The Montgomery advertiser., 1906-08-02
THE STOCK MARKET
RISE IN STOCKS RESUMED DURING
 SESSION.
out by Well Diptrfbuted Buying 0rderk and Market Broad-
 ened Materially.

New York. Aug. 1.-The rise in stocks tendency this ' Week was was resumed with swept to i1sSs higher 'psef lesei throughout by we'll distributed buying orders and the market broadened materially. from the rsssRs s2eEestiop po1e n ,a we over a million shares and to the larg, est total or daily sales on the pressn. ps1st., upward movement The fayorite speu,i, ps,, in the forefront of the movement, es. peciaiiy the Paclfics including in tnaIS time the whole of the rans-contineit,,' most ma tsfaloP aloRo that wfS sse advance @ has ried prices to above the level toucnta in June at the height of the hrst re covery after the shock of ths san traa- ns cisco disaster. It was pointed out as remarkable that while United states steel, preferred. sold today apove Lhe June level the common stock now on high price today The steel dividend was the lending subject of interest ID the days market. There can pc ho genuine surprise to the majority or operators in the market In spite or the speculative tips in circulation preyious- ly a1leginR the certainty of dtvidend. The assignment of the f-2 per. cent diy-i jdend to two quarterly periods preced- ing was looked upon as indicatins, IT some respects the consideratlon oT p9i.
  new departure was attributed to the influence Of directors previously absent especially J P Morgan. to whose man cia1 leadership and opinions the mass of hahituai stock market operators at tach more importance than any other single guiding force. The decision Of terminatiof, on more liberal distribu- tfon of earnings to stockholders as contrasted with the building up, of m : definite surplus reserves, which mas pc, policy If some of the ereaF corpcrs- : tions. Dissatisfaction of stock n 1lders with this policy has been expressed stance and resort has. been had to the courts in some cases. It has been urged in the same connection that enlarged in order to make a market for securities at present price level and with inter- est rates disproportionately high. Thc accept the United States steel dividend action as q proclamation of a policy or enlarged distribution ta steckhciders as means Of deriving active demand for securities for the purpose of effect ing an absorption of the plethora now in the market. The St Paul pavement as a special incentive q persistent ,ru- nor that Union Paciiic control has projects in view of looking to the larg CT control of St. Paul. An explicit dis elaimer of these rumers by the Presi- dent of the Union Pacific was met by the suggestion that the end might be attained by making Southern Pacific the nominal center in the supposed ar engagement. Little attention was paid to any other matters in the days deal ! ings.
 The renewed unsettlement in foreign markets on account Of the new out break of violence in Russia was of no apparent effect here. There was enor- nous profit-takinE during the First hour attracted by the sudden opening advance but the selling was confident " absorbed throughout and the clos ing was firm. near the best
 Bonds were irregular. T tai sales par value, si,sg5,0 ,000 Irnitei States bonds were unchanged on call.
 NEW YORK CLOSING STOCK LIST.