Evening star. [volume] (Washington, D.C.) 1854-1972, 1905-07-14
A Further Contraction in
Stock Activity Today.
RAILWAYS FEATURED
UNION AND SOUTHERN PACIFIC
LED THE DEALINGS
Comment Over Dividend Rate Payment
Local Traction Stocks Were Dull
and Irregular.

NEW YORK. July 14-There was a fur
ther contra ction In activity in the stock
market today. and very poor distribution
OF speculative interest. Union and South
crn Pacific furnished undue quot> of the
total dealings In the railway share list.
while Anal -amated Copper and the United
States Steel stocks occupied the same POI
sllion In their department. The fiuctua-
tions in Union Pacific were again wide and
cratic.
The stock exchange was again filed with
rumOrs that the directors We're actually in
session for the purpose of fixing upon the
dividend rate. but these reports were about
as we'll founded as were the ones current
to the same effect yesterday. Southern Pa
citc. on the other hand, was decidedly and
consistently strong. Dividend rumors and
expectations likewise accompanied the
movement In this stock.
Il was argued IN support OF these views
That it would be only natural that a diVi-
deuI on Southern Pacific should precede an
Increase in the dividend on Union Pacific,
and further. that any increase In the Union
Pacific rate would indicate strongly that an
affirmative decision had been reached In
the question OF instituting dividends on
Southern Pacific.
Price Movements Limited.
Elsewhere price movements in the rail-
emily without much significance. a rather
sharp recovery was noted in Northern Pa
cifc. but on the present occasion the move
ment In the stock took place upon very
small transactions and had little effect upon
the remainder OF the market. st. Paul
llpsed into dulness again after its sudden
deCOnstra ;ion OF yesterday. Reading and
the other anthracite coal stocks were firm.
The local traction stocks were dull and
irregular. in common with the railway list.
and were apparently uninfuenced by the
change in the situation regarding subway
construction involved IN the countermand-
ing Of the supreme court decision rendered
a few days ago. Dealings in the industrial
quarter seemed to be as devoid of real
meaning as those elsewhere in the market.
Prices backed and filed there also. accord
ing To the temporary prepOnderance of pro-
fessional dealings to one end or the other.
The London Market.
The London stock market was very firm
IN all OF its departments today. and foreign
houses were quite liberal buyers in this
market. particularly of the Pacific stocks
and Baltimore and Ohio. with. however.
only scant and temporary effect upon the
local market
Grain prices continued to decline. as they
have done practically since the appearance
Of the government crop report. and the cot
ton market was also very weak.
The preliminary estimates of the principal
movements on currency published early in
the afternoon indicated that the banks had
gained thereby amounts variously calculat-
ed between S3.UCO.U)O and $i.o00.000. This
resulted from the governments larger
payments for postal transportation and
from gold received from the western mines
Tomorrow's Bank Statement.
1t will be interesting TO observe how the
cash item In tomorrow's bank statement
viii be affected by the conclusion of the
payments into the treasury on account of
the Secretary's call.
TOday's money market was extremely
easy. The bulk OF the borrowing on call be-
Ing effected at 2A per cent. Sterling ex-
change rates were not essentially altered