The daily morning journal and courier., 1906-08-18
.GOCK MARKET FEATURES
U P. IND s. F. WERE THE SEN
 sATI0N YESTERDAY.

U. P. Up IF Points, s. P. Gained z and
 Pennsy G-Ten Per Cent. Yearly Divi-
 dend for U. P. Big Surprise for the
 Market; Also s. P's Dividend--A
 Great Days Business Among the
 Heavy Weights-Did Hartman Make
 0OOOOO--Pennsy and N. Y. Central
 Have Race--steels Start Up-The
 Days Gossip.
 The surprise perpetrated upon yes- terday's stock market by the declara- ton of the dividend on U. P. and s. P. set the market boiling in those shares. The former stock was placed on 10 per cent, and the latter on a per cent. basis. This extraordinary action is justified in the one case by an in- come from railroad operations and in- i vestments equaling 20 per cent, and in the other by 8 years surplus amounting to 10 1-2 per cent. on the common stock.
 These dividend rates fired the imagin- alton of Wall street, and killed spec ulatiye movement that has not been equalled in years. The market simply went mad. Union Pacific rose over 17 points, Southern Pacific ', Pennsyl- vania G. New York Central 4, Atchison 2 5S and Arnalgamated Copper ?.
 The transactions were on the largest scale since the Northern Pacific panic, and the feeling was around that cor porations are to aecede to the demand of stockholders for a larger share of the surplus earnings; also the feeling that the big men are working nightly to get a first class market to unload on.
 An interesting question now is as to how the outside public will take the 10 per cent. rate on Union Pacific and whether 1t will accept it as worth 200 to yield per cent, as insiders claim Union Pacific at 10 per cent, compared with St. Paul, a per cent, at 1888; Northwestern, 2 per cent, at Pit; Great Northern, at 300; Northern Pacific 210 and Omaha, 1855. So also as to South ern Pacific and its dividend and value,
 The talk was also that Mir. Harri- man in declaring dividends much larger than any one had reason to expect has held himself open to serious criticism of his own great benefits from such action. ....... l Usa VI i,, oa rfe that St. Paul had been bought by Southern Pacific at $100 in new stock and $100 in cash. This was denied. The stock responded to the rights, which sold from 15 to 16 on the curb.
 The dividends of the Union Pacific company are payable October 1, to the stockholders of record at 12 o'clock m. September 15, and the dividend of the Southern Pacific company is payable i October 1, to the holders of the divi- dend warrants.
 United States Steel profited by the Hartman dividends more than by it's own It was forced above 43 on heavy speculative purchases. Talk of 4 per cent. rate next year was started. 1 Commission house brokers yesterday morning, although admitting that busi- ness had been a little better the last couple of days, still complained that buying had been attracted to the mar ket in very limited volume.
 1 The street felt confident that now Atchison's common dividend will be raised to 5 per cent.
 It is probable that with the declara- tion of such handsome dividends the directors of the companies will be ex- cused for having trifed with the feel ings of the street.
 Except for half a dozen stocks there was not much response to the divi- dends. The distribution of stocks in them was so great that pools in minor issues did not have much chance to work up their specialtles
 To many observers 1t was clear that the big people in control of the market are not yet through with their cam lpaign They still have the stocks, &C., cording to familiar phraseology and they are bent on distributing them
 There was a pretty race between IPennyslvania and New York Central It started around Al 1-2 and ended at about 145. There was a good deal of rivalry between the two.
 A man who Is in close touch with prominent interests in the Steel corpor- ation is strongly of the opinion that the common stock will advance to 30 on steady heavy buying by interests.
 Commission houses had more business than they could begin to execute. Many had orders for 50,OOO shares dumped in on them between 1O:15 and 12 o'clock They sold stocks at the market and bought them the same way.
 Itis believed also that the upward