The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1906-08-17


control by the same Standard Oil in
terests who, with willingness, turn the
property over to Mr.. Hartman.
Solves Knotty Problem.
The passage Of the Milwaukee to the
Southern Pacific solves one Of the knot
tiest problems which has troubled the
the western railraod situation since the
famous Harriman-Hill fight over Bur
lington IS control.
The future of the Milwaukee has for
years been a disturbing question both
to the Hartman and the Hill interests.
The Southern Pacific IS purchase of the
! Milwaukee will not interfere with the
prosecution of the Milwaukee 8 plan to
build to the Pacific coast. Mr.. Harri-
man has for years sought northwest
ern coast outlet and the Milwaukee s
extension plan will become the plan Of
Mr.. Hartman to fulfil the latter's de-
sire in that direction. : ..-
| There is now outstanding some $107,-
100000 of Milwaukee stock, common
and preferred. Assuming that the
Southern Pacific will secure $50,000,00
of this stock, it has in it's treasury
sufficient preferred stock to provide for
share for share exchange, having still
unused $67 100000 Of the 100000, 900
authorized issue Of preferred stock. -,
] Dividends Declared.
The executive committee Of the
Union Pacific, and Southern announced
today that the following dividends have
been declared: 2+%' - *...
A semi-annual dividend Of 2 per cent
on the preferred and a semi-annua
dividend of 5 per cent on the common
stock Of the Union Pacific, and semi
annual dividend Of PA per cent on the
common stock of the Southern Pacific
company. .. g.. '..-
The S per cent dividend on the com
mon stock of the Union Pacific com
pares with previous dividend Of 8 pei
cent on that stock. The dividend or
Southern Pacific common stock is the
first ever declared on that stock. The
official announcement of the dividends
says, ., ;. =.
/ cit is understood that Of the divi
dend of per cent on the common stocl
of the Union Pacific, 8 per. cent il
charged to surplus earnings of the rail
road and per cent to income on invest
ments.
= Stampede Of Buyers. ...
The scene of excitement on the Stool
of the first dividend for Southern Pa
cific common and an increase of 2 pc
cent in Union Pacific common stock hat
hardly been equaled since the memor
able struggle for control of Northern
Pacific five years ago. ~
i The two Pacifcs became the cente
Of interest and Immediately upon tn
announcement. of the dividend ther
4 was frantic rush Of brokers to blu.
those two stocks. Many Of them he'll
orders for lots of 10000 shares each. :
49,. Ticker Way Behind. = -
: Room traders joined in the scrambl
i Ito get the stock before the price
$, SCARED too high, and in the confuse
j., struggle which ensued little attentio
: was paid to prices and the stocks wer
!. taken at whatever point they wer
8 ruling at that moment. eat noon tn
: excitement was at boiling point, wit
y, Union Pacific still advancing and tn
J, trading then so heavy that the tickle
y was four points behind in reporting tn
Iadvances.
4 Union Pacific and Southern Pacif
Estocks made paroxysmal jump in tn
Istock market even before the oftcla
announcement of the dividend declars
? ;tions had been received thru the usus
news channels. -..
Union Pacific was up 81A to 17113
the course Of the first half hour, an
Southern Pacific's rise to 80 was 81
4 over last nights close. $50. --
Alarm for Brief Time. -
The violence of this advance an
the evidence of alarm among the bea1
in these stocks caused some apprehel
sion of financial damage to the short
The course Of prices in the general lii
was feverish and unsettled in cons
q quence.
J This anxiety was relieved to SON
t extent when Union Pacific and Soutl
a ern Pacific, fell back under realizinI
n Union Pacific reaching 1881 and Soutl
a ern Pacific S5A. The rise in price
! was resumed when evidence Of d,
e mand for Pennsylvania developed an
|. the strength Of the market again b
! came general. ...
About :. noon Union Pacific We
rushed up to ia and Pennsylvania ws
e advanced three points. The gener;
> market was extremely strong in syn
. . patty, but fuctuated sharply on prof
taking by room traders. g-