The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1906-08-18


VI fspscial 10 ThaS Times Dispatch
III W4YORK.S August II ~ Immense for;-,s
tunes we're won In all street today Up
\ phenomenal srise III the E n. Hartman
stocks, Union Pacific eo1.t haSn9F ass 81
ctfic following that
Tor the ffst time ii the l,istory q the
\ road \ q dividend sl,ad besn declared sin;;
7 Southern Pacific and that the Union 'i'' =
Pacific common stock had been placed
On 4 10 per cent. basis h King Edward 3ofl
4 England, e. H Hartman and the STAND and
( ard Oil4interests are named as the hea v-;
lest winners. IS .Ss ssS .., i.
III III is known Il that when J. Pterpont
@ Morgan met King Ed ward In Europe
v some months ag &he Interested His ~ q :
1esty In Southern Pacific. = hrough p MS
# brokers in New q ork the British
sovereign invested heavily. His holdings
Il to-day represent q gain OF a mi lion Or
4 more, and there Is q well ll-def!ned cons:
viction thai the stock win goato par u
IN Exciting Day.
" This was the most exciting dayEin Nv all
3 Street since the famous Northern Pacific
panic OF 1901. ~ s3s t.3
"a The total number Of shares Of stock
Y sold on the Exchange was 2, ,52S, 800 con-
stitutlng the heaviest days business 'a| in
Il five years. Considering the season. the
! business was unprecedented. S{g
3 TO the Hartman group Sof financiers
must be given the credit for executing
n the most remarkable coup In the streets
history. Tho scheme netted its originators;
more than $40. 900 900. while the bear clique
was 5corne!ed 4 for a loss OF =. 00O, ,oO.
Il The coup was worked by binding the,
street to the proba BILE action OF the di-
rectors OF the Union Pacific and Southern
Pacific Railroads on the matter Of diyl-5
.dends; by making the investing public
Sbelieve that hut q slight Increase would
4 be added on Union Pacific common stock
and that no dividend would be paid on
& Southern. Pacific, and by delaying the
action which was expected yesterda
Then like thunderbolt from a clear
sky 1t was announced this morning that
the Union Pacific dividend had been
Increased from to 10 per cent. and that
Southern Pacific had been put on O. s
per cent. basis, l&. III Il, & s5 n
Frantic Trading.
u For a midsummer day the business
done on the floor OF the exchange was
5I tremendous Brokers and bankers VINO
penerally spend the month OF August III
the country were on hand They had
aned to town on yachts and in special
cars and automobiles, either to protect
Ihelr interests or make some money
Amid scenes of frantic trading on the
exchange Union Faclflo common stock
rushed upward II l-8 points 9 sha re and
that Of Southern Pacific 87-8 points,
y The result was that large numbers Il Of
traders who had sold the stock short
suffered sharp losses and, according 70!
an estimate reported by the Evening
Post, a pool /. In Union Pacific stock
realized profits amounting to $4,000, ,oOo,
and a similar pool In souther n & a|p aep't'c
4 tl0jO0O, 900. s =
Notwithstanding the meeting q l3le the
Executive Corpml ttees o. the Union -, Ia
cific and Southern Pacific roads ~ tA!s
+ city OF yesterday. the bulk q the brokers'
were totally unprepared for the announce
ment OF dividends. which was made pup
ac soon after the opening q q. gay
{ market The dividends were: y Mon Fp-'
j piho, preferred, 2 per cent, Sc rnl-annuTl lnl
Z ally; common, 5 per cent. semi -annually,
Southern Pacific, common, l-2 per cent?
yeni-annually. Union Pacific common
heretofore paid per cent, and to1days
aiYidend was the f7rst ever declared on
Joutheyn Facifio common, @
Mad Struggle, EEL
Brokers were swept into q mad strug-
4 gle to buy the two stocks within a minute
after the announcement was circulated,
4 and the excited scenes Which ensued have
hardly been exceeded since the great
CONTINUED on Second Pass.)
II h - ~ ~ --F--
i