The Birmingham age-herald., 1905-07-23
Sales. High Low. Close

creases were so definitely known or so confidently foreseen that much of the buying had been accomplished before ac- tion was definitely taken on the matter Former buyers who desired simply to take profit by resale therefore found the de- mand induced by the good news mostly exhausted and their efforts to take profits forced prices backward. In the case of some stocks in which expected action re- mains to be taken there has been a re- hinder of speculative activity, accom- panied with varied rumors and assertions, the truth of which still are matters of conjecture. But the sharp advances in n few stocks of this class have not awaited to hold the market against the selling against the kind described. Thus there was an element amongst the operators which professed to expect not only the advance in the Union Pacific dividend to per cent but an extra distribution be- sides an initial dividend on southern Pa cific. The supposed intention to increase the amalgated copper dividend to a per cent rate instead of to per cent indicated cause for disappointment t2 some of the spectators in that stock. On the other hand rumor has continued busy with all legged purposes to make large extra disbursement in the stocks of the North ern Securities group and official disclaim- ors of these intentions have had little effect.
 The substantial importance of the in- creased dividends to the investment fab ric is not to be lost sight of, in spite of the languor of the immediate response in the stock market. Concrete evidence Is thus given of the growth in earning power and of the prosperous conditions existing and a reliable index is afforded of the confidence felt by competent finan- cial observers in the maintenance of fo, f,,tt1 rla fro the maturing grain crops has been a prime factor in fostering this confidence. although the upward movement in wheat late in the week on reports of damage to spring wheat has been modifying in- fluence. The cotton market has been dis turbed and subjected to further active speculative influences and estimates of the cotton crop outlook have continued to be unusually confused and obscure. Another index of industrial conditions to which great importance Is attached is the revival demand for pig iron indicated by the placing of some large orders. Re- ports from the trade also showed some large orders for future delivery of steel rails and some other lines of finished pro ducts. Forecasts of the report of earn ings for the July quarter by the United States Steel stocks, due next week, also played a part in forming sentiment on the iron and steel trade. Railroad of ficals reported a sustained volume of traffic and good prospects for future movements on orders prompted by grow ing confidence in the outcome of the crops. The money market has offered no obstacle to the maintenance of prices, and has worked to lower basis during the week both for call and time loans. Placing of foreign funds in this market has had it's part in producing this re- suit, something like redundancy in foreign markets having followed the half yearly disbursements.
 United States bonds were unchanged on call.