The Montgomery advertiser., 1906-06-21
THE STOCK MARKET
POINTS OF AGGRESSIVE STRENGTH
 AGAIN APPARENT.
The Movement, However, Is Irregular and Interrupted by Decisive Re- actfons--Actien of B. & o.
 Directors Has Effect.

-----x--~~- New York, June 20.--There were | points of aggressive strength again in l today's stock market, but the movement was irregular and interrupted by de- cistve reactions The response of the market to the good news of the day had an uhsettling influence on senti- ment from the fear that with the good news out. advantage would be taken to sell stocks. This process in fact was evidently at work and gave rise to the
 halting and hesitating movement of prices in the latter part Of the day Most importance was attached to the action of the directors of the Baltimore and Ohio Railroad Company in increas- ing the dividend rate on that stock to a per cent. basis by the declaration of dividend ot 3 per cent. for half year.
 The aggressive advance Of the stock for several days has given ample mo- tice or the intended action. Realiza- tton of speculative profits began today before the actual announcement Of the dividend action, the stock receding dur ing the morning to a point below last nights level. It rose again to 1iS l-2 before the dividend action but struggled uncertainty for time after the an- nouncement. Later in the day the ab- sorption of the stock became heavy and it was carried through large selling to 119 1-2. which is a record price. But while this price establishes a new re- cord 1t compares with the previous price Of l1S 1-2.
 Moreover this former record which was touched in the autumn of 1902 was made at time when the stock was on per cent. basis with a hope of an increase to per cent. When the dividend rate was raised to 5 per cent. last fall the high level for the stock reached IT. When new stock to the amount of s27.75o.oo0 was offered to stockholders at par in April of this year the price fel1 to as low as 105 3-4 and the subscription sold at 5-S. The price touched today compared with pre- vious hsgn levels and considering their improved investment showing of this stock by reason of dividend increase was included reflection of enormous buying and other points of strength to- day was caused by sympathy with the Baltimore and Ohio Railroad move ment.
 Other subsidiary companies of the Pennsylvania was naturally aeffctcd by the declaring on analogy with the Bal Of hopes of increased dividend returns. Southern Pacific was also made con spicuous example of similar hopes W hich have been considered official in argued that the policy in the treat ment of stockholders inaugurated by the Pennsylvania company must have some effect on the policy of other rail- road authorities. The effect of Penn sylvania itself was moderate although the stock will derive benefit from the Baltimore and Ohio dividend by reason of thes large amount of that stock in the PennsylvanIa treasury. She dec paration of the initial dividend on Amer ican Locomotive stock also induced sales which forced the price or the shares downward. Other new develop ments were not important.
 Foreign exchange continues to de- cline under the supposed influence of bills against the Paris subscriptions to the Pennsylvania loan. The discount rate in the Paris market. however, was marked up and the increased demand for money there left open the question whether the Bank of England author ities would decide to reduce the off, cial discount rate Of that institution to- morrow. Demand for time loans at seven and eight months continued strong in this market and the majority of business was done at 1-2 per cent, although the quoted rate remained at IA per cent. this afternoon and 1-2 asked The continued lack of support of Interborough Metropolitan had an nrfsettling influence in the days mar kct. The days most active stocks made their highest prices late in the trading but did not carry the list as a whole with them and the closing tone was irregular.
 Bonds were steady. Total sales, par value. S1.s54,000 United States bonds were all unchanged on call.
 NEW YORK STOCK LTsE