Evening star. [volume] (Washington, D.C.) 1854-1972, 1905-07-20
Union Pacific Makes a Rapid
Decline.
DIVIDEND ANNOUNCED
STOCK NOW PLACED ON A FIVE
PER CENT BASIS.
Retains Leading Place in Activity
Announcement of Management No
Surprise to the Street.
Special Dispatch to The Star.

Special Dispatch TO The Stnr.
NEW YORK, July 20-At their meeting
this morning the directors OF the Union
Pacific Railroad Company declared div
ideud OF 2ls per cent. thus placing the stock
upon a per cent annual basis an ad-
vance of | per cent from the rate here
tofore paid This highly important event
In the history of the Union Pacific was
slgnallzed by a rapid decline of 1 per cent
when the action Of the management was
announced.
The rate declared today was In accord
ance with the opinions which have been
held In well-informed quarters, SO 1t could
not be pretended that there was any disap-
pointment with regard to the figure. There
were. indeed. rumors current yesterday that
the Union Pacific would declare a semi-an-
nual dividend of 2l2 per cent and half per
cent extra, but little credence attached to
these reports. The stock fully retained
The leading position in respect of activity
which 1t has occupied for so long. but the
market reception which was accorded to the
dividend announcement produced rather
disagreeable impression, both in that in
d!v1duai instance and as regarded the gen.
eral market.
Fair Scale of Activity.
Transactions were upon a fair scale of
activity during the early part of the day,
and the general market then enjoyed a
urn tome, nut irregular ana reaCtlOnary
tendencies developed following upon the
announcement of the Union Pacific dvi-
dend. All OF the stocks of the Northern
Securities classification enjoyed extreme
~ large advances during the forenoon
but their prices were shaded later in
common with the remainder of the stock
market. lnasmuch as the prices at which
Northern Pacific and Great Northern pre-
ferred are now quoted are out of all rela-
tion to present or prospective regular
dividends the conclusion Is Inevitable
that at one time or another both securi-
ties Will be in receipt of some special dis
trlbution of profits or assets.
Other influences In the markets reac-
tiOnary course were a bank failure in
Kansas City and very extensive ad-
vance IN wheat. The movement in that
staple seemed to be based largely on the
agricultural and political conditions in
Russia, and there were. at all events, no
developments in domestic crop conditions
which would account for such an advance
as took place. London was again factor
OF small weight in the local dealings.
No change was made in the Bank of
England's rate of discount and the London
stock market was described as dull and
heavy. There were few movements of any
consequence in the railway list apart from
those already mentioned. The local traction
shares were comparatively neglected during
the greater part of the business session.
Transactions In the indutrial and miscella-
neous shares were upon fairly large scale.
and some of the days most extensive move
ments were In that direction
Anna lgamated Copper showed irregular
fluctuations, although In that instance II Is
expected that the dividend rate will be left
unaltered. The United States Steel stocks
were relatively firm In advance of next
weeks declaration OF the dividend on the
preferred and the publication of the cor
pOration's statement of earnings for the sec
Ond quarter of the year There were further
extensive advances in the Rubber stocks
and - American Wooden.
The National Biscuit shares were under
continuing and effective pressure
Announcement was made during the last
hour OF business that the AmaIgamated
Copper dividend had been advanced from
i 10 a ) per cent annual basis, this intelli-
geuce coming in the nature of an agreeable
surprise TO those interested in the stock