The Washington herald., 1907-07-27
WALL STREET NOTES
Hartman Stocks Fail to Re-
tain Former Lead.
STEEL SHARES MAKE & GAIN
Consistent Strength OF Common
Thought TO De Mistake on Part of
creased to 3 Per Cent-Erie Ex-
pected to show Decided Net Gains.

/ pected TO show Decided Net Gains.
New York. July 26-The stock marke,
to-day Illustrated anew the proposition
that anticipation is more stimulating than
realization.
| As compared with the great activity and
strength impaired by anticipation of an
/ Increase IN the Southern Pacific dividend,
the Hartman stocks, though still heavily
dealt in We're not the prominent market
/ leaders they had shown themselves on
preceding days Realizing sales succeed
/ ed anticipatory buying, The change
brought about a Slight net loss in Union
and Southern sold below 30 part of the
/ session.
The bull party may well have been
willing that liquidation should run its
course before making another attempt TO
continue It's advance. At the same time,
il was noticeable that no inducements in
/ the way If very cheap prices were offered
70 such local bears and London dealers
in options as have not yet covered.
The stocks were held well in hand
]
trading Southern advanced to net gain
/ for the day. Comment on the movements
Of these two stocks were that they showed
marked strength In view Of the proft-tak-
/ ing, and that it was relief in many ways
TO observe a decrease of activity in them.
The action of the Steel shares. the COM
mon moving up a point and the pre-
ferred SIS, indicated a mistake on the
part Of the traders, who. IN previous days
Of the week, had sold short on reports
of trade recession, the strike Of the ore
handlers and miners, and the paucity Of
aggressive support for the shares.
There was consistent strength in the
common, a strength that was ascribed
/ largely to a drive against the short inter
est, but that was also due 10 the reported
early solution of the labor troubles and to
| optimistic predictions of the earnings 10
/ be reported at the quarterly meeting next
! Tuesday. There was some little talk Of
an Increase Of the dividend TO 8 per cent;
but L is doubtful if any one considered
this of sufficient weight TO justify a mar
ket commitment.
When at times during the long decline
there were dealings in ordinarily inactive
stocks, these transactions were made at
/ big recessiCns from previous sales. Cen
| orally they kept pace with the decline IN
the active stocks In the intervals between
| transactions in the inactive ones. Pur-
! chases OF Chicago and Northwestern pre-
I feTred, Cleveland Lorain and Wheeling,
and Cleveland. LOrain and Wheeling pre-
/ ferred yesterday showed the same ten
dency in the opposite direction The
! transaction in Northwestern preferred was
at four points advance, and the c, L. &
/ w. sales showed gains OF five for the
/ common and l2i2 points for the preferred
over the last previous transactions.
The Erie directors met Wednesday. The
meeting was the stated one for the dec
laration Of dividends, bat not enough di-
/ rectors We're present. In all probability
the dividends wiz be declared next week.
/ Meanwhile, statements from many re-
| sponsible quarters are all TO the effect
! that no change in the dividend rates is
contemplated Erie earnings for the year
/ have not vet been compiled; but the state
ment for eleven months and knowledge
of good business in June are said to war
]
show a satisfactory increase in net.
There was a modification of reports of
a bull pool in Reading. On Thursday this
pool had the active support of Henry
( c. Frick To-day, it IS being known that
Mr.. Frick was motoring about the South
Of France, the pool became a 5o00o-share
/ Philadelphia pool which had Mr.. Frick' S
sympathy. Some practical men thought
Mr. Fricks money would do the move
ment more service than sort of good
viii expressed by mental telepathy.
/ Nevertheless. Reading went up TO l07 -.
10 points above Thursdays closing. and
there were transactions in l45.o00 shares.
The close was at los 3-S, a fraction UP
for the day.
There was an advance Of ten to fifteen
points in sterling exchange IN the morn
ing. and a revival Of reports of the
I immense amount of gold exports. Il was
/ declared that If the Bank OF France re-
newed its offer 20 deposit funds with
Paris bankers against imports from this
country, gold might go abroad az any
moment. Some prominent international
bankers said there was no ground for the
fears Of the street.
Notes.
Americans in London firm, II to g.
above parity.
LondOns settlement begins on Monday
Southern Railway earnings in new fls-
cal year begin to show better gross and
lower operating expenses.
/ Iron miners strike broken.
Traction companies give free access to
their books to public utilities commits
sion.
Atchison earnings for year will be IS
sued August 1. and may show Is per
! cent earned on common.
Fair demand for stocks in loan crowd.
Fine crop weather in Canada, making
up for late spring.
Weather and crop reports generally
favorable
Nineteen roads for third week of July
show average gross increase OF .14O7 per
cent.
London expects money firm over set
tlement and end Of month
Chicago reports general business ex-
ceeds all records for the time of year.
Washington reports S13,290,4O0 Is still
I outstanding.
! Twelve industrials decrease II. Twen-
ty active railroads decrease 81.
LIVE STOCK MARKETS.