Los Angeles herald., 1908-11-11
NEW YORK STOCK
AND BOND MARKET

NEW YORK, Nov. 10.-A powerful tonic was
administered to the stock market today in the
volatile rise in the Hartman Pacihcs. This
movement for violence and volume of deal
ings recalled the days of the speculative ex-
cesses Of 1906 preceding the advance in the
Union Pacific dividend from per cent to JO
per cent, and the initiation Of dividends on
southern Pacific at the rate of per cent
The meeting of the directors Of these COM
penies to act on the dividends was set for
today, but was postponed until tomorrow TO
give opportunity for attendance upon the
funeral of Vice President Cornish of the
Southern Pacific railway. flood Of rumors
converged upon the supposed Intention OF TINS
meeting in regard to dividends and other
financial projects Such rumors have been
advanced many times in the past without con-
hrmaton in the event. Last weeks extra dis
tribution on Northern Pacific, which was as
often rumored and as often lacking, has
served to stir up hope Of realization OF
other similar rumors The enormous and con-
hdent absorption OF the two Hartman stocks
today was taken to corroborate the reports OIL
important pending developments. The most
clearly defined of the many rumors circulated
alleged intended issue of Az per cent South
ern Pacific bonds. to retire the per cent pre-
ferred stock, which is subject to redemption
at ll5 or to exchange into common stock. An
advance In the dividend rate on the common
stock to per cent was an alleged accom-
panlment of this proposed financing. The
large holdings of Southern Pacific by the
Union Pacific make clear the advantage that
would accrue to that treasury from increased
dividends Southern Pacific, and enlarged
dividends for Union Pacific hastily as
sumed from this possibility. There was no
authoritative confirmation obtainabe for any
Of these rumors, but they were made the basis
for many further conclusions affecting stocks
in which Union Pacific is a holder. Stocks in
which the Hartman interest has been demon
stTated moved up strongly from the forenoon
depression when the Hartman Pacifics began
to BOOM The early depression was explained
by many untoward developments, such as the
decision of the violation of the antitrust law
by the American Tobacco as assumed to be
yesterday The purpose TO turn profits into
cash was very apparent in the rash to talks
advantage of the high opening of stocks to
SELL which carried prices backward to the
neighborhood Of last nights prices. Then 1t
was that the movement in the HRrimans
came to the relief of the supporters of prices
Although the response strong In the stocks
with Hartman affiliations, the sympathetic
movement in the general list was constrained
by steady offerings to realize.
feature of the trading was number OF
sensational advances in specialties. Interna-
tional Harvester, for instance. shot up 1914
points over yesterdays closing price to 6e%.
The stocks Of this company were first listed
or the stock exchange in June last, the COM
mon starting at So and rising in the course
OF a month to 521A, the highest price touched
here today. Delaware Iackawanna & West
ern by its rise TO 575 exceeded its record OF
$780, touched in May, 1906. Some influence on
the buying was ascribed to the denial of the
government petition for rehearing of the
decision against the 100000 fine against the
steEdard OH company. Another rise in the
price Of copper at tine local metal exchange
and reports Of excited buying among consum-
ers We're factor to extent. The ex-
pected Hartman developments was the domi-
nant influence however. Foreigners turned
buyers again with the favorable turn in inter-
national relations abroad The days conflict
ing movements, including a final realizing
movement, left some substantial net gains
but the small net changes in some of the
most important stocks is notable Bonds were
Irregular. Total sales, par value, Sc, 900.
U. S. Is advanced 4 per cent on call.