The daily morning journal and courier., 1906-06-21
STOCK MARKET FEATURES
FAVORABLE DEVELOPME ENTS DROUGHT HIGHLR PRIChs.

E. and O.'s Increase of Dividend-LOco-
 motive Common's First Dividend
 Money Easier and Good News From
 CrOps-What Paris Dispatch Says
 About the s5O,OOO,OOO Loan of Penn-
 sy's.
 The stock market continued it's up- ward flight yesterday.
 Good news helped the advance.
 Baltimore and Ohio increased it's divi- dend to a 6 per cent. rate; Locomotive common was awarded a dividend; mon ey was trile easier, and the news about the crops was cheering. The out look for increased dividends is a pretty good underpinning to the market,
 Justification for the Baltimore and Ohio increase is to be found in the large surplus which the company has established. There was an increase in this item the fiscal year of $4327,0
 The advance in Pennsylvania was started by the heavy buying of Gates & Co They took about 10000 shares. This was supposed to be short cover- ing. Tn addition to the loan which the company has placed in Paris, the main bullish factor on the stock is the pros- pect of increased revenues from it's treasury holdings, This will practically guarantee the maintenance of the pres ent 6 per cent rate
 It was reported yesterday that an appolication would be made to the courts to restrain the payment of the quarterly dividend on Interborough- Metropolitan preferred stock, which is due on July 2, and some attributed the break in the stock to early information as to what is to come. Thee was no confirmation of this.
 Interborough-Met interests, who brought out the securities will have to carry them for a long while. About 10 per cent. of the market value has been cut off in the past week. The stocks now are seeking their proper level. Until the earnings of the merger company demonstrate that the Ryan, Belmont project was practical one the syndicate will have to support the burden they created for themselves.
 Much interest was expressed yester- day in the fact that the break in Inter- rough-Metropolltan stock did not oc- cur until the day after the books clos ed for the quarterly dividend on the preferred. This permitted the pool, as well as others who were long of the stock, to secure the dividend and then dispose of some stock after the books closed. The dividend belongs to those of record on June IS not to those who bought the stock yesterday and the day before.
 A short time ago the market value of Inter-Met. securities was S160 900, 900, and now it is about $40, ,000, 00O It will be impossible for long time to get the public to take them from the syn dicate.
 The appearance of old Metropolitan stock for the first time in many days, and at a decline of seven points from the last previous transaction, attracted some attention. Two blocks of 800 shares changed hands ct 1O5 and another at 1O6. The decline was in sympathy with the break in Interbor- ough-Metropolitan
 Increased dividends are talked of for Union Pacific, Amalgamated Copper. Norfolk and Western, Chesapeake and Ohio, Southern Pacific and Louisville and Nashville. Yesterdays action on Locomotive and Baltimore and Ohio took them out of the uncertain class.
 The rise of over points in Southern Pacific to above 6s was engineered by the Hartman interests, who also had their brokers bid up Union Pacific, They have been expressing very bullish sentiments since the Pennsylvania loan was consummated. There was the usual talk of a Southern Pacific divi- dend.
 Paris, June 2O.-One of the directors of the Bank of Paris and the Nether- lands, who has been managing the is- sue of the Pennsylvania railroad into the French market, said to-day that the transaction had proved a notable success as the entire $5O00O,0 900 had been taken up within the last three days, the banks showing a willingness and even eagerness to participate in placing American securities of this character. The loan thus far is con fined to banks but within a month 1t is expected that the formalities of list ing the bonds on the bourse will be completed and thereby permit their general circulation. The Credit Lyon- aisse and the bank of Paris and the Netherlands took the initiative and are issuing letter to their allied banks offering the bonds al par value.
 The bankers say that one of the chief causes of the success of the loan is the bad condition of Russian finances French investors preferring an Ameri- can outlet for their surplus capital in- stead of investing further in Russians.