The San Francisco call., 1906-08-02
New York stock Market.

p. NEW YORK. Aug. The rise in stocks,
Ekic1 has shown somewhat hslting tendency
.shis week, was resumed with aggressive force
to-day. Prices we're swept 10 a higher level
Throughout by well distributed buying orders and
the market broadened materially from the recent
eXfres2e congestion In few OF the market lead
eEs. Dealings rose 10 well over million shares
aald 10 the largest total OF daily sales Of the
.lauaTe stocks however, continued we. IN the
forefront OF the movement. especially the Pa
sidcsi- including 10 that term the whole Of the
III Easconf mental group II was IN that group al
uaQst alone that the advance has carried prices to
af0Fe tee Level touched in June at the height Of
Ehe first recovery after the shock Of the San
msrkable thst while United States Steel pre-
ferred sold TO-DAY above the June level the com
non stock, now on dividend basis, failed 10
reach the June high price today The Steel divi-
dend was The leading subject " interest N the
days market There can be no doubt that the
declaration came as a genuine surprise 70 the
majority Of operators IN the market, il spite Of
the speculative tips in circulation previously al
leGing the certainty OF a dividend The assign
meut Of tie = per cent dividends 10 two quar-
reriT periods preceding was looked upon as indi-
eating in some respects reconsideration OF the
policy~6 Tmerly dererm ined on. ana these new de-
part1N were attributed 20 the influence Of the
crect4r previously absent, especially J. p Nor
gan. O. whose financial leadership and opinions
the mass Of habitual stock market operators at
tacb more Importance than any other single guid-
ing force The decision Of the case WAS looked
upon a broad determination upon more liberal
distribution of earnings TO stockholders as con
rrasted with the building up Of indefinite surplus
reserves which has become 4 marked feature u
the hnsncial policy Of some OF the great corpora
rious- Disse tisfacti0n of stockholders with this
policy has been expressed publicly In more than
one recent instance and resort has been had 70
tie courts in some cases. Il has been urged IN
rbe same connection that enlarged dividend dis
efsbutions must be allowed in order 10 make q
unnrket for securities at the present price level
and with interest rates disproportionately high.
Tire speculative sentiment was disposed to accept
the United States steel dividend action a
proclamation policy Of enlarged distribution
rh FrOckhoners as means OF deriving active de-
mhnd for securities Tor the purpose of efecttng
ar. absorption n the plethora now in the market.
The s. Paul movement has as p special incentive
n persistent rlu0r that the Union Pacific control
has projects in view looking 10 the larger control
~ 81 Paul. An explicit disclaimer of these ru-
ners br the president Of the Union Pacific was
met br the suggestion that the end might be at
- med By making Southern Pacific the nominal
cerrer IN the supposed arrangement. Little at
fsntT0n WaE paid 10 any other matters IN the
dav.s dealings The renewed unsettlement in
foreign markets on account Of the outbreak
~ Violence in Russia was OF no apparent effect
here. There was enormous proht-taking during
the h-st hour. attracted By the sudden opening
advances. but the selling WIS confidently ab-
sorbcd throughout and the closing WIS arm near
the hest.
Bonds were irregular. Total sales. par value.
s. .8a5 0oo
Tnited states bonds were unchanged on call.
4 Stock THaf-