Daily press. [volume] (Newport News, Va.) 1896-current, 1907-07-25
Expected Dividend Causes Them 10
Take q Dip Into The HarrI.
man Road.
PROFESSIONALS ON BAND WAGON
II They Did Not Have the Ready Cash
They Sold Out Other Stocks in Or.
der to Invest in the Boom Security.
The Total Sales and Closing Quota
lions.
(By Associated Press

NEW YORK, July 2I.-'rhe action
OF the Southern Pacific today. which
rose to 9OK was rcgartlcdod as
strongly confirmatory of the conyic.
uon that an Increase in the dividend
rate Is imminent. No official infor-
nation on the plans of the directors
could be secured beyond the informa-
ton that the directors would be in
session tomorrow, the executive com
mittoc not until later This infor-
nation was considered to indicate
That Il period of speculative activity
In Southern Pacific would. almost
certainly. intervene before dividend
action should be announced.
The professional traders followed
the movement on this suppositlon
very industrlously. Some of the ru
mors used with effect regarding the
probable dividend action were not
content with asserting the intention
to raise tho rate to per cent, but
insisted on coming seven per cent
rate. The weight of opinion In the
trading element today was in favor
OF the six per cent rate.
Union Pacific sympathized with the
junior security today. This served
to rcctify to some extent the bad
effect on Union Pacihc's response to
the movement in Southern Pacific
which threw suspicion on the latter
movement. In view of Union Pa
Giles large holdings of Southern Pa
ciic and its consequent profits from
an Increase in the lattcr's dividend,
Union Pacific was expected to move
in harmony with Southern Pacific
The movement was not without some
influence on the general list.
Accounts in other stocks were sold
out to secure resources to put into
Southern Pacific. This process was
reported in operation in regard to
United States Steel and helped to nc
count for the hcaviness of that stock.
Yesterdays assumption that the
strike of iron miners might he con-
sidercd advantageous to the corpora
ton by avcrting the likelihood of n
decline Ia iron products from n glut
of production was not heard so much
of today. This view OF the case as
sumcs no considerable reaction in
the iron trade as not to be relshed
on the long side of the market. The
character of the discussion over
the iron strike episode has been fol-
lowed by Il diminution of the talk of
an intended increase in the United
States Steel dividend mt the meeting
of directors next week. st. Paul
showed tho closest sympathy with
the Harriman's and Amalgamated
Copper developed a degree of later
strength i'll compliance with better
tone of the foreign market for the
metal The Hill stocks were back
ward owing to the difficulties which
have been pointed out in the way of
cutting of Burlington melon for
those stockholders.
Bonds were irregular. Total sales
par value S1,2l4,00O. u. S. twos reg
istercd declined Il while the coupons
advanced 4 per cent on call. Total
sales today GS2 600 shares. including:
Copper $500 American Cotton Oil
100; Sugar 200; Atchison $1,000; A.
C. l.. 100; G. e O. 1900; l.. e ~.
TOO: Reading $500; Southern Pacific
196.40O: Southern Railway 500; u. S.
Steel $4,000; V. c. c.. 400; Soss
Sheffield 200.
Adams Express ................15 $50
Amaleamated Copper .......... $3.50
American Car & Foundry. ..... 43M
American Car & Foundry pfd .10oK
American Cotton Oil .......... 32h
American Cotton Oil pfd ....... Sc
American Express .2lu
American Hide and Leather pfd 1914
American Ice ............. .... 81 "
American Ilnsced Oil ......... 9R
American Linsccd Oil pfd. ..... 22A
American Locomotive ......... GO
American Locomotive pfd .....10iH
American Smelling e. Rcfg ....11SB
American Smelling & Rcfg pfd 06
American Sugar Refining .....1221a
American Tobacco pfd ccrtif :. SGH
Anaconda Mining Co. ......... 5SM
Atchison ....... ........... 9iH
Atchison pfd .............,... 93E
Atlantic Coast Line. ......... 9S
Baltimore & Ohio pfd ......... Sc
Brooklyn Rapid Transit. ....... 571s
Canadian Pacific III
Central of New Jersey ........lT5
Chesapeake e. Ohio ........... 35H
Chicago & Great Western. $50. II "a
Chicago e Northwestern ......15i X
Chicago. Mil. & St Paul 500. 1879
Chicago Terminal e Trans. ~.
Chicago Terminal e Trans. pfd 10
c. c.. c. a. ST. Louis ...... 60
Colorado Fuel e Iron ........ 3fH
Colorado & Southern ..... 26Wi
Colorado e Southern LIST pfd j. 90
Colorado & Southern End pfd 15A
Consolidated Gas III
Corn Products ................ 17h
Corn Products .pfd .......... 72X
Delaware e Hudson. ..172H
Delaware. Lackawanna & West 400
Denver & Rio Grande. 49,. 271i
Denver e Rio Grande pfd ...... 70l!
Distillers' Securities .......... &C