Omaha daily bee., 1906-08-18
new YORK STOCKS AND BONDS
UniOn Pacific and touthorn Pacific the
Central Figures in MARKET.
INCREASE IN DIVIDENDS CAUSES ADVANCE
General List Moves Upward Rapidly
Owing to Impression that other
Companies win DistEibute
Prohts.

NEW YORK, Aug. l7.-Union Pacific, On
a ~ per cent dividend basis, ana Southern
P Pseine on = per cent HiViaen1 .,i % 9as,s SIS
meeting of the executive committee Of the
two companies yesterday electrined Wall
street almost Immediately after operations
In the stock market had begun today.
Speculative excitement picked up OF sud
den and instead of burning itself out In a
fash as is not unusual on sucn an out
break after a period OF continued specuta-
tion, the flame thus kindled increased ana
spread until practically ali paris OF NE
Stock exchange list were embraced In the
fervent demand to buy stocks.
Wall street unquestonably was taken Dy
spspTiSe ms, a wan a. unaer S,aee' ipstien 81 eoning
events. The usual rule Is that period OF
speculative excitement, such as occurred
this week in the Hartman Pactfics, gives
rise to so many excited conjectures, partly
voluntary and partly melted for purpose,
that the actual event on which a specu4auon
has been based brings disappointment, ana
more likely a rush to sell than an extension
Of the buying movement Yesterday rumor
mongers who alleged that southern ia,
cihc was to receive a semi-annOal dividend
OF 2h per cent rather than the expected
per cent were regarded as extravagant.
As for the prospects OF Union racine sd s,ocN3
no suggestion that more than Sh per cent
for the half year would be disbursed on that
Set WSet6er n0 the ncPease over 0tS the @ preceding
per cent rate would be Incorporated In a
regular 3h per cent dividend or dis
maintained per cent regular rate. The
dazzling effect OF the announcement OF a
regular per cent seml-annual dividend on
the speculative imagination was thus mag
nifled many fold. Opinion leaped TO the
conclusion that here was decision rep
rssenting financial power and auth9rity o., OK
It's influence and example the control Of
corporate management as whole, that tne
ment in the disbursement OF corporate
profits for the expansion Of facilities and
the Improvement Of plant and equipment
had reached its completion and that the
way is now open for the enjoyment by
stockholders OF a fuller share OF earnings.
The movement elsewhere was irregular for
time. The general deductions drawn from
the dividend action on the Pacihcs was too
important and far-reaching, however, TO
allow the general advance to be long re.
the Pacifics themselves. especially Union
Pacific, left such wide room for adjustment
extended by spasmodlc movements other
stocks most acutely affected naturally were
those In which conditions bore the closest
analogy to the Union Pacific. Pennsyl-
vania and New York Central were the prin-
cipal examples by reason Of their large
stockholdings of controlled companies; The
increase in the Union Pacific dividend was
definitely assigned to the resources of It's
income from investments. Hence the
analogy.
The strength Of the market, however,
became fairly comprehensive. The con-
tinued rise in interest rates on time loans
and the testimony of the currency move
ment of the growth in interior demand for
harvesting purposes were forced out OF
sight almost completely in the speculative
enthusiasm Of the day. Union Pacific $
extreme high price was l79%, compared
with 162s last night. Southern Pacific rose
to 50 early In the day, an extreme advance
OF 67i. but did not rise again to that level
later. Pennsylvania gained 6, New York
Central and the active list generally from
to 8. The Irregular closing below the best
of the day was the natural result OF real
izing the days inviting profits.
Bonds were irregular. The total sales, par
value s., $4,000
The roiiowins are the quotations on tho