Los Angeles herald., 1906-08-02
NV Assnciated Press.

By Associated Press.
NEW YORK, Aug. 1.-The rise, in
stocks which has SHOWN somewhat
halting tendency this week was resumed
with aggressive force today. Prices were
swept to higher level throughout py
well distributed buying orders ana tne
market broadened materially from the
recent extreme congestion IN lew OF the
market leaders. -
Dealings rose to well over a million
shares and to the largest total of daily
sales of the present upward movement.
The favorite speculative stocks, however,
continued wen in the forefront or the
movement, especially the Paci1cs, includ-
ing in that term the whole OF the trans
continental group. 1t was in that group
almost alone that the advance has car
ried prices TO ABOVE the level toEcned In
June at the height of the first recovery
after the shoch of the San Francisco
disaster.
1t was pointed out as remarkable that
while United States Steel preferred sold
today above the June lever the common
stock, now on a uivluend basis, failed 10
reach the June nigh price. The steel
dividend was leading SUBJECT OF interest
in the days market. There can be no
uoubt that the declaration came as a
genuine surprise TO the majority of the
operators in the market III spite OF the
speculative tip in circuIaulon previously
aueging the certainty OF a dividend.
The assignment OF the " per cent diVi-
denuS TO Two quarterly periuus preceding
was looked upon as Indicating in some
merry determined upon ana tneSe new
departures were attributed TO the influ-
ence OF Lne directors previously absent,
especially j. Z. MorgaI 10 whose nnan-
claI leadership and opinions the mass OF
hapituai STOCK market operators attacn
more importance tnan any oIner SlnSl@
guldlng force. The decision OF the case
was looked upon as broad determlna-
ton upon more loeral GIstrlDuuon Of
earnings to sJocknoIuers as conIrasted
wlCn tne bulloInS up ul Indefinite surplus
a
feature of nnanciaI poncy OF some OF the
5reat corporations. DISSATISFACTION Of
stocAholuetS MIL4I tIllS pOuCy mas been eX-
presseu puO.icly in more IMAM one recent
Instance ana resort mas been hau 10 IhG
courts III some cases.
II mas been 81 Seu IN the same connec-
ton tndt enIarsSd dINlue4Ia distributions
aust De dlIONSN. III ofuer " MAKE 4 mar
net IUt SECURITIES d. lne present prIce
IeVeI ana "4.lI IAtetest .a.es U4sprUpol-
llohdteiy hlSA
Inc speCu-atIVe sentiment was disposed
W acCep. tLe OllIISu otettra Steei UIvIUeLd
aclloA as d pi OEIa4la.IUn u d pOiIcy oI
eilidfseu ulsl4 ~ utiun " s,ocKnOIuers ds [.
Iiea!is OIL deriving actNe uenIanu IOr
securities tor tne purpose Uf euvcLlug an.
apsoiptioA oL tne p-etnUla how III lIIe
market.
Inc ot. Paul movement has as a special
1ncentIVe pei sIsteut rulnur ina. Cne
Union FachIc Son.rVI 4ids p4UJecIs Al View
4oohInS " t4Ie larger CUn.rOI UL -. Eaul
AN eApllclt disclaimer OI these rumurs
Ny tne pISsiuSilt OI lnS DLIOll racine was
met W lhe Su5SSStluu tLIdt LnS cid InlbAt
bv dttalneu ~ Iudhlns lSOuLnerI4 E'aLnlC
Inc nominal center III the supposed ar
rangenent.
Lietie attention was paid to any other
maltefs IN tne day ueaHnss me re.
heweu unsettiement in toreIsIi maInels Oh
account oL tne new outuIean oI VIOIence Ia
htssla Was oL no apparent emecL mere
There Was enormous prom. IahlI4sS dullu.
the Ilrsl noun, attracted oy the suuuen
opening advances, DuL the sellng was
conLluenty aUsorDea tnroushouL aid tue
Closing was IlrIn, near me Oest.
Bonus Were irregular. Iolal sales par
Value, 81, ,DJo 100.
United S.ates bonds were, unchanged.