The Montgomery advertiser., 1907-07-25
THE STOCK MARKET

New York. July 24.--The action of South ern Railway today which rose to 9Oh was regarded as strongly confirmatory of the rate is imminent No official information on the plans of the directors could be secur- ed beyond the information that the direct ors would be in session tomorrow. the exec utive committee will not meet until later. This information was considered to indicate Southern Pacific would almost certainly in ssryene s in dividends before action shall be
 The professional traders followed the movement on this supposition very indus triously Some of the rumors used with effect regarding the probable dividend ac- tention to raise the rate to six per cent but insisted on coming seven per cent rate on the common stock of the company.
 The $36.o0oo0o of preferred stock now in of nnsment does ,, not draw d ditidenas h bo0,00O each year. It will be seen that either the six or seven per cent dividends would leave large margin of surplus in the present rate of earnings. The weight of opinion in the trading element today was
 in fsror Q, the six per gent rate Union extent the bad effect of Union Pacific re- souhern en paee wheh threw sSsncon Pacifics large holdings of Southern Pacific in the latters dividend. Union Pacific was expected to move in harmony with South ern pacific. The movement was not with out some influence on the general list but in nothing like the proportion that would be expected usually of such a considerable market demonstration in a prominent stock. This was partly due to the fact that there was some switching of traders accounts from other stocks into the Harrimans. Ac- counts in other stocks were sold out to se- cure resources to put into Southern Pacific This process was reported in operation In regard to the United States Steel and help ed to account for the heaviness of that stock. Yesterdays assumption that the strike of iron miners might be considered advantageous to the corporation by averting the likelihood of . decline in iron prices from a glut of production was not heard much of today. This view of the case as sumes so considerable 2 reaction in the iron | trade as not to be relished on the long side of the market.
 iron strike episode has been followed by a dminution of the talk of an intended in crease in the United States Steel dividend at the meeting of the directors next week St. Paul showed the closest sympathy with the Harrmans and Amalgamated Copper de- veloped a degree of late strength in com pliance with the better tone of the foreign market for the metal
 The Hill stocks were backward owing to the difficulties which have been pointed out l in the way of cutting of Burlington 'melon'' for these stockholders.
 | Money on call continued to decline and at l the same time foreign exchange made a | further encroachment into the narrow mar gin which divides it from the gold expor. n. i the days total sales of 6s2.e00 shares l6s... . 400 weye of Southern Pacific and 17s,ooo Union Pacific. thus Illustrating the uneven ness of the days market
 Bonds were irregular Total sales par value s1.214.o0o. United States twos reg istered declined A. while the coupons ad- vance per cent. on call
 NEW YORK CLOSING STOCK LIST.