The daily morning journal and courier., 1906-08-17
STOCK MARKET FEATURES
AFTER U r. MAKES NEW HIGH
 RECORD PRICES DROPPED.

Statement Made of Years Business of
 U. p. and s. P,-Big Hartman Road
 urpIuses--ImpOrtant Announcement
 by the Northwest ROad-4The Conn
 pany is to Increase Its Stock $1OO'-
 100000 More-Road Must Build to
 Pacific Coast-St. Paul Road to Issue
 Large Amount of New Stock at Par to
 StOclxholders-The Days Gossip.
 The market sold off a little after U. P. and $. P. failed to announce any dividend action, but in the meantime both these stocks had made new high records, indicating that there was something in the wind.
 Last evening the following Associat- ed Press dispatch from New York was received on the above subject;
 lAt the conclusion of meeting or the
 executive committee of the Union Pa-I | cific railroad in this city to-day | statement was given ont to the etfect that no announcement would pc made to-day regarding action on the question l of declaring dividend.
 The committees estimate of the in-I come of the Union Pacific railroad for the year ending June 30 showed gross receipts from transportation of $67281, - l 542, an increase of $1956,593, over 1905, Expenses and taxes amounted to $56,
 969, ,773, an increase of $5,101,059. The surplus for the year available for divi- dends after payment of fixed charges, was $29, POI, ,844. an increase of $6,41e,SS7 The balance after payment of dividends on the preferred stock was $25,2l9,Sl2, It was announced that $2,2O6,61O was included in the expenses for better ments, for equipment and repairs,
 The estimated income for the South ern Pacific company shows gross re- ceipts from transportation of $105,6l9,- 119, an increase of S747S,531. The ex- penses and taxes amounted to $7O,5S6,- 649, an increase of $4,993,029 The sur- plus for the year after payment of fixed charges and rentals was $21, ,56O,712, an increase of $9,12S,740, After payment of a dividend of per cent. on the prefer red stock the balance was $lS,79O, SSS. The sum of $2,1172S6 was credited for betterment and equipments.
 The indications are that there has been a lot of profit taking all along the i lines, pending the developments and great strength of U. P. and s. F., but despite this fact the signs still indicate a bull market. R
 The early trading was on big scale, beginning with I59O0 and 10000 share blocks lragely of Hartman stocks St. Paul in the rush Touched 190, Pennsy 1S9 Reading 1s5, and 80 on among the actives and half aLmlllion shares were traded in in the first hour. A special meeting of the road's shareholders has been called to authorize an increase of $1O0, 900 stock, to be issued from time | to time at the discretion of the direc- tors. No specific purpose for the new stock was named in the official an- nouncement. When issued, the new | stock will increase the amount out standing from $5S,949 300 to $15S ,949 90O. ! The company now has outstanding $22,- | 995, 120 preferred stock Northwestern shares on yesterdays announcement, promptly lost nearly half of the TO- l point rise shown during the past week, as a result of the rumors, that stock would Joe issued, with valuable rights to the shareholders. A large part of We'd l nesday's decline was made up yester- | day. For some time the announcement | just made by the Northwestern has been expected in well informed quar- | ters. Ever since President Earling of ! the St. Paul was elected a director of the Union Pacific last spring runors of a Union Pacif1c-St. Paul alliance have been quietly circulated. For legal rea- sons it is not believed that the Union Pacific has control of the St. Paul, but the interests in control of both roads are identically the same With a St Paul-Pacif1c coast extension and a Union Pacific St. Paul alliance, the | Northwestern operating 5000 miles of road, mainly in Wisconsin, Minnesota and Iowa, will be forced to follow the example of its closest competitor, and build to the coast. Otherwise the sys- tenn would be kept in a pocket
 The Chicago, Milwaukee and St. Paul directors yesterday authorized an issue l of common stock at par to the extent of 2S per cent. of the present holding of both common and preferred stock. The total amount of St. Paul stock is $1O7,- 100000. This means that the new issue will be about $24, 900, OOO It is probable that the amount held fin the treasury for the past few years will be sold,
 Commenting on current market feat ures, Dick Bros. & Co.,, say: "Specula- tion is becoming more animated and the market is broadening, There is still a fairly large short interest in ex- 1 istence and new confidence in the long side is showing among semi profession al operators. We look for a continued advance. It may be that profit taking will follow the realization of Hartman dividend hopes, but on any reaction so forced we think stocks of the better l class can be confidently bought"
 At 190 St. Paul showed a gain of S5 points from the May level, and was
 within points of the years high.
 After St. Paul had been run up to 1sO with 1-2 point between the last two sales on the trip up, it t'oroke nearly two points on rumors regarding the report ed change in the financial plan.
 l Rrnkars aduisna their, clients to sell