Evening star. [volume] (Washington, D.C.) 1854-1972, 1907-07-25
No Announcement of Pacific
Dividend Today.
PUBLIC WILL HAVE TO WAIT
Wall Street, of Course, Believes Mr..
Hartman Knows.
WHOLE RAILWAY LIST SAGGED
London Market Was Irregular, But
Foreign Houses Bought Here
for the Account.
PUBLIC WILL HAVE TO WAIT
WHOLE RAILWAY LIST SAGGED



NEW YORK. July 25.-After the meet
inrs Of the directors of the Union and
Southern Pacific companies today the per-
functory statement was made that only
routine business had been transacted. At
any rate there was no announcement with
regard 10 the dividend upon the two stocks.
and IL was ntimated that the public would
have to wait another week or perhaps for
a fortnight before any official announce
ment of the dividend would be made.
Wall street was much disappointed, but
hardly surprised, at this intelligence al
though II had been assumed that yester-
days movement in southern Pacific fore
Swallowed the establishment Of that stock
upon a G per cent annual basis. The presi-
dent OF the Hartman system was quoted
after the meeting OF the directors to the
effect that the shareholders OF the southern
Pacific need not expect any higher annual
dividend than per cent.
II may plausibly be assumed that MI
Hartman and possibly two or three OF his
associates are at the present time, In abso-
lutte knowledge of the rate OF dividend TO be
fixed upon Southern Pacific stock but as
Wall street was left In perplexity. southern
Pacific broke more than one point during
the forenoon. and the course OF that stock
carried downward with 1t the majority or
the railway list.
Erie Common Was Weak.
few securities in that quarter OF the
market showed exceptional strength, cases
In point being Reading. Kansas and Texas.
and Rock Island, but otherwise sagging
tendencies prevailed in that direction dur
ing the greater part OF the business session.
Aside. however. from the Hartman stocks.
there was no news whatever and very little
gossip Of interest or novelty attaching to
the transactions in the railway list.
The rather marked weakness In Erie
common for obvious reasons attracted
good deal of attention. The Industrial
and miscellaneous stocks moved. for the
most part, in line with the railway shares.
The United States Steel issues were again
sluggish and comparatively heavy, while
American Smelling and Amalgamated
Copper were steady. Among the Inactive
Issues in this group there were sharp
advances In United States Rubber and
reasons the traction stocks were decidedly
strong. with quite large transactions in
Brooklyn Rapid Transit
There was large increase in the vol
ume Of business over yesterdays aggre-
gate but an undue proportion of the total
dealings furnished by the trading in
Union and Southern Pacific and Reading.
moderate increase In the business or
commission houses was reported. this re-
suting doubtless, from the animated
nenipulations OF the Hartman stocks.
with last years market episode in mind.
Bank Rate Unchanged.
The London stock market was irregular.
but Americans were quite strong. and
foreign houses were buyers here to the
extent of about 10000 shares.
The Bank OF England's weekly statement
was a fairly strong exhibit. The proportion
OF reserves and liabilities shown was Al. 10
Der cent. against 46 per cent last week.
and 4S IL FER cent In the corresponding
week OF last year.
The banks rate of discount was left I'M
changed at per. cent. Sterling C--chanSe
conditions showed little alteration.
The local money market likewise showed
change in any essential respects. the
greater part of the borrowing on call being
effected at "a. The banks have gained In
their operations with the subtreasury since
las, Friday S3370,0O0. hence the OUTLOOK for
Saturdays bank statement Is again reas-
suring. II was. in fact the general opinion
chat the prospect for continued low rates
for money call during the next few
weeks being utilized as the basis for
the current bullish manipulations of the
stock market.