The Birmingham age-herald., 1906-11-28
EVIDENCE SHOWN IF DECIDED STRENGTH Buyers Turned To High Divl-
 dend Stocks A REPORT POTENT FACTOR
Light Thrown On Remaining Holdings of Northern Pacific and Great North. ern Preferred In Oregon
 Short Line Treasury.

New York, November 27-The stock market gave substantial evidence of strength again today the preference of dividend paying stocks.
 The effect on speculative sentiment of strength in those stocks is much more beneficial than when it shows only in the iow-priced on-dividend-paying stocks Some of the latter were reported still in the days advances, especially amongst the southwestern railroads. The rumors of aecumulations of Missouri, Kansas and Jexas shares in the interest of Great Northern control continue to have force In the speculation.
 But the most potent factor in the greater strength of the market was the Union Pacific annual report. The accu- racy or the forecasts of the main facts of the report made it evident that access has been had to 1t by those who have peeu operating in the stock The lmlta tion Or the actual income applicable to divi- dehds both from operation and from oth- CT income. including the Southern Pan!llcs, 10 below 15 per cent contrasted with re- u Der cent would be made.
 Selling of the stock this week was based on fear that unloading would follow the publication of showing under the support accorded the stock today consequently 1ound short interest unnerved, and .his helped 10 advance the price. An iinpor- tant feature of the report was the lighc 1t threw on remaining holdings of North ern Pacific and Great Northern preferred m the Oregon Short Line treasury
 Inference drawn from the preceding an- nual report Of the amount of these hold ings, which had already been marketed seemed to be disproved by this year re- port which showed that 100000 shares of Northern securities holdings wers ex- changed after the compilation Of the form CT report.
 The amount of new Great Northern pre- ferred stock subscribed for under the o; fer to stockholders was equal to tae full proportion of the entire holding acquired from the distribution of Northern Sccu.- lties assets. Account was taken also or the Tact that only the halr yea l- divi- uend on Southern Pacific was included in the statement of the other income
 The retirement of the conyartioia hoads releases large amount of assa!s t. fl.o treasury at income from ehe proceeds of securities sold during !he year are to be feekoned in addition. The buyiag or Union Pacific was on sn impressive scale and sympathetic effect was produced on the whole marked. Flsidencss of luppaet in the outside market for the Great Northern ore rights reno cd one cause Of heavy tone.
 
 The approach of the rhalllsgivng holi- day, to be closely followed by the De- cen1ber l payments, 7ad some oppressive effect on the market. December payments are unusually large this year. ana esti- mates of dividend and interest payments as higf as s700OO,00O.
 Amongst the requirements on Friday and Saturday was included the United States Steel preferred quarterly dividend. calling for $6,IeO000, American Tobacco dividends, IOO0,0O0, and Atchison semi-an- nual dividend on the common stock g, 300, : 000
 During December, the Standard Oil div 1dend on the 18th calls for nearly sl00OO. .0o1. From the 11th to the 2Gth of December must be paid subscriptions to the New York Central stock, which calls for near 1y s50 100000, the rights of subscription cx. piring on Friday of this week
 The progress of the London stock mar ket settlement discloses little relaxation in