Omaha daily bee., 1908-11-11
NEW YORK STOCKS AND BONDS
Volatile Rise in Harrimans Acts al
Powerful Tonic.
LARGER DIVIDENDS EXPECTED
Day's ConhictinE Movements, Includ-
ing Realizing sales, Leave
Small Net Gain on Lead
ing Issues.

NEW YORK, Nov. IA very powerful
tonic was administered to the STOCK mar
ket toaay in the volatile rise in the hiaIll-
man Paciflcs. This movement, for violence
ana volume Of dealings, recalled the uays
OF the speculative excuses of 1905 preee3-
ing the advance In the Union tacillc dlvl,
dend from 8 per cent to 10 per cent ana
the initiation OF dividends on southern "a
cific at the rate of o per cent. The meet
ing of the directors of these companies 10
aot on the dividends was set for today, put
was postponed untH tomorrow TO give OPP
%portunity for attendance upon the tuneral
OF Vice President Cornish of the southern
A flood Of rumors converged upon the
supposed intention of this meeting In re
gard to dividends and other financial prof.
ects. Such rumors have been advanced
many times in the past without contirma-
ton in the event. Last week extra as
tribution on Northern Pacific, which was
as often rumored and as often lacking, mas
served to stir up anew the hopes of real-
cation Of other similar rumors. The enor-
nous and confident absorption OF the Two
Hartman stocks today was taken to cor
roborate the reports Of important pending
developments.
The most clearly defined of the many ru-
mors circulated alleged an intended issue
Of AZ per cent Southern Pacific bonds to
retire the Z per cent preferred stock, which
is subject to redemption at 15 or to ex-
change into common stock. An advance
in the dividend rate on the common stock
to 7 per cent was an alleged acconpani-
ment Of this proposed financing. The large
bAAAhAH1 - ghlAA 4 HtAAA ~ ~
Pacific treasury make clear the advantage
that would accrue to that treasury from IN
enlarged dividends for Union Pacific were
hastily assumed from this possibility.
There was no authoritative confirmation
or deal obtainable 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 dem
onstrated moved up strongly from the fore
noon depression when the Hartman Pa
cities began to boom. The early depres-
sion was unexplained by any untoward de-
velopment, such as the decision of viola
ton of the antitrust law by the American
Tobacco company was assumed to be yes
terday.
The purpose to turn paper profits into
cash was very apparent in the rush to
take advantage of the high opening OF
prices to sell, which carried prices back
wards to the neighborhood of last nights
prices. Then it was that the movements
IN the Harrimans came to the relief of
the supporters OF prices. Although the re-
spouse was strong In the stocks with Harri-
man affiliations, the sympathetic move
ment in the general list was constrained
by steady offerings to realize. A feature
or the trading was a number of sensa-
uonal advances in specialties. Interna-
tional Harvester, for instance, shot up 1Oh
gSoSints over yesterdays selling price, to
first listed on the Stock exchange in June
last, the common starting at 81 and rising
In the course of a month to 59h5, the high
est price touched before today. Delaware.
BackAwanna & Western. by its rise to 575,
exceeded Its record of $50 touched in May,
1906. Some Influence on the buying was
ascribed to the denial Of the government
petition for a rehearing of the decision
against the $29, 900. 900 fine against the Stan
dard OIL company. Another rise in the
price OF copper at the local metal exchange
and reports of excited buying amongst con
sumers was a factor. to some extent. The
expected Hartman developments was the
dominant influence. however. Foreigners
turned buyers again with the favorable
turn In international relations abroad. The
Gays conflicting movements, including a
tlnal realizing movement, left some sub.
stantfal net gains, but the small mel
stocks is notable.
Bonds were irregular. Total sales, paI
VsTue. s6,f2nO. United States IS ADVANCE
Number OF sales and leading quotation,