The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1906-11-28
LOOKING AFTER
THE DIVIDENDS
Attention of Wall Street Spec
uIators Turned to the Higher
Priced Stocks.
MARKET SHOWS STRENGTH
UNION PACIFIC THE PRINCIPAL
FACTOR.

New York. Nov. 21.-The stock market
gave substantial evidence of strength
again today, the preference of buyers
turning more 10 the high-priced dividend
paying stocks The effect on speculative
sentiment of strength in those stocks is
much more beneficial than when it shows
only in the IOW-pTiced nOn-dividend pay
ing stocks. Some of the latter were rep
resented still in the days advances, es-
peCially among the southwestern rail-
roads. The rumoTs of ACCOMMODATIONS of
Missouri Kansas & Texas shares in the
Interest of Great Northern control con-
tinue to have force in the speculation.
But the most potent factor in the great
e. strength of the market was the Union
Pacific annual report The accuracy of
the forecast of the main facts of the re-
port made it evident that access had
been had to il BY those who have been
operating in the stock. The Limitation Of
the actual income applicable to dividends
both from operations and from other in
come. including the Southern PaclficS. to
below 10 per cent. cOntraSted with recent
claims that a showing OF at least 20 per
cent would be made. Selling of the stock
this week was based on a fear that I'M
loading would follow the publication OF
the showing. The support. accorded The
stock today consequently found a short
interest uncovered and this helped TO adj
vance the price.
An important feature Of the report was
the light IL threw on the remaining mold
ings of Northern Pacific and Great North
ern preferred in the Oregon Short Line
treasury. differences were drawn from the
preceding annual report of the amount of
these holdings which had already mar
keted seemed to be diSprOved by this
years report, which showed that 100000
shares OF Northern Securities holdings
were exchanged after the compilation of
the former report The amount of new
Great Northern preferred stock subscribed
for under the offer to stockholders was
equal TO the full proportion of the entire
holding acquired from the distribution Of
Northern Securities assets Account waS
also taken OF the fact that only the he/
yearly dividend on Southern Pacific WIS
included in the statement of the other
income.
The retirement of the convertible bonds
releases = large amount of assets to the
treasury. and income from the proceeds
of securities holding during the year are
to be reckoned in addition. The buying
OF Union Pacific was on an impressive
scale and a sympathetic effect was pro-
dGced on the whole market. Evidence of
support in the outside market for the
Great Northern ore right removed one
cause of yesterdays heavy tone. The
approach of the Thanksgiving holiday. to
be CLOSELY followed by the Dec ! pay
ments had some repressive effect on the
market.
December payments are unusually large
this year estimates of dividend and in
teIest payments running as high as SO.
Od0.OO0 Amongst the requirements on Fri
day and Saturday are included the United
States Steel preferred quarterly dividend.
calling for 81. 100000: American Tobacco
dividends $4,000 900. and AtchisOn semi
annual dividend on the common stock,
s. SOC, 900 During December the Standard
Oil dividend on the 18th calls for nearly
100000. From the 18th to the 18th of
December must be paid subscriptions to
the New York Central stock which calls
for nearly $50 100000. the rights of sub
scriptiOn expiring on Friday of this week.
The progress of the London stock market
settlement discloses little relaxation in the
carry-oVer rates charged at the last set
tIement Some money is being withdra WI
from this market for Canada as well as
for San Francisco. The deposits for the
latter purpose are affecting the showing
Of sub-treasUry operations. which have
taken 50. 1SS, 600 from the banks since the
last bank statement. There was some re-
aliZing on the days advance but the clos
ing tone was generally firm.
Bonds were steady. Total sales, par
value. s., $4,000.
United States 2s coupon, the SIS and old
Is registered declined Il and the old is
IS per cent on call