The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1905-07-20
MORE VVACITY IN
THE STOCK MARKET
AS Compared with the Market
of tuesday
HEAT Is RES pom S1BlE
Increased Breadth of9Market Was ow-
ina Almost Wholly to Revived
Effect OF Rumors Regarding
Northern Securities.

New York, July 1e.-The professional
strictly maintained today but within
these limits speculation was allowed
rather more scope and the traders enlarg-
ed their operations to some extent induc-
ing some more striking price movements
than yesterday. The increase in the vivac-
ity In the trading was only by compare
son with the lethargy Of yesterday and
the appearance of the market suggested
continuing somnolency.
Much of this effect was attributed to
the excessive heat which took the energy
out OF all degrees of human actively
The increased breadth of the market was
owing almost wholly to the revived ef-
feet of rumors regarding Northern Sc
curities AFFAIRS The fixed belief that the
dividend on Union Pacific is to be In
creased to a per cent rate at tomor-
rows meeting OF the directors has ap-
parently lost Its efficiency, and then 1t
was reported that there was to be a
sale Of Union Pacific's Northern Securi-
ties assets. 1t will be remembered that
these assets resolve themselves finally
inte minority holdings OF Northern Pa
c!fc and Great Northern preferred in
place of the majority and control of
Northern Pacific which Union Pacific put
into the original merger. Union Pacific
de@ire to dispose of these assets has
therefore been, assurned. and the prices to-
dsy vas pointed to as Indicating advan-
tasecus terms for all concerned. The
whole matter remained In the realm of
conjecture, without word of official in
formation for guidance.
The action of Illinois Central was not
encouraging to those who are hoping for
rising prices to follow news of increased
dividends. There was room to attribute
the reaction from the early advance In
that stock to the manner of declaring the
dividend, the half per cent addition be-
ing designated extra, as on the preceding
disbursement, instead of being called a
regular semi-annual dividend OF Sh per
sent. Rumor was busy with an alleged
meeting of Erie directors to declare an
initial dividend on the second preferred
stock. but these also were somewhat un-
substantiated Pittsburg coal preferred
from the passing of its quarterly divi-
dend. The poor annual showing of the
international Mercantile Marine company
was not without some effect in the
market. although its securities are not
| dealt in the stock exchange, and in the
same way the initiation of Bethlehem
steel preferred was of sentimental ben
eft to the iron and steel group
Gross earnings reported by railroads
| for the second week Of July are uniformly
higher than last years. The recent more
active demand for money In loans on
time was perceptibly relaxed and the pro-
cceds of loan bills in the exchange mar
ket increased the supply so that the tone
for time money became easy. Rates for
call loans were also inclined 70 yield The
few striking gains in prices were poorly
| held, and the market closed easy with
"a ragged showing of moderate gains and
losses.
Bonds were irregular. Total sales. par