The sun. [volume] (New York [N.Y.]) 1833-1916, 1878-06-23
A DROP In UNION PACIFIC.
UNEXPECTEDLY PAsSTN1 THE DIrI-
DEND ron july.
Small Holders selling Dat and some LnrRer
Ones Very Grievousiy SurprIsed- What
Jay Gould Advised Frank Work 90 Do.

One. Worry t.r,.vous,v svr,,,..d- what
Jay Could Advised Frank Nvoris 90 Do.
IInion pacifio bro,o vcetnrdav from 60 tn
r., ,uon ,ronsac,ions 81 about a ooo sharns
vs. uPo" u"ns"''onS VI "'o". ''o'V s""i"e'
While but little stock was shaken out by thls
sharp decline there is no doubt that n further
ah,irL.,o ~ ao,,o, mr. oi,,ht ,,or cani yro,,ld
20 ~ v " W "
bring out great many shares Mold on margin.
The reason for the sudden break was con
,t,aa A., 80, d,,or,iaor,a,,, g., Tho ,,,ornin.
'ai"eu III "h nuNoi 'so'io"' III Wv ',o' "'"s
papers. stating that in consequence OF tho hos
tiI, Legislation in Congress- and the retention of
.'s,,s',a H., ,ho 1,,,,,nrn,,,ant .u,,riod 20 ,hn
moneys ny mo uONerhmoht "W"h"eu W 'ho
railroad by the courts. 1t was deemed expo
diant ia pass tho usual Julv dividend of two
u'o"' ~ p"'' NV '''''' "''' ~ WV
per cent,
monifes,o of tho Union Pacific directors. II had
,a. ,,a,,,,a w. a., a ,ar,,s ,ha, ,ho di,'I
Deen Dclleved IN some quarters thW the ulNl-
dond would be reduced from eight to six per
cont mar nnnum. Itwas believed to be n politic
en- pe, a,'nan. ~'1 - e. Cnr
gross Nobody outside OF the Executive Com
mittee of ITnion Pacific howevcr believed that
n'l'ee VI onlon ",H", no"n',r, "i'oNou '.,"'
il would be passed. John b. Alley, one OF the
Union Pacific directors on Friday afternoon
stated TINT tho dividcnd womb be one and one
500" '''"' .''' "'''"O"" "'N W INV ~ INV
hail per cont
When II transpired that there would be no
dividend paid in July feeling OF despair selz-
ed upon small holders oi Union Phclhc Many
of them had been rplyinx upOu the dividend to
it,, a., x,.o,.,.,,, -, = ,,,,,,. -, ,rh,.
uV'i' VI. VI e"i'i'"Vi ''u''
were wotully disappointed. some OF them
sold ont without limit ns To- price, Others nut
in an nppearance at the Union Pacific Offices in
Nassau street and nftrr nscertniuing that the
advertisement in the morning papers was Of
II .ial used very hard language in regard To the
conduct Of the directors especially Mt-srs
Gould and Dillon Tho latter gentlemen. ON the
wnv frnn, Chien,,n Ia N.w YORK we're unmoyed
by the hostile expressions Of opinion.
Several Of the big guns" in tho street were
liberated 10y the sharp decline.
Geo OsgOOd, sun-in- law 81 the late Commo-
dor. Nnn1erblt Ind in "A handsome line of
stock "A few weeks ago above To- Ii was under
stood Yesterday that he had disposed Of his
shares AT concession, and ict very mad. He
said that anybody buying Union Pacific here
brokers. made over tluO.OOO in the recent rise
in Chicago and North western. Before his
patrons departure for the West he asked him
whether il would be safe TO invest his profits in
Union Pacific stock in view OF the Congress
sional legislation. He says that Mr.. Gould
assured him that IL would he an excellent in
Vrstmrnt. rs the company would not fail to con-
Time the al MT per cent dividends nj tho rpgu-
lar Intervals Tpon these assurances Mr. Work
bought 1000 shares at about H. and paid for
them ont and ont He was extremely SURPRISED
Yesterday when the dividend was passed as
decline. ii" taxes great interest in the price II
Union pncinr and IL nnxious In sac Nj Gould
and talk the matter over.
The Hon. russell sage IL on" OF Inc largest
lOanrrs on Union Pacific, il being generally I'M
40 ODD shares hVnntheratrl with him H. was
.V,VWu snni - ng % 81 VIZ. nm ""9
tors, ana Whch tle pre-" tolcneu -, Hhout t,h
minutes hitef ule opening OF Tue LNcidhge' ne
grasped his umbrella and hurried 10 the Mon
la5Ih' 9iti'". lie entered WIN nus paira'hut',l