Omaha daily bee., 1905-07-21
NEW YORK STOCKS And BONDS
Market is Active and Lower on Selling 70
Take Profits.
INCREASE IN UNION PACIFIC DIVIDEND
Advance in the Rate t. Followed by
Reaction, which shows that
Rise Had Already Been
Discounted.

NEW YORK, July 20.-stock brokers re-
garded the moderation In the heat as an
important development and to this was at
tributed in no small part the change from
the extreme apathy Of the market. The in
crease in interest proved to be amongst
the sellers and prices suffered accordingly.
In addition TO the change in the weather
there were some developments OF import
ance in financial affairs. First place was
given in stock market estimation to the
Union Pacific dividend declaration putting
that stock on per cent basis, as against
action was no surprise drI ana has been eon-
idently expected for weeks. The response
Of the market TO the news was watchd.
however. with keen attention to form
judgment Of how far existing prices have
already discounted developments II had
been hoped that a considerable influence
in dividends, owing to the testimony thus
afforded Of confidence In the maintenance
OF prosperous conditions on the part OF the
railroad authorities. The decline In prices
yesterday on the Illinois Central dividend
was ascribed to the fact that the regular
dividend was declared to be still per cent.
with the increase designated an extra divi-
dend But the similar reaction In Union
Pacific today on the rise in the dividend
rate emphasized the impression that buying
in anticipation of dividend increases has
been completed. There was a demonstra-
ton again in the Hill stocks on rumors of
an extra distribution Of assets on those
stocks, which were persistent In spite OF
the published denial Of them by the head OF
those systems. The present market Is so
largely based on expectation OF increased
disbursements Of profits that this condition
OF the speculation Is deemed important
Bonds have not shared In the recent ad-
vance nor have the preferred stocks on
which the return is restricted to a fixed
dividend rate.
The London discount rate continued ex-
tremely apathetic in spite Of easy money
conditions and afforded no help TO this
market Great Importance was attached to
the reports Of reviying demand in the iron
and steel trades, but this seemed TO lack
enough influence to onset the reacuonary
tendency from other factors. Reports OF
crop damage were associated with the
strength OF the wheat market, but an over
sold condition in that market was sus-
peCted. Another bank failure in Kansas
City. while pronounced unimportant, was
another influence toward depression. Al
: legged cutting of trunk line passenger rates
and aggressive measures for freight trafflc
/ by the gulf lines, as against the Atlantic
/ port carriers, received some belated htten-
/ ton. The response Of the market to the
Amalgamated Copper dividend increase late
I in the day intensified the impression that
/ dividend increases have exhausted their et-
/ feet. IL has been predicted that this divi-
dend would be raised to per cent rate
but the stock sold down this morning on al
1 legations that the rate would be left un-
| changed The increase to a per cent rate
/ caused a Jump in the stock, but Il fell
! back under realizing and its final rally do
/ not prevent the heavy closing OF the mar
| ket.,
Bonds were irregular. Total sales. par
] value, s., $50 600. United States bonds were
/ unchanged on call. CO.,
| The quotations on the New York stock
| exchange ranged as follows: