on account of payment of a
note of the Central Pacific falling due.
and of payments of subscriptions to
Panama canal bonds
Pennsylvania's good showing of June
net earnings helped the stock, and the
cut in passenger fares on the system was
disregarded. The adjournment of direc-
tors meetings without anticipated action
did not ruffle the confidence of operators
and the late market showed no more
than the ordinary effects of room profit
taking.
The closing was generally strong and
active.
Bonds were easier. Total sales, par
value, ST. 900.
United States bonds were unchanged
on call.