Omaha daily bee., 1906-08-02
NEW YORK STOCKS AND BONDS
Upward Movement Of Prices is Resumsd
with Aggressive Force.
DEALINGS EXCEED ONE MILLION SHARES
TranscOntinentaI Railway Group and
United states steel Are the
Center of Greatest
Activity.

NEW YORK, Aug The rise in stocks
which has shown a somewhat hating
tendency this week was resumed win
aggressive force today. Prices were swept
to a higher level by the we'll distributed
buying orders and the market broadened
materially from the recent extreme con-
Dealings rose to well over 100000 shares
and to the largest total Of daily sales on
the present upward movement. The FAVOR
lite speculative stocks. however. continued
well In the forefront OF the movement, espe-
Cially the Pacihcs, including in that term
the whole Of the transconunentsl group.
1t was In that group almost alone that
the advance has carried prices to above
the level touched in June, at the height OF
San Francisco disaster. II was pointed out
as remarkable that while United states
Steel preferred sold today above the June
level, the common stock, now on a dividend
basis. failed to reach the June high price
The Steel dividend was the leading sub
tect OF interest In the days market. There
can be no doubt that the declaration came
as a genuine surprise to the majority OF
operators in the market in spite OF the
speculative tips in circulation previously
alleging the certainty Of a dividend, The
assignment of the n per cent dividends
to two quarterly periods preceding was
looked upon as indicating, in some respects,
a reconsideration Of policy formerly deter
mined upon and these new departures
were attributed to the influence of directors
previously absent, especially J. P. Morgan,
| to whose financial leadership and opinions.
the mass OF habitual stock market opera
tors attach more Importance than any other
single guiding force. The decision Of the
case was looked upon as a broad determine
ton upon more liberal distributions OF earn
! ings to stockholders as contrasted with the
building up of Indefinite surplus reserves
which has become a marked feature OF
| financial policy OF some of the great cor
! porations Dissatisfaction OF stockholders
| with this policy has been expressed pub
| licly in more than one recent instance and
resort has been had to the courts In some
cases. 1t has been argued in the same con-
| nection that enlarged dividend distribu-
| lions must be allowed in order TO make a
| market for securities at the present price
| level and with interest rates disproportion-
etely high. The speculative sentiment was
| disposed to accept the United states divi-
| dend action as a proclamation of policy
| OF enlarged distribution to stockholders as
! securities for the purpose of effecting an
absorption Of the plethora now in the mar
| ket
The st. Paul movement has had as a
the Union Pacific control has projects IN
view looking to the larger control OF ST
| Paul An explicit disclaimer of these
rumors by the president Of the Union Pa
cific was met by the suggestion that ht
end might be attained by making SoutherI
Pacific the nominal center in the supposed
arrangement Little attention was paid Il
| any other matters In the days dealings
The renewed unsettlement in foreign mar
kets on account of the new outbreak OF
violence in Russia was of no apparent effec
here. There was enough proft-takng dur
ing the first hour, attracted by the suddef
opening advances, but the selling was con
fidently absorbed throughout and the clos
ing was firm near the best.
Bonds were irrefular. Total sales, pa
value, $i,695,O00 United States bonds wer,
unchanged on call
The following are the quotations on thu