The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1906-08-17

LIVE IN HOPES
Union Pacific Dividend Was
Not Announced Yesterday,
but May Be Today.
HALT CALLED IN MEANTIME
OPERATORS APPEAR SOME.
WHAT DAZED.

New York, Aug. 16.-Wall street spent
a day of feverish impatience in the ex-
7ectation of seeing the solution of the
riddle of the excited speculation in Union
Pacific and Southern Pacific. The ex-
element continued at high pitch in those
stocks. 1t was initiated by the delays
In the assembling of the authorities hav
ing the decision of the question Of div
idends of the two stocks. As u:30 a m
is the usual hour for the assembling of
the committee, the dealings on the stock
exchange seemed approaching a culmina-
ton as that time drew near. The delay
was explained as being due TO the at
tendance of the members on a funeral
Other explanations were forthcoming as
the delay was prolonged. The day passed
without a solution of the riddle. The un-
Informed speculative following of the
buying of the stocks was somewhat dazed
by this course of procedure. The move
ment of the stocks, however, showed but
slight effect from this condition of I'M
settlement Their sustained strength was
attributed to q conviction that a deci-
sion on the dividends to be paid had been
arrived at. although the announcement
was withheld
The market fell into intense dullness
during the midday period. Speculative
feeling continued al a high tension, how
ever in the mood of uncertainty as to
what the action Of the market would be
after the expected good news was out.
too strong to allow much room for the
influence of any scattered SkeptclSm.
But on the subject Of how the market
would act if speculative hopes were all
fulfilled there was great diversity of
opinion. Hence the halt in the trading
and the sagging tendency of prices on the
part of those seeking to guard against a
profit taking reaction.
The action of the money market was a
restraining influence on any disposition to
run into speculative excuses. The aver
age rate for call loans during the day
was higher than yesterday in spite of
some substantial replenishment of local
/ money supplies. The largest part of this
was shown in the payment by the sub
| treasury of $2,310.000 transferred by tele-
graph from San Francisco and which was
| on account of Australian gold, con
/ signment of which was received in Sar
| Francisco on Tuesday. Regular sub
| treasury operations are also yielding
something TO the banks with the months
pension payments running at the FLOOD
] tide On the other hand, the deposit Of
! 100000 at the subtreasury for telegraphiC
/ transfer to St. Louis was of a sensational
| effect at distinct evidence of the force
! of the harvesting demands which may
be counted upon to take many million:
out of New York when once ii is undel
/ way.
The figures Of the foreign trade fol
July were not reassuring on the exchang'
! situation although the future movement
| of the crops is largely dependent upoI
/ pansion of upwards of $22.OO0,0O0 in thu
| value of July imports and the relatively
| small growth I'm exports leaves the excess
| value of exports for the month only So.
! 92S $50. as compared with S23,417Sl5 il
! July last year The strength in PennSyl
vania made an active market for the con
vertible bonds from which it was dis
! solved. The reaction in prices which fol
lowed the announcement that no divi
dend action would be reported from tn
! Union Pacific and Southern Pacific meet
ings was resisted. The view was appar
| entity taken that the stocks We're in
stronger position with the mystery still
| on than If formal announcement of div
| idend action had been made. The actor
of the st. Paul directors in offering tn
So. 100000 of treasury stock to stockhold
ers al par thus confirming a long-stand
ing expectation, encouraged confidence il
the dividend hopes on the Pacifics. Their
was heavy realizing just at the last i
Southern Pacific and the closing was i
consequence unsettled and irregular.
Bonds were irregular. Total sales, pa
value. S2.35OOOO. United States bonds wer
all unchanged on call