Evening star. [volume] (Washington, D.C.) 1854-1972, 1906-08-01
Street Electrified by the Steel
Dividend Story.
BROKERS WERE SURPRISED
Volume of Business More Than
Doubled Today.
PRICES ADVANCED GENERALLY
Commission Houses Reported Notable
Increase of Buying orders-Re-
newed Interest of the Public.
Special Dispa tcb to The Star.

Special Dispa tch to The Star
NEW YORK. August 1.-Today's stock
market was fairly electrified by yesterday
afternoons announcement of the resump-
ton OF dividends upon the common stock
of the United States Steel Corporation. 1t
has seldom been the case that the rank and
ale of the Wall street community have
been so utterly taken by surprise as they
were by this intelligence. even although
the event had been more or less foreshad-
owed in the constant and tremendous
gains in the earnings of the corporation,
and the consequent accumulation of
great surplus.
The resumption of dividends on United
States Steel common might be cited as
the sole and sufficient explanation of the
course of affairs in today's stock market
The volume of business more than doubled
In comparison with yesterdays total, and
prices advanced in all directions. although
in an orderly and well sustained fashion
In fact the general upward movement
was interrupted by frequent reactions, when
upon occasions the weight of profit-taking
sales unbalanced the new buying power.
Commission houses reported the receipt on
a greater volume of buying orders than
they have. experienced In months. cir
cumstance which attested to the wide
spread influence eXerted upon the pubic
mind by the re-entrance OF the United
States Steel common into the list OF Sc
curities making returns to their share
holders.
Commodity Markets Heavy.
The days other matters relating to the
general financial situation comprised little
of novelty.
The commodity markets continued aeavy
on the favorable advices respecting the
progress Of the crops. and number of very
satisfactory statements of earnings were
submitted these including the really re-
Inarkable exhibit of the Atchison company.
Small alteration appeared in the money
market or sterling exchange conditions.
The London stock market was steady,
Notwithstanding further slump in Rus
sian securities, caused by fresh selling for
Paris account.
AS was the case yesterday, the weakness
in Russian securities had the dual explana-
tion of the serious disturbances in Finland
and of the payment today of the second in
stallment on the new per cent loan.
Estimates of the operations here for for
eign account varied widely although they
agreed in setting forth that on balance
they resulted in the purchase of a consider
able,amOunt of stocks.
Steel Shares Conspicuous.
The United States Steel shares were natu-
rally conspicuous in the days transactions.
notably as regarded the common stock. The
latter opened at a net advance of / point
above its closing figures of yesterday and
retained an exceedingly firm tone through
out the business session.
other leading features in this quarter of
the market were sloss-Sheffield and the
other southern iron stocks, American Smelt-
ing National Lead. Colorado Fuel and Iron.
Amalgamated Copper and the hallway
Equipment shares.
Brooklyn Rapid Transit was stronger and
more active than for some time past and
the railway list showed a long range Of
advances. covering gains extending from
fractional limits 10 and points, the lat
ter In the higher-priced shares.