The San Francisco call., 1906-08-17
New York stock Market.

NEW YORK. Aug. l6.--Wan street spent a
day Of feverish impstience h the expectation Of
see1ng the solution Of the riddle OF the excited
speculation In Union Pacific and Southern Pa
oinc. The excitement continued at high pitch
in those stocks. II was initiated by the delays
IN rne assembling OF the authorities having the
decision Of the question Of dividends of the
tygo stocks. AS II 3. m. is the usual hour for
the assembling Of the committee the dealings
on the stock appeared TO be approaching a cul-
mtnation that time drew near. The delay
was explained being due TO the attendance
rions were forthcoming the day pro
longed.. The day passed without a solution OF
ing OF the buying Of the stocks somewhat
dared by this course OF procedure. The move
effect from this condition The sustained
~ strength wac attributed 10 conviction that a
arrived At, although the announcement was
withheld. The market fell into intense dullness
a nS me tsns qSSy pS e SpefSqasea Sa o6a ieeng S nn
certainty as 70 what the action OF the market
would be after the expected good news was oat-
Confidence in the action 10 be taken was toe
strong 20 allow much room for influence Of any
scattered skepticism. But the subject Of how
al fulfilled there was great diversity Of opinion.
Hence the mid ses<ssn halt in the trading and
the sagging tendency of prices On the part OF
those seeking 20 guard against a profit taking
80 eti0n. The actien Of the money market was
restraining influence on any disposition TO run
'cau loans during the day was higher thhn
Yesterday in spite OF some substantial re-
largest part Of this shown in the payment
by the sub-tressury of S2,3l0, 600 transferred by
tPleErsp ph from San Francisco and which was
account Of Australian gold a consignment oi
which received IN San Francisco on Tuesday
Regular suh-treasury operations are also yielding
something 90 the banks with the month S pension
payments running az the food tide. On the
other hand the deposit Of 500 600 at the sub
treasury for telegraphic transfer 10 ST. Louis
was Of sengs tional effect a distinct evidences
or the force OF the harvesting demands which
may be counted upon 20 take many millions ou'
u New York when well under way. The foreign
trade figures for July were not assuring. although
the future movement Of the crops is largely
depended upon to move gold in this direction
The expansion Of upwards OF SO. o9.00o In the
value OF July imports and the relatively small
growth IN exports leaves the excess Valne oil
exports for the month only 81. .92S, $50, com
pared with S23. Al. SIS in July last year The
strength IN Pennsylvania made active markei
ings were left fn the hands OF the syndicate
o when A. dissolved The reaction IN prices
which followed the announcement that no diy1
deud action would be reported from the Union
Pacific and Southern Pacific meetings was re-
sisted. The view apparently taken that
mystery still unsoTed than III formal announce
ment ~ dividend action had been made. The
action of the st. Paul directors in Offering SIS
q0O. 600 Of treasury stock 10 stockholders at PER
i. thus confirming lonr-standing expectation, en-
c'Ouraeed confidence In the dividend hopes II
70 The paciGcE. There heavy realizing just ri
fhe"la the Southern Pacific, and the closing
q. was in consequence unsettled and irregular
- Bonds were irregular. Total sales, par value
s.. $50. 600.
= i United States bonds were all unchanged OF