The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1907-07-29
Spectators Not Pleased That
Southern Pacific Dividend
Would be Only6 Per Cent.
G ON TON IN STOCKS
Failure to Subscribe for Mani
clluria Railroad Loan Leaves
Bad Impression.

2 . Z 3 i Il. .
NEW YORK, July 2s.--son,e in
crease OF interest wa manifest IN the
market for securities last week IN
speculative operations for an advance,
and some Improvement of sentiment
over the Investment situation was per-
ceptible either as a cause or IN effect
OF the stirring OF speculative activity.
Opinion over the Investment outlook Is
still mixed, and 1t is the conflicting
factors In this field that account for
the uneven and irregular movement
lin& the securities market. Activity
there has been overwh elmingly con-
gested In the Hartman Pacihcs owing
TO the special developments In that
group. The course Of procedure of the
authorities OF these companies has so
far departed from precedent as to
throw speculative sentiment into
quandary a. to what program of mar
ket operations is in prospect.
The explicit avowa Of the head Of
the Hartman system that the South
ern Pacific dividend would in no event
exceed the per cent. rate, while
practically admitting the intention to
l'N@s'S''
5 per cent. rate dashed speculative
cnthusia sm,s and widespread suspicion.
was engendered that tho recent mar
ket movement lacked the supposed aus
pieces Of the controlling powers In the
properties
Money Easier.
What the. stock market enjoyed of
'reviving influence beyond this episode.
was largely due to the easing Of the
money market from the usual refiux
of funds into bank reserves. following
the halfSyearly disbursements. The
bond market has remained apathetic.
and prices have shown no marked im-
provement.
A bad Impression was created abroad
by the practical failure of the. offer
ings Of the Manchurian Railroad loan,
guaranteed by the Japanese govern
.nent. of which less than half was APP
piled for. The general view was that
this was an index Of the continued de-
preston OF investment demand and
.unrelieved scarcity Of capital. The
easing tendency of the local money
market was not prevented by some
heavy syndicate payments for install
ments due on Union Pacific and Atchi-
son convertible bonds and the Ameri-
can Telephone stock. It is the general
conviction that the present ease OF
money on call and for the shorter
periods on time is temporary re-
lance, and likely to be ended AZ soon
as the interior demand for currency
to move the crops sets in.
Metal Markets.
Conditions In tlle metal markets re-
main unsettled and leave open the
problem Of how far reaction may at
feet them.
The strike in the Lake superiorairo
mines was pronounced by iron trade
authorities powerless to do much harm
owing to the stores of ore on hand
and also to the lessenng demand for
iron. This argument took too much for
granted 8 to the coming contraction in
the iron and steel5trade to have any
very cheering effect on speculative
sentiment.
The grain markets We're disturbed
somewhat by reports of rust damage
In spring wheat and the cotton mar.
ket by reports Of drought; little conf.
ldence in favorable crop outcome wa!
not materially impaired. The inter
est In the dispute between North Caro-
lima State authorities and the Fedora
court over the enforcement of the
State passenger fare law was AGA
demic, the important phase of tina
question, from the standpoint OF CAPT
tai, being the course Of public opinio,
on the subject and OF Judicial opinions
on It's merits. rather than in possible
conflict Of authority over enforcement