Evening star. [volume] (Washington, D.C.) 1854-1972, 1907-08-01
Abrupt Decline Followed Open
ing This Morning.
ON S. P. DIVIDEND NOTICE
Drop of Nearly Two Points From
Early Figures.
PRICE MOVEMENTS IRREGULAR
Dealings Largely Professional-Little
Alteration In Money Market-sharp
Break In Consols at London.
ON S. P. DIVIDEND NOTICE
PRICE MOVEMENTS IRREGULAR


Special Dispatch to The Star.
NEW YORK. August dividend pay
ments on Southern Pacific were Instituted
a little less than a year ago upon an an
nual basis Of 8 per cent Today the divl-
dend on the stock was advanced to an an
nuaI q per cent basis, an action "hich
would appear to be altogether warranted
by the highly satisfactory earnings OF LILO
property Action upon the divideho OH
Union Pacific was deferred for another
week there being present no quorum Vi 'he
directors of that company.
The stock markets reception of the In
creased dividend on Southern Pacific was
an abrupt decline of nearly two points
from the stocks highest figures OF the
morning. Just why this should have been
the casa II would not be easy to explain.
bnt such was the fact The general stock
market showed very little betterment In
conditions from those prevailing Yesterday
nor was II any easier to assign speciiic "a =.
plantations Tor tne coui 80 VI pt
was then ,.,..
price movements today were, however
rather more irregular than was the case
Yesterday and the dealings did not display
the persistent pressure which was then sVi-
dent The market opened showing a falr
degree of strength. considering the unset
tied tendencies which characterized the
dealings of the previous business session,
rather sharply In all directions.
The volume of business was maintained
upon about the same scale or activity as OF
the earlier part of the week. but the deal
inss were again largely Of a professional
character and continued concentrated upon
the small number of stocks which nave
maintained their disproport'onate SHOW OF
activity for the past six months Interest
and discussion in the more serious financlal
circles were again occupied mainly with
money market circumstances and prospects
The banks reduced their loss In their OPP
erations with the subtreasury since last
Friday to $i9S. 900. but the subtreaSury was
a creditor at today's clearing house settle
ment to the extent of nearly S2.SO,oOo Ih:s
unusual balance resulted from the pawn mt
to thu. Treasury of another installment of
the Central Pacific's debt to the govern
ment.
Money Rates Unchanged.
Actual money market conditions show lit
tie alteration, except perhaps in the In
creasing disposition OF lenders to extend &C
commodations for longtime periods. The
rates for sterling exchange reflected further
the recent hardening in the rates for call
loans. The Bank of England 8 rate for dis
count was left unchanged at per cent. ana
the banks weekly statement was a rather
negative document.
The chief feature of the London stock
market was another sharp break IN Englsh
consois due. 1t was said. to compulsory
liquidation by Egyptian banks on account
of the strained financial situation In that
country.
Operations here for foreign account We're
upon a limited scale. probably because or
the fact that the London Stock Exchange
,vtII he closed from tomorrow afternoon IN
I'll next Tuesday morning over one or the
Dartodical holidays at that point.
Apart from the days dividend announce
ments the most important news relating
To Individual stocks set forth In the
statements OF earnings made public. which
Included those OF the Pennsylvania and
Union Pacific companies The comparative
srmnass of he Hiu stocks and OF the
United States Steel common was a subject
OF some comment. but the course OF those
fssues was not accompanied by any specihc
news or novel gossip.