The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1906-08-05

were unevenly distributed and a greatly
disproportionate interest was shown in
a group of stock influenced by rumors
of important projects pending which re-
manned unauthorized by official sanction.
the speculation was based on a general
conviction that powerful capitalists had
entered on operations in the stock mar
ket and that a concerted policy had been
attempted In favor of awakening the dor
mant public interest in the securities
market With the successive return of
various capitalists from European yaca-
lions and with the action of stocks in
which they were interested there has
been a gathering impression that their
opinion was in favor of higher prices for
stocks. This opinion Is inferred not only
from the market movement of special
stocks but from the action Of corporation
directorships and especially in t case Of
the United States Steel corporation.
The dividend on the steel stocks is ac-
cepted as earnest of the confidence of
the directors in the maintenance of the
prosperous condition in the industry OF
which they are the chief representatives.
1t was also regarded as a formulation
of policy of larger disbursements TO
stockholders in general. There have been
many evidences of dissatisfaction of
stockholders with the small proportion
OF earnings Annually dl6bul Stus anu VI
ganized movements, and even legal pro-
cesses, have been resorted to for the pur-
pose of enforcing more liberal dlsburs-
ments. The high interest rates ruling in
the market also make the smaller invest
ment return shown unattractlve.
Money on call has been reasonably ac-
tive, but the large loan increase by the
banks last week suggested the require
ments of an active speculative campaign,
and the ultimate demands also to be met
of the crop-moving period The continued
unsettlement of foreign markets by the
Russian orders have shut off the London
market from recourse of gold supply by
New York. The weeks sub-treasury oper-
atoms in New York have reflected the
payment of subscriptions on the Panama
canal bond issue. There have been large
re-deposits of government funds at the
same time with the banks. but the call
money market showed some effect. never
theless The August settlements were an
othr factor in the money situation. A
tremor was sent through the market by
the passing of the dividend on Brooklyn
Union Gas, as it was feared that this
foreshadowed similar action by the Con-
solidated Gas company, and indeed gen.
eral policy to be followed by the group
OF capitalists represented in these prop
critics in the case of corporations which
are the object of the current agitation
against corporations. An impression upon
sentiment was made also by the action of
the Pennsylvania railroad In reducing
passenger fares as a concession to the
movement for legislative action to that
end
But there was some small revival of ap-
prehension on this subject which was an
important factor of depression In the
market some time since, in view of the
rebound in Consolidated Gas stock and
ba M the TTnitad
States Steel dividend.
Bonds have been sluggish and irregu-
lar. and little affected by the speculative
activity in stocks, United States old As
and IS coupon have advanced Y, and the
Is q per cent on call during the week.