Omaha daily bee., 1906-06-21
NEW YORK STOCKS AND BONDS
Movement Of Prices is Irregular and Inter
rupted BY Decisive Reactions
BALTIMORE q OHIO ACTIVE
Placing of stock on STA Per Cent
Basis Causes Extensive BuyinE,
which sends II Up sew
eraI Points.

NEW YORK, June 2O.-There were points
Of aggressive strength again in todays
stock market, but the movement was ir-
regular and interrupted by decisive re-
actions. The response of the market To the
good news of the day had an unsettling ef-
feet on sentiment. from the fear that with
taken to sell stocks This process, In fact.
was evidently at work and gave rise 10 the
haltlng and hcsitatins movement OF prices
in the latter part of the day.
Most importance was attached to the ac-
ton of the Baltimore a Ohio Railroad COM
pany In increasing the dividend rate on that
stock TO a per cent basis by the declara-
ton of dividend of per cent for half
year. The aggressive advance OF the stock
for several days has given ample notice OF
tive profits began today before the actual
announcement OF the dividend action, the
stock receding during the morning to a
to 1isM before the dividend action, but
struggled uncertainty for a time after the
sorption OF the stock became heavy again
and II was carried through large selling
TO 1874 which Is record price. But,
while this price establishes a new record,
It compares with the previous price of
nSh Moreover this former record, which
was touched In the autumn Of 1905, was
per cent basis, with a hope of an in
crease to per cent. When the dividend
rate was raised to 5 per cent, last fall, the
high level for the stock reached III. When
new stock to an amount OF 81. 900 was
offered to stockholders at par in April
OF this year the price fell to as low as 1854
and the subscription rights sold at 1O5N
The price touched today compared with
previous high levels, and considering the
improved investment showing Of this stock
by reason Of dividend increases. was con-
sidered a moderate reflection OF enthusiasm
In the buying. Most of the other notable
points of strength In today's market were
Ohio movement Other subsidiary COM
panies Of the Pennsylvania were naturally
the Baltimore & Ohio case in the founding
OF hopes for dividend returns. Southern
Pacific was also made a conspicuous ex-
ample of similar hopes. which have been
entertained often in the past for a long
period. 1t was argued that the more llb-
eral policy in the treatment of stockhnd-
ers inaugurated by the Pennsylvania COM
pany must have some effect on the policy
of other railroad authorities. The effect
on Pennsylvania itself was moderate, al
though that stock will derive direct bene-
nj from the Baltimore & Ohio dividend by
reason of the large amount of that stock
In the Pennsylvania treasury.
Foreign exchange continued 20 decline
under the supposed influence Of bulls
against the Paris subscriptions to the Penn
! sylyania loan. The discount rate in the
Paris market however. was marked UT
and the increased demand for money there
( left open the question whether the Bank OF
England authorities would decide to reduce
4 the official discount rate OF that insttu-
/ ton Demand for time loans for sever
and eight months continued strong in this
market ana the majority OF business was
done at 81 per cent although the quoted
4 rate remained at 81 per cent bid and 81,
per cent asked. The continued lack OF
! support Of marlborough Metropolitan haC
! an unsettling influence in the market. TIL,
most active stocks made their highes
prices late. in the trading. but did no
/ carry the list, as whole, with them and
/ the closing tone was irregular.
! Bonds were steady. Total sales pal
! value. s1s45,O0O United States bonds wer,
| all unchanged on call
/ The following are the quotations on tn,
/ Stock exchange: