The sun. [volume] (New York [N.Y.]) 1833-1916, 1907-05-22
oG0SsIP OF WALL STREET.

cheerfully reiterated the most optimistic OF
view on the stock. Thu situation In the
market, they said, could have no bearing
on the matter Of an increased dividend and
II was practically decided that the rate would
be Increased when the directors. met TO take
action on the question next month. The
highest rate ever talked of, 1t was asserted,
would be adopted. There would be no COM
promise on an 2 per cent. rate. as had been
rulpored. but the stock would be lifted at
once from a I per cent. to a 10 per cent. basis.
All this vas very allurinR, but the traders
naturally asked why IL it was so the stock
did not receive better support. To this the
only answer was that there was really the
bcst kim OF buying, but that the insiders
did not want TO advertise the fact, being
more DESTROYS OF securing a bargain han of
advancing the price.
IT the insiders in SHELTERS did not want
to advertise the fact that they were buying
there was no re ason why they should allow
II to become known that IL was the intention
to plHce the stock on a 10 per cent. basis In
the near future. We are buying, but we
! do not want II known" was not a very con
sistent kind Of assurance. and yet II passed
very well with some ofthc traders. who pridPd
themselves on being made the recipients
Of n quiet and confidential" tip from the
inside. But while a section Of tho trading
element were impressed with what they
heard the majority of tho fraternity made
little secret OF their sccpticism. What most
impressed them, they said. was that there
was r good volume of selling. the source
OF which they were unable TO discover. Either
bear selling or liquidation on a pretty large
scale was In pro gross and they were not able
to determine which. Nor did II make much
difference, according to their view. If liuuida.
ton, either somebody knew of some reason
why the stock should work lower or was COM
/ .aIIa I.- aW.- - a $500 II. III
inGs INTO cash. if bear selling. there must
have been some strong reason to induce
the hears TO commit themselves freely 10
the short sid" of so narrow and heretofore
we'll protected a specially, Rea sOning this
way n good proportion of the professional
element took the bear side. C'thouEh the
more general disposition was 10 leave the
stock alone.
Assuming the entire truth of the rumor
about n 10 per cent. dividend for American
smelling and Refining probably an utterly
unWarrsnted assumption the question arose
was il worth while for the bull interests 10
fire of their ammunition at the stage Of the
fight reached Yesterday morning when II
could not possibly save the day for thcm
and when the only effect would be 10 leave
themselves without n sIpply for the time
when good use could be- made of il. Con
sidering the matter Whoi.y from the stand
lblll VI FIltIuldllNt hllltlN III UUSN fI 10 lIllS
would probably have to be made in the mega
tive. There was. of course. the other side
the advisability of notifying holders of the
stock OF n matter Of great interest which
might encourage them 10 retain their hold
ings at a time when ENCOURAGEMENT WAS
especially needed on account of The decline
in market prices. Such notification would
b" as pr~aiseworthy rs II is unusual, hut that
the prediction regarding The dividend rate
was not Of that kind is clear. for il was made
to Spectators instead of TO the legitimate
holders Of the cornpany's securities and II
lacked the hallmark Of official sanction.
~ tho end Of the frs, hour comment was
heard around the Street of a nature favorable
to the hull side Of Union Pacific. based on
tho fact that under l3S the stock seened Ia
find good support. and on the indications of
y broadening demand for II despite The further
rise in the grain markets. II was The first
ray Of hone. some brokers said. thar they
had seen in the market in a couple of days. /
Int it proved 4 transitory hope that made ,
tho disappointment all the greater when
Just about midday the price wavered and then
tur,hlcd Tho support that had been aV-
pected to stay the decline proved ineffective
and the pent up force Of incessant hammer )
ing made itself felt in n downward rush that
carried the whole market down 80 close TO the
low levels Of March last as practically to de-
INV dllIf Nv lew REMAINING DlIIN. HNlDD oTOfE~ ]
we're caught on the way down and many
Of the insiders who had been advised when D
the stock last sold at about this level, that I
an important upward movement was about
to he undertaken, and who had overstayed
their market with purchases made then,
throw over their holdings when their profits
had about been wiped out and they found
confronted with possibilities Of
losses.
Southern Pacific acted but little better than
I mon Pacific, being Affected by liquidation Of
speculative accounts opened some weeks ago.
when there were rumors that the stock would
be put on a 8 per cent. dividend basis in Au-
gross earning s for the hscaFyear has
been issued which WAS not of IA kind 10 sus-
tain expectations OF increased disbursements
to stockholders and the directors have de-
narted from their original policy OF declaring
only semi-annuaHy and have de-
clarcd one for the quarter at the regular
yearly rate-a very fair intimaton that an
enlargement, OF the regular dividend need not
expected. II has been pointed ont that
the addition Of rights worth more than per
cont. 10 the wears regular dividend viii give