The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1906-08-08
MAN|P ULAT|ON
IN WALL STREET
Large Volume of Business and
Stocks Fed Out to All Who
Would Buy.
SLIGHTLY BETTER
DECLINE AT THE CLOSE, WHICH
WAS HEAVY.
PRICES SLIGHTLY BETTER

New York. August THE volume of
transactions in today's stock market was
much better sustained than yesterday
after the normal activity of the open
ing Dealings notwithstanding the con-
| tinued oppression of the hot wave. But
| prices did not fare so well. 1t was evil
dent that a shifting process was going
on such as is usual in the market lead
erSh1p of campaign under skilled gen.
eraIshlp to facilitate digestion of profits
and to tighten the burden Of the large
accommodations necessary to force the, up
ward movement of prices Yesterday $
strong market had the effect of bring
ing in some additional outside demand
overnight and it was the execution of
orders of this character which made the
activity OF the first hour.
The narrow range of fluctuations on
which this large volume of business was
transacted disclosed the fact that the sup
ply or stocks was kept closely common
Surate with the demand. The professional
reading of this action in the market was
that stocks were being distributed to
take profits by the recent speculative
buyers. After this stage of the dealings
had passed the state of activity with
sharp advances which has recently sig
nalized the Hartman Pacifics developed
IN other quarters of the market Penn
SylVdnid was the aggressive leader of the
new upward movement This diversion of
speculation to new quarters of the mar
ket was regarded at first with SdtiSfac-
ton by the professional element COM
mltted to an advance, as the excessive
movement in the transcOntinental stocks
and the large congestion of the dealings
IN them had begun to arouse suspicious
This group of stocks is almost alone
IN the list in having risen above the high
figures of the June movement on the first
recovery after the San Francisco losses.
But the change in the leadership of the
ooh inn in IS 4
IN the dealings the transcontinental
group began to fall off. The effect of
this on sentiment proved of more influ-
ence than the new points of strength.
A break in Consolidated Gas helped to
unsettle the tone of teh market This
was based upon the adjournment of the
executive committee with a formal an
nouncement that the quarterly dividend
the declaration of which is now due, was
not considered. This left a way open
for an Inference that the dividend would
be left in allegiance by refrainng from
action in this way. This served to cast
a shadow upon the confident speculative
hopes which were being INDUCED of a
comprehensive system of dividend in
creases in a long list of stocks. Hopes
of this kind were the mainStay of the
principal speculation going on.
Attention was attracted by the agita-
ton among stockholders of the American
Express company for larger dividends
which added ten points to the price on
top of yesterdays ten-pOint advance. The
recent increase in the Baltimore & Ohio
dividend was brought into renewed con-
Slderation as an index of the probable
policy of the Pennsylvania railroad with
regard to subsidiary companies which
would result in corresponding benefit to
the parent company by the increases in
its income resulting from it's stockhold-
ings in the minor companies. The early
buoydnCy of the Hill stocks was based
on renewed rumOrs of an early cOnsum-
nation of the Oregon land deal
Large increases in gross earnings for
July in Vanderbilt companies benefited
New York Central. The cheerful resump-
ton of financial markets in London aft
er the holiday helped the early tone here
The weekly bulletin of the weather bu-
reau kept up confidence in the condition
Of the crops. Foreign exchange was firm
and money rates were also maintained
except that time loans for some of the
longer dates maturing beyond the first
of next year were somewhat easier. Five
and six months money. however, was
firmly held. and 81 per cent was said
to be obtainable for January money. Last
prices of the day showed mixed changes
and the transcontinental railroads and
some of the leading industrial stocks
were on the side of the declines. The
closing tone was heavy.
Bonds Were heavy. Total sales, par
value, ST. sos, 900.
United States bonds were all unchanged
on call