The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1905-07-21
MORE INTEREST IN
THE STOCK MARKET
Some Important Developments
In Financial Affairs
UNION PACIFIC is LEADER
Movement for Legislative Investigation
Of Equitable Reawakened Some
Apprehension for Harm to
the Stock Market.

New York, July 20,--Stoclz brokers re-
garded the moderation in the heat as an
important development and to this was
attributed In no small part the change
from the extreme apathy of the market
The increase In interest proved to be
amongst the sellers and prices suffered
accordingly. In addition to the change
in the weather there were some devel-
opments of importance in financial af-
fairs. First place was given in stock
market estimation to the Union Pacific
dividend declaration putting that stock
on 5 per cent basis as against the re-
Gently prevailing A per cent rate. This
action was no surprise and has been con-
Silently expected for weeks. The re-
Spouse of the market to the news was
watched, however. with keen attention to
form a Judgment of how far existing
prices have already discounted expected
favorable developments.
1t had been hoped that considerable
influence would remain with actual in
creases made on dividends, owing to the
testimony thus afforded of confidence in
the maintenance of prosperous conditions
on the part Of railroad authorities. The
decline in prices yesterday on the Illinois
Central dividend was ascribed to the fact
that the regular dividend was declared to
be per cent, with the increase designated
an extra dividend. But the similar reac-
ton in Union Pacific today on the rise in
the dividend rate emphasized the impress
sion that buying in anticipation of divi-
+ol
There was demonstration again in the
Hill stocks on reiterated rumors of an
extra distribution of assets on these
stocks which were persistent in spite of
the published denial of them by the head
of those systems. The present market is
so largely based on expectations Of in
creased disbursements of profits that this
condition of the speculation is deemed
important.
Bonds have not shared In the recent
advance, nor have the preferred stocks
In which the return is restricted to a fixed
dividend rate The London market con-
tinued extremely apathetic in spite of easy
money conditions, and afforded no help to
this market. Great Importance was at
tached to the reports of reviving demand
In the iron and steel trades, but this
seemed to lack enough influence to offset
the reactionary tendency from other fac
tors Reports of crop damage were as
ISOLATED with the strength of the wheat
market, but an oversold condition in that
market was suspected. Another bank fail
ure In Kansas city, while pronounced I'M
Important. was a minor influence towards
depression. Alleged of cutting trunk line
passenger rates and aggressive measures
Tor freight traffic by the gulf lines, as
against the Atlantic port carriers, re-
.eived some belated attention. The large
Increase in a Baltimore and Ohio's operat-
ing cost, said to be due to end of the year
adjustment of accounts, was not helpful
10 that stock. The movement FOR legisla-
live investigation of the Equitable Life
re-awakened some approximations Of the
potentialities for harm to the stock mar
xet In that affair.
The response of the market to the Anal
yamated Copper dividend increase late in
he day intensified the impression that