The daily morning journal and courier., 1905-06-22
STOCK MARKET FEATURES
BUSINESS BROADER AND MUCH
 LIVELIER.

A General Up-Turn in Prices--stee1, U.
 F.. and Pennsy Among the Leaders
 Reading on per cent. Basis-o. X
 W.s Dividend 1M Per Cent.-Lehigh
 Valleys Diyidends-Increase of Con-
 fdence.
 Stocks advanced all along the line yesterday, and there was increased confidence.
 News of the suspension of a Phila- ,delphia banking concern caused a slight setback, but the effect of this news item soon passed off, and the market grew strong again.
 Nothing was said about the o. & W. dividend being a regular semi-annual disbursement, but this was what the street assumed.
 The advance in Steel preferred to 9S and in the common to 30 was prob ably the most influential factor bearing on the market. The short interest, es- pscially in the preferred, has been known to be large.
 It is known also that the Steel com pany's business is fine-rushing in some of the mills. There were higher prices abroad for the U. s. Steels.
 An important factor, they said, on the bull side of the market was the cheapness of money, and the fact that speculators for the rise can pro- vide themselves with money at bottom rates for a long time. The best rate obtainable yesterday for sixty day money was 3 per cent. 4
 Pennsylvania and Baltimore & Ohio were stocks in which the advance was credited to the short interest. They have been in demand in the loan de- partment. ..-s41--. ..,. .,..' Arbitrage houses did good busi- ness yesterday. On the advance they sold Canadian Pacific. London bought the Steel stocks heavily.
 Last Friday the sales of stock amounted to 13S,0o0; yesterday to near ly S0O,0OO.
 Hartman interests were said to have been buying Union Pacific, Southern Pacific and Atchison in London and on the continent.
 good many traders were caught long of Illinois Central on the previous rise to above 162, when similar reports were circulated, and they were taken out on the last reaction.
 Heed was given to the many favor able influences that have appeared of JSI1s ditions, the receding of the nightmare caused by the Equitabletroubles, etc.
 It is also quite natural for stocks to have a rise to be ready for July in vestments. Belief in the sure influ- ence of these half-yearly distributions of capital, in dividends and interest, is one of the most stubbornly held traditions of Wall street, and the prac- tice of anticipating and "dfscounting" the joyous event has become habitual.
 The Lehigh Valley made the regular declarations of 2 per cent. on the com mon and per cent. on the preferred.
 The Reading directors declared di- vidend of ? per cent, semi-annual on the common stock. This raises the rate to per cent. annually. The last
  cent. semi-annual. There was some realizing.
 The. declaration of dividend of i 1-2 per cent. by Ontario & Western had been fully discounted by the previous rise, which had bsen fairly sharp, but no more than in keeping with the re- mainder of the list. Last January a dividend of 8 per cent. was passed oil this stock.
 Railroad stocks yesterday showed an average price about 6 points higher than a month ago, and industrials 4 points. '.''
 An influencing factor, outside of the moderate investment demand, in antici- patton of the July disbursements, was the popular belief that the insurance question would not be taken up by the legislature at it's special session.
 A three point rise in Illinois Central same after the floating supply had been taken up.