Omaha daily bee. (Omaha [Neb.]) 187?-1922, 1910-07-10
THE OMAHA SUNDAY BEE. JULY 10, 1910.
NEW YORKSTOCKSAND BONDS
Rumor of Reduced Union Pacific
Dividend is Ridiculed.
ST. PAUL STRONG In WALL STREET
Generally, Market Continues 20 sag
and IL IL Believed the Bot
tom WIZ Soon he
Reached.

NEW YORK. July 9.-(Special Telegram)
The average market price of thirty stand
ard industrial and railroad stocks is now
ll6, one year ago the same stocks averaged
1881 Slowly and surely the market is sag
ging 70 level where bear rumors can have
no effect The bottom must soon be
touched. We are certainly approaching a
firm standard when lamentations will be
up instead of downward.
The stock market during the present
week was in nervous and unsettled state,
but commencing yesterday a stronger tone
ment prevailing, Wall street is inclined to
pay less attention to reports of lowered
dividends. more rational view Is being
taken.
Thus the rumor that Union Pacific may
reduce its dividend ~ being ridiculed. The
gross earnings of Union Pacific would have
10 fall off S2S,O00,O 00 or 30 per cent, before
the 6 per cent from railroad operations
would begin to reduce. From 1901 to 1908
Union Pacific gross0 earnings fell off $780,
Income from Investments would have to
drop NO,0O00OO before the margin of safety
over and above the 4 per cent on Union
Pacific would be wiped out.
The directors of the st. Paul Railroad
company took the most effectual means of
disposing of the rumors that st. PauPs
dividend was to be cut by declaring the
dividend for the half just ending ut the
usual rate. st. Paul Is In stronger condi-
tlon than many of the Wall street inter
shock for the Bears.
The promulgators of the bear rumors got
another shock from Atchison. The deciar-
alton OF the regular quarterly dividend on
Ine common stock OF Atchison was what
was generally expected. However as usual,
the dividend was discounted The COM
pt ,sIy gross earnings in the fiscal year
Just ISs ended were $lO5, 100000, the largest in
The street, or at any rate a great part
OF II, got, a surprise in the advance of
the annual dividend rate of Vlrginia-Caro
lima Chemical from to per cent Tvi-
dence that the increased dividend rate had
not been discounted by the insiders was
shown by the fact that the stock has adj
Vanced per cent since the declaration
The bank statement shows another heavy
outflow or currency from New York banks
70 the United States subtreasury. From the
interior during the week there was a net
inflow OF $1,9O6eOO, but on operations with
the subtreasury owing to corporation pay
ments, there was loss of IS, 1863 OO0 the NET
result being a drain of Sc, 263, 900 from the
New York banks The first gold import
movement has been inaugurated with the
engagement OF $1,750,O00 gold bars In Lon
don This is the first large import OF gold
from Europe since January 1908 Other en-
gagements which are pending are temper
arily checked by a raise in the exchange
rate.
Copper is Way Down.
PRODUCERS of copper are of the opinion
mat the price OF this metal has found its
bottom. They believe that future move
ment will be upward. Adolph Tewisohu
the copper magnate, who arrived In this
country yesterday from Europe, is of the
tHdI lHeTe Is no necessity for
analgamation of the copper interests OF the
United States into combine" Mr. Lew
lsohn believes natural laws will adjust con-
ditions In the copper metal market without
relying upon a Capitalization OF the nroe
ducers to raise and lower the OUTPUT as the
orders seem to justify. He said the pres
ent copper conditions have prevailed before
and prices have always adjusted them
serves. Mr.. Lewisohn looks optimisticallv
on the situation and says conditions In
just now.
Speyer & Co. have purchased from the
MISSOURI, Kansas & Texas Railway com
| gold bonds. The proceeds of these viii he
used to finance the cost of new terminais
IN 81. Louis, new equipment and improve
mentS ana the acquisition of the stock of
the Texas Central railway, ynIuahIe
FEEDER, which owns a fraction over 267
miles OF line from Waco to Rotan, Tex.
In the Field of 'Laor.
The settlement of labor difficulties unOn
S1uthern railroads has clarified the atmos-
phere IN that section practically free OF
| trouble. However, trouble has now beer
snitted to the east and middle west again
Win Win employees of the Pennsylvania lines de-
mandlng higher wages An amicable adj
lnstment Of this difficulty is anticipated
Ihe pennsylvania roads trouble is modi-
ne1 by the conciliatory attitude adopted by
Louisville & Nashville earned less for It's
| stock In the second half of the fiscal wear
| than 1t did In the first The road has 'tust
closed its fiscal year with nearly IL ne,
cent earned upon it's lines
no steps are being taken to regulate the
prices IN the steel market A shrinkage Is
| SHOWN, put the outlook for trade is good
Statistics compiled today show thai ac.
! tual sales OF new railroad, Industrial and
pubic service bonds OF all classes during
June reached total Of s120,OO0,O OO bringing
the grand total for the first half Of IN
year up to $S75, 100000 The bond market ha,
not been so completely apathetic as some
thought
An item Of interest is the election of Ed
ward III. z. Green, son of Hetty Green. a,
director In the Seaboard National bank
month from Texas, where he runs the Mid
land railroad, 1t is reported he will max,
another attempt to become a factor II
Wall street
Number OF sales und leading quotation
on stocks were as follows;
Sales High Low. Close