The sun. [volume] (New York [N.Y.]) 1833-1916, 1907-07-21
-FIN4NCItL AND COMMERCIiL.
SArrRpAY. July 20.

SATURDAY, July 20.
The market az the opening to-day was
lninteresting anil fcdtureless, and To "A
great extent the slme characteristic con-
tinued 10 he displayed up 10 the time OF
the qualifications Df the bank statemsnt. the
ouly notable EXCEPTIONS being activity and
strength in Southern Pacific and a snbstan-
tisl rise in the price Of General Electric.
Brooklyn RapidT Transit opened at n consid-
enable advance. hut throughout the session
failed to improveonits early gain. heinitfaI
TRANSACTION being at substantially the high
est of the day. The Hill stocks were steady
and while Union Pacific rose fractiopaily
above its previous high point Of the present
movement it's nct gain ON the day was
Uncomfortable. Outside Of a few issues
the Hartman stocks, Reading and Amalga-
mated copper, there was little activity.
but even at times when the market became
very dull and inclined 20 sag there was
no pressure of stock from any quarter ana
the rallies "a a rule were made more quickly
than the declines. The advance in South
err Pacific. IN the comparative neglect OF
Union Pacific was based on the favorable
Interpretation given to the figures OF the
annual statement, which aroused expecta-
ton that not only could the company con-
tinue to pay its 5 per cent. dividends nut
that il might in time even increase the
rate. The returns for the month OF June
were published separately for the two
systems, showing increases OF 81 1915 O2 In
gross and $685. .753 in net for Southern Pa
cihc. and Ssis. 800 in gross and 1902 .225 IN
net for Union Pacific. General Edectric's
rise reflected the success Of the bond offer-
Ing 10 which the first subscriptions became
due and we're paid To an extent mat was
said TO Ire entirely satisfactory, The bank
statement vas regarded as q rather good
one, with an increase of S2,2ll .o25 IN the
surplus reserve. while another item OF
greatest interest was tie Increase. of only
$4,000 in loans despite the activity in the
stock market. Rejecting probably the for
eign borrowing referred TO earlier IN the
week. Following the publication OF the
bank figures tho market became very
strong, but Just before the close prices
eased of fractionally from the best OF the
day as a result of traders profit taking over
the week end. Western Union on a few
transactions gained nearly 3 points on ac-
count OF the settlement of the strike.
The character of the railroad earnings
published during the week and the tenor
o trade reports were not such as TO sustain
the contentious OF lIllbt WIN drSti Nlab
the country was on the verge of a serious
decline in business. These contentious had
been responsible in a great measure for
the decline in the prices Of securities at
the end of last winter TO a level where the
dividend yield was SO great that only fear
Of a reduction in the rate Of disbursements
on the leading stocks could have justified
II. As not only have the spring months
-..l k,, .ho xroar io 0attinn alOnn To
ward midsummer, with crop prospects
much better than they were a few weeks
ago, the investing public in the week just
closed seem to have become strongly
impressed with the fact that the best class
Of stocks can be bought on a basis where
the dividend return on the investment is
better than can be obtained more than a
few times in a generation and that there is
little or no danger that the standard rail-
roads will be obliged to make any change
in the rates of dividends which they are
now payin & to their stockholders. The re-
port heard in the last few days about a
possible increase in the rate of dividend
on Northern Pacific was significant Of the
important change in sentiment on a subject
of great importance. to the market. II
dividends are TO be increased instead Of
lowered then there can be no doubt that
the market values are well in excess OF
quotations. The demand for copper has
been quickened by the lowering Of prices
by the selling agencies, and except for a
temporary lull in the pig iron market con-
ditions in the iron and steel trade while
not quite as active as they were earlier in
the year are still as satisfactory as could
be expected. Good weather for the crops
continued during the week and no effort
was made to infuse new life into the grain
markets. In such circumstances the i'm
movement in security values was very
natural.
49,, Nn.A SsNrA. Gx~hsn~A Rales .IuIv On