The Washington herald., 1907-06-28
WALL STREET NOTES
Market Shows Evidence of
Much Manipulation.
PRICES REACH HIGHER LEVEL
Leading Stocks We'll Supported by
Large Interests, and All Others
Follow Upward Tendency-LondOn
Heavy Buyer of Union Pacifc-CnH
Money Rates Harden.

New York, June H.-There was manip-
ulation in the market to-day, plenty Of it,
This fact. however, does not detract
greatly from the significance Of tie al
around advance in prices \ spontaneous
upward movement is d very nice thing
to talk of. but it very seldom happens
Manipulation is needed, and If it is not
supplied at the right time some very fine
opportunities will be lost
Manipulation to be successful must be
founded upon conditions. If conditions
are not favorable, manipulation cannot
lift prices, and hold them up. Successful
manipulation Of prices to a higher level
is thus a guarantee of the sounduess Of
underlying conditions, and for this
reason, what has occurred on the stock
exchange in the past few days has had
a more reassuring effect on sentiment
than anything that has been said OF could
be said in regard to the continuance Of
satisfactory business conditions by any
authority whatever
The manipulation has been of the right
sort The best stocks have been made
the leaders, and no group has been neg
lected All the forces were marshaled
and ready to march, and did march I'm the
proper order. II was impossible to figure
that any interest was out Of sympathy,
and for the first time in months, 1t look
ed as if all were cooperating 10 repair
the rayages of the spring panic.
Recurrence of the rumor that f. H.
Hartman was about 10 relinquish the
presidency of Union Pacific and Southern
Pacific lines and become chairman of the
board Of each of the roads did not seem
10 have any effect on the market for. the
stocks. Both were strong. and London
was buyer Of each, but particularly OF
the former.
Predictions We're made that Union Pa
CidC would cross l40 before the end Of the
week. but these came from the traders
who, following the movement, had no
special par, in making IT, The large in
terests said nothing. but they appeared TO
be ready 20 take stock on recessious.
A market that can stand up In the face
Of a sharp advance In the call money
rate. and an almost sensational rise in
wheat prices, needs no apology.
The annual report nj the American Car
and Foundry Companv fully justified au
the mic. things tia, had baar said about
the c.,mnsrv -, few yeal,s ago when the
directors decided to resume payment Of
dividends on the common stock. and the
election of President Hepburn, OF the
chase National BANK TO M vacancy IN
SHe DoaI'' mao = "el'ueoly la.oIaOie ell
'''' o'' -'''''''''''' '''
R,,,oor saws the limited States Steel
-, - - -. - =
'he great NoI'HeIh NiT o'i 'ilitaleS. III
asserting IhiS Tlihof may ne put keeping
up her reputation as a lying JADE, ana
yet some conservative interests MINK
story.
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q s''' '0' POI ~
SUI plos e"i lll'iss "o'iu oe ue'O 'su 10 'l'i
payment OF diFldenIs 70 stockholders
who have waited patiently for returns
on their stock while profits have gone
into tI,a rronertv