The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1906-11-28
STOCK MARKET FEATURES
BULLS TOOK NEW COURAGEAND
MARKED PRICES UP

Prices Was Observation-Disclosures an
Hill Stocks Were in Evidence
Aspects of Union Pacifc's SpIendi
RepOrt--Western Union Gives Right
The Days Gossip.
Stocks took on renewed strength
yesterday. Prices didn't soar, but gain
Were made in many cases.
The movement was irregular and th,
Hartman and Hill stocks were promi
nent.
Ihe bulls pointed, If not with pride
with satisfaction, to the Union Pacific
annual report. The decision Of banks
To accept the new Great Northern Ore
cerllncates as collateral in good stand
ING, larry easy money rates here, a sue.
cessIul London settlement and an Octo.
peI gross gain of $1,493000 by the
Atchlson We're other things to encour-
age the good feeling.
me advances were mainly in the
Hartman and Hill shares, running from
70 points in Reading and ST.. Paul
, W4lch We're up to 81 and in a mis-
cellaneous lot of industrials. where
Great interest centered upon Union
Facinc's annual report, and the report
JuStlned sanguine expectations. Oper-
atlng results yielded nearly per cent,
securities owned yielded 81 per cent,
Whl!e tna concealed assets make the
slockhoIders' equity equivalent to from
- 10 10 per cent. on the common shares.
MT Hartman has come out ahead.
largely due to good financing. The
pront on the shares which came to Mr..
Hartman and friends through the fight
Iof control of the Northern Pacific.
AFTER the Northern Securities company
was dissolved, has already been nearly
$fo,000,000, and there is remaining a
market value of $70,000,000. The Union
racine is again shown to be the great
est of holding companies.
The Union Pacific companys assets,
worth to-day nearly $500 600 in the
market, might easily be scaled down
S16,OO0,00O to $100,OOO,000 in a reaction
such as occurs every few years. 1t
was the value of assets that determin-
ca the recent 10 per cent. dividend pol
Icy more than the results of years
operations.
This showing of nearly so per cent.
increase in Union Pacific's surplus earn
1ngs over 1905 are sufficiently remark
able IN a company which emerged from
bankruptcy only nine years ago Much
OF the credit for the achievement will
be conceded to Mr.. Harrimans skilful
management; some of it. however. GER
tainly belongs to Prosperity itself, es-
Pec1ally the abundant prosperity ino U.
P.'s territory.
Union Pacific stock was q higher in
London before it opened here, so 1t had
q good starting basis. The subsequent
fiuctuationr reflected the divided opin-
ion whether tie stock should be sold on
its moderate achievements as a railroad
company or bought on it's brilliant ex-
hibtt as a holding corporation.
A FEW stocks were bid up sharply to
the highest of the day. These Included
Northern Pacific, Denver and Rio
several other specialties.
The market as whole closed very
irregular and the business was purely
professional.
Foreign houses were the largest buy
ers Of Kansas and Texas. The Londonl
people had very positive statements |
that Mr.. Hill was buying control This |
claim was also prominently made here. |
Distribution of business was very one |
sided. Up to 1 o'clock nearly half of :
the total, or about 100000 shares out of
525,00Qs were made up Of Union Pacific
close to $4,000, while Amalgamated Cop
per and Kansas and Texas supplied 3d.
600 each.
Sugars melon ought to be charging
yearly, but the stockholders get only
the regular dividend.
Northern Pacific was bid up by one
firm which took about 10000 shares.
The same interest had been a heavy |
buyer of this stock before, and the or
ders were thought to come from the
pool
Western Union was helped by the
rights from the bond issue, Virginia
Coal rose points on the old merger
gtnring Do nj flo Mail a1Nt1D NJ
sidy prospects and a pool in Cast Iron
had some success with the common
stock
The movement in st. Paul was unat-
tended by any new developments. The
operators were probably
using it merely to help along the rally
against the shorts.
Pennsylvania was sold down by Miller
& Co. on 10000 shares, No check to |
liquidation appears,
New York Central was bid up on in
creased dividend talk.
Atchison October gross earnings were
he largest on record The increase
vas 81, 1873, 426, or 20 per cent The net
gain was over $4,000 Increased mile
lge figures prominently in producing
he gains of the last few months
That New York Central should adj
rance 2B points, chiefly because one
broker had an order to buy 5000 shares,
either argued scarcity of the stock or
with desire TO make the
lrice rise as much as possible. The
after was the more likely explanation.
After touching 13O% the stock eased off
little.
1t was very Noticeable that the activ-
ty was in stocks with Standard Oil
The Union Pacific report was used as
basis to run in the shorts,
The sharpest recovery in the Hill
Itocks and in Great Northern Ore Land
.ertihcates occurred shortly after mid
lay, when it was announced that the
jhase National bank and one or two
timer institutions would accept Great
Northern stock, with ore land certifi {
ates attached-after the stock sells eX- /
lights on December 8-as collateral for
oans, at a value equal to the present !
market value of the stock, should there t
re no further setback in price in the /
meantime.
Shareholders of the western Union
telegraph company have been offered
ne privilege of subscribing for the re |
emily authorized $4,000, 600 per cent Z
onYertlble bonds at S7B. The bonds :
iii be convertible into common stock
{ par, between January 2, 1909, and c
anuary 2, 1919, while the company re- e
erVes the right to retire the issue Of
% on any interest day after May l, !
912 Kuhn, Loeb & Co have found |
indicate to underwrite the bonds not | r
AIKEN by the shareholders at the prices a
AIMED The price fixed by the West :
I'm Union directors is 1875 per $1,000
ond. e
BRIDGET CURRY. h