New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-07-26
dividend POSTPONED.
p md S. p. STOCKS DROP.
Ell. Hartman Plans Western Trip
After 4ug. I-UrgeS 6 Per Cent.

directors OF BOTH the Southern and Union
pscff, companies met yesterday and although
.,a~a was q quorum present, took no action on the
slrs5era AFTER .he meeting it was officially an
orr-ed that only routine business had been trans
,-ted and that action would be taken on the
5frsdeuds until Thursday, August !. TO which date
,be meeting was adjourned. II appears however
,bq+ the ranors that there would would be an in
crease in the dividend Of the Southern Pacific.
v-hjch have been IL circulation in Wall Street for
several DAYS. wiz bear fruit after the meeting
T H Hartman said that il was his idea that the
southern Pacific stockholders should receive per
rent annually. When asked if that rate would be
declared at the adjourned meeting next Thursday
te repI.eI that he preferred to make no predic-
tons, but that IN no event would the dividend be
more than Per cent year.
There was considerable disappointment among
the speculative element IN Wall Street that no ac-
ton was taken in regard TO the Southern Pacific
dividend, and some were disposed to criticfse the
rostp0uement on the ground that it resembIed the
tactics Cf a year ago when the increase in the
dividend Of the Union Pacific was withheld from
the I-allc Tor A month after Il had been agreed
on h. the executive committee. while IN the
tine important stock market operations were car
ried olt.
tha- there VIII be an increase in the Southern Pa
c,dc dividend rate next Thursday, change is ex-
perrel by well informed interests IN the dividend
On Union Pacific common stock which viii be de-
c.ared al the same time. There have been reports
current in ultTa-Optimistic circles that an annual
dividend Of per cent on the Southern Pacific stock
SCI at rest by ny Harrtnan's statement yesterday
10 one doubts but that his recommendations VIII
b accepted by the other directors
on the expectation thar the dividend would he
increased. the common stock OF the southern Pa
cfc yesterday sold up 10 9l7s as against ss as the
closing price on the preceding day. After the an
rorncerent thar the directors had postponed action
until next week however. the stock reacted TO 50
and closed at s9-s. Union Pacific common. which
esr,v in the day sold high 14S against 1853,
Wednesdays closing price also broke after the
announcement TO under the preceding days close.
II vas said IN well informed quarters yesterday
,ra- the Southern Pacific well able pay
5a-ger dividend than the per cent rate established
I9s+ wear. Il pointed out that the road earned
Tss- wear divisble surplus equal TO nearly S4 900
aa which after paying the dividends left balance
If something like 81 10000
Mr. Hartman said yesterday that he was con-
-z-rrlzti-E an extended trip 70 the Pacific Coast
within short time although he had yet fixed
l,7o- the date Of his departure. This regarded
n Wall Street indication that there would
re 10 delay beyond next Thursday in settling the
Southern Pacific dividend question. He said his
contemplated trip was for the purpose of looking
over his railroad properties in that part OF the
country ard that he might he gone four five
months