The San Francisco call., 1906-08-08
Nrw York stock Mnrket.

NEW YORK. Aug The volume Of trans
sections in todsys stock market was much bet
te- Sustained than yesterday after the normal
acuutT or the opening dealings nOtwithstand-
inS the continued oppression u the hot wave.
~. ititse Ale nyt rare - MeA- II was evil
oeAl t-dl sAllIlne process was going on such
as Is usual in tie market leadership Of q cam
Dcien under skilled generalship 10 facilitate di-
teSl-9L oi lToIls ana 70 lghten TIE burden OF
me large accUmulotions necessary 10 force the
upward movement u prices Gesterdyas s strong
Llar1et had the eject OF bringing in some addt-
tionai outside demand overnight. and Il was the
execution Of orders of this character which made
the activity Of the first hour. The narrow range
~ fluctuations on which this large volume Of
business was transacted disclosed the fact that
L. supply of stocks was kept closely commen-
a With the demand. The professional read
- u this action In the market was that stocks
were being distributed 10 take profits By the re-
cent speculative BUYERS. After this stage Of the
dealings had passed the state OF activity. with
sharp advances which has recently signalized
TIE Hartman Paclhcs. developed in other quar-
fers u the market Pennsylvania was the ag
gress-Ve leader of the upward movement.
This diversion ~ the speculation 10 new quar-
fers ~ TIE market was regarded at first with
satisfaction by the professional element com
mltted 70 an advance. the excessive move
ment in the transc0utinental stocks and the
large congestion ~ the dealings in them had
beglJ % arouse suspicious This group of stocks
is Almost alone in the list in having risen
above the bgl figures Of the June movement
on the hrst recovery after the San Francisco
losses But the change ia the leadership of the
movement proved lacking In efficacy. and In the
Aealings the trauscontlnentsl group began 10 ran
on The effect Of this on sentiment proved Of
more inference than the new points Of strength
A break in Consolidated Gas helped 20 unsettle
the tone Of the market This was based upon
The adjournment OF the executive committee
With p formal alnouncemnt that the quarterly
dividend. TIE declaration Of which Is now due,
was not considered. This left q way open for
an Inference that the dividend would be left In
Hherance by refraiaiDg from action IN this way
This served 70 cast shadow upon the confident
speculative hopes which were being INDUCED Of
p comprehensive system of dividend increases In
l0lc Est Of stocks Hopes OF tbis kind were
fhe mainstar Of the principal speculation going
nn Attention was attracted by the agitation
among stockholders n the American Express
Company FOR larger dividends. which added ten
points 20 the price on top % yesterdays s ten
point advance Tie recent Increases IN rle Bal
fimore and Ohio dividend WAS brought into re-
UeH-ed consideration as IN index Of the probable
-'dlary companies. which would result ia CORE
spending benefit 10 the parent company 10y the
increases in its income resulting from rs stock
Lo.dtngs Cd the miaor companies The early
buoyancT ~ the Hlll stocks was based on renewed
rum0re Of an early consumm3tion Of the Oregon
land deal Large Increases IN gross earnings
FOR July ln Vanderbilt companies benefited New
York Central. The cheerful resumption or IMAM
clal markets IN London helped the carly tone
here The weekly bulletin Of the Weather Bu-
crops. Foreign exchange was firm and money
rates also maintained. except that time
fpaus for some of tae longer dates, maturing
beyond the frst Of next year. were somewhat
casier Five aud six months money, however,
was firmly held. and 81 per cent was said 70
he obrain bic for January money. Last prices
~ the day showed mixed changes and the
rrauscont mental railroads and some of the lead
fng Industrial stocks were on the side ot the
declines. TIE closing tone was heavy
81 coz. 600. United States bonds were all un-
changed on call