The daily morning journal and courier., 1905-07-21
STOCK MARKET FEATURES
MORE DIVIDEND INCREASES EN-
 LIYEN THINGS.

But They Appeared to Have Been Well Discounted-U. P. Sold OfE-COpper q
 Shade Higher-wOOIen GOOds-U. S. Rubber-stocks Dull and Lifeless at
 Close.
 Union Pacific declined two points af- ter the long expected and talked of increased dividend had been declared, and AmaIgamated, after the increase had been announced, suddenly got live ly and shot up a point and then hung there. Union Pacific is now on a 5 per cent. basis, Baltimore & Ohio also and likewise Amalgamated, and Read ing is on a 4 per cent, basis. All this is cheering to the bulls and discomfit- ing to the bears.
 Both the Union Pacific and Baltimore & Ohio dividends have fallen flat on the stocks benefited and on the general market.
 An important matter in the money market was a break of 20 points in de- mand sterling yesterday, following the decline that has been in progress The rate fell to 4.S6.35.
 The selection of Reading and United States Steel shares to help steady the market during the early part of the day, together with the further bidding up of the Hill group of stocks, had all the earmarks of professionalism.
 Illinois Central rallied above ITO, but there was continued pressure on &C., count of the dividend disappointment. This seems to be more keenly felt by spectators, who thought flat rate would help the general market, than by actual holders of the stock.
 There have been perhaps half doz- en important additions to the dividend rate of railways, since the opening of the year; if the harvest is successful there will no doubt be more. It may be said, in fact, that Union Pocific's directors have really awaited comple ton of the harvest, which chiefly con- cerns their lines, before acting on in- crease of the dividend.
 Woolen Goods common and U. S. Rubber common were the only strong stocks at the opening. As leaders however, they were not much of a s.:c- cess. Woolens stopped advancing just short of S9. The advance in it is due to the rights expected from the S5,O0O,. 900 preferred stock issue. This has been we'll underwritten in Boston.
 The active demand for National Bis. cult in the loan crowd was said to show the existence of a large Chicago short interest. It was generally believed that this borrowing demand was a blind . used to disguise genuine liquidation.
 The absorption of the United States Steel shares was one of the early fea. lures of the market. The common rose to S5 and the preferred to 103. In the latter large amount of stock had tc be absorbed at .102 3-4 and 102 7-S. Int rise was due to better reports of tht Steel trade
 The Knickerbocker Ice rise was at tributed to operations by pool, whicf has been disseminating bull tips freeg of late.
 In 1901, when Union Pacific was re- ceiving per cent, it sold at 139, ant last February, in the boom, reached 137 7-S,
 In the last half hour the decline which had started earlier in the after noon was arrested, but there was nc rally. The life seemed to have gont out entirely of the campaign for tn, vise.
 A Chicago dispatch last evening says 'sCompetition of the interurban lines il Iowa is to be met by the Rock Island railroad. It has been decided to rur hourly trains between Cedar Rapid. and Iowa City, and meet the rate made by the electric company. Thir teen new trains are to be put on. Tn, trains will be made up of light en zine, a combination baggage ant smoker, and a coach. It is the inten tion to put on a similar service be tween Des Moines and Colfax, and la ter to put in the new service betweei various points in that State. The Al ton and Illinois Central roads hay, successfully competed with the electri lines in Illinois for some time. The Al ton is prepared to put on a gasolen motor car next month to take tn, place of the light engines.