Omaha daily bee., 1909-07-29
NEW YORK. STOCKS AND BONDS
Steel Dividend and Rise in Union
Pacific Are Features.
INCREASE IN STEEL EARNINGS
Comparison with Corresponding
Months IN Previous Years, How
ever, 10 Not AItOsether
Satisfactory.

NEW YORK, July 2S-Incidents consid-
ered oy spectators OF most Importance
states Steel and the rise in Union Pacific
today to above the long-predicted price
OF 30. In the case OF the dividend on
steel the compromise rate OF y OF per
cent for the quarter was considered an
adroit settlement OF a perpleling prob
lem, as between the contention for the
restoration of the : per cent annual rate
The I per cent rate would have been
reared in conservative quarters as precipi-
tate and as leaving nothing more in the
immediate future for the speculative i'm
agination.
Safeguards against harm to the price
Of the stock from disappointed expeeta-
lions Of a 4 per cent rate had been skill
fully placed by the inspired intimations Of
the last week that there might be no in
crease at all. The consequence was that,
while today's. dividend increase failed to
bring In any strong new demand suffi-
cient to lift the price of the stock, 1t was
singularly free from the usual pressure
OF realizing sales Of following a confirma-
ton of favorable predictions. Professional
operators have felt that the price OF
even with an Increase in the dividend to
4 per cent, Buying to cover the shorts
put out on this theory constituted an ele-
ment in the strength. not only of United
states steel. but Of other favorite specu-
latiVe stocks.
Satisfaction with the quarterly report of
earnings of the United states steel cor
was held to Justify a dividend policy on
the part OF the directors at least as eau
tiOus as that adopted.
The S2s. n 900 Of earnings for the quar-
ter. while rising handsomely over those
for the preceding quarter, and still more
markedly over the corresponding quarter
Of last year, are seen to be, with the ex-
ceptions of last year, the year of de-
preston in 1904 and 1901, when the cor
ings reported for the corresponding quar-
ter In one year.
filled orders on hand, also, it is seen
that, while the figurerises above that for
any intervening quarter since that ending
December 81, 1907, yet there is found an un.
broken series of excuses over this figure
for every quarter before that since the one
ending september 30, 1904.
That date carries the comparison back
to the period of depression from which
the Industry had not yet emerged after
the depression of 1903. This more detailed
analysis Of the report, both as an exhibit
steel industry and in its promise for i'm
mediate further progress. was OF some
what SOLDERING effect on speculative sen
timent. The absence Of an official state
ment Of the course Of events since thu
date of the report was commented upon
In view Of the use made of early intima
lions that such a statement would accom-
pany the report. Points of strength tr
the stock market helped to sustain prices
for which particular causes were assigned
The rise in New York Central was DC
casioned by renewed rumors Of Hartman
Investment in that stock.
The soft coalers were helped by hopes
Of a revival of demand by awakening
Industrial activity. An important short in
terest was believed to be covering In Read
ing. ~Amalgamated Copper suffered from
the renewed fall in the price Of the metal
The upturn in the wheat market calleS
attention to the possible consequence O.
a crop scare, with the critical period still
to be faced. Final prices, as a rule, wer,
little changed from last night, and showet
mingled gains and losses.
Bonds were irregular. Total sales, pa
value. 33,512,0 900. United States bonds wer'
unchanged on call.
Number Of sales and leading quotations
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