The Montgomery advertiser., 1908-11-11
THE STOCK MARKET

New York. Nov. 1O-A very power ful tonic was administered to the stock market today in the volatile rise Tn the Hartman Pacifics. This move- mont, for violence and volume of deal ings' recalled the days of the specuia- vance fin the Union Pacific dividend rom six per cent to ten per cent and the initiation of dividends on South srn Pacific at the rate of six per cent The meeting of the directors of these compa nies to act on the dividends was set Tor today, but was postponed until tomorrow to give opportunity of at- tendance upon the funeral of Vice Pacific Railroad. A flood of rumors converged upon the supposed intention or the meeting in regard 10 the divf- dends or other financial projects. Such rumors have been advanced many times in the past without conflrma- tton of the event. Last weeks extra distribution on Northern Pacific which was as often rumored and as often lacking. has served to stir up anew the hopes of realization after other similar rumors The enormous and confident absorption of the two Harri- man stocks today was taken to cor roborate the reports of important pending developments. The most clearly defined of the many rumors circulated alleging an intended issue of four and one-half per cent. South ern Pacific bonds to retire the seven per cent preferred stock. which Is sub ject to redemption at 1f5 or to cx- change into common. An advance in the rate on the common stock to seven per cent was an alleged accompani- ment of this proposed financing: The Union Pacific treasury make, clear the advantage that would accrue to that treasury from increased dividends on Southern Pacific and enlarged divi- dendS for TInf0u Pacific wera hastily assumed from this possibility. There was no authoritative confirmation or information obtainabIe for any of these. rumors but they were made the basis for many further rumors af- feeling stocks in which Union Pacific Is a holder. Stocks in which the Har- riman interest has been interested moved up strongly from further de- precision when the Hartman Paclffcs began to boom. The early depression was unexplained by any untoward developments, such as the decision of the violation of the antitrust law by the American Tobacco Comnany was assumed to be yesterday. The purpose to turn paper profits Into cash was very apparent in the rush to take ad- vantage of the high opening of prices to sell. which carried prices backward to the neiRhborhood of last nights prices or below. Then 1t was that the movement in the Harriman's came to the relief of the supporters of prices. Although the response was strong in the stocks with Hartman affiliations, the sympathetic movement in the gem eral list was constrained by steady of ferings to realize. A feature of the trading was a number of sensational advances in specialties. International Harvester, for instance, shot up ten and one-quarter points over yester- days selling price to sixty-six and three-fourths. The stocks of this com pany were first listed on the stock ex- change in June last the common start ing at fifty-two and rising in the course of a month to fifty-nine and one-half, the highest price touched be- fore today.
 Delaware, Lackawanna and Western by its rise to 575, exceeded it's record of 560 touched in May, 1906 Some in- fluence on the buying was ascribed to the denial of the. government petition for a rehearing of the decision against the S29, 100000 fine against the stand price of copper at the local metal ex- change and reports of excited buying amongst consumers was a factor, to some extent. The expected Hartman dividend developments were the domi nant influences however. Foreigners turned buyers again with the favor. able turn in international relations abroad. The days conflicting move, ments, including a final realizing movement left some substantial net gains, but the small net changes in able Bonds were irregular. Total sales par value. $6.442,0 ,00O. United States S's advanced one-fourth per cent on call.
 CLOSING STOCK HIST.