Evening star. [volume] (Washington, D.C.) 1854-1972, 1907-07-15
London and Local Americans
Stimulated Today
BY HARTMAN FINDINGS
Prices Advanced From Fraction to
Two Points and More.
ACTION ONLY IN FIRST HOUR
Little Alteration in Money Market Al
fairs-Banks Began Week With
CANA Sharp Reaction.
ACTION ONLY IN FIRST HOUR


Special Dispatch 10 The Star
NEW YORK, July l5.-Both the Amer'-
can q .artmcnt of the London stocE i""'
ket AID tkt, local stock market were df-
CiGed.v stimulated tn s morning tiI'""7"
the publication of the findings OF the ii'lei
state commerce commission IN the ihNe9''
CATION of the Hartman railway 5! anu
general methods of procedure IL ste'"eu
to be. tbs. common opinion here and abroad
that the report of the commission was HI
tie more than recital of previously known
facts and that the accompanying sus
gestiors were of only a perfunctory and
acad, mic character.
At any rate the early cabled advices
from London. which market. of course, had
the advantage Of several hours over that
at New York showed a substantial gan In
American stocks. and subsequently foreign
houses were buyers here upon a fairly lib
eral scale
Prices accordingly advanced all the way
from small fractions up to points and
more. but So far as genuine animation was
concerned, the market appeared to have
shot its bolt in the first hour of business
The transactions during that period were
upon really large scale. but subsequently
there was marked contraction in activ-
ity which was accompanied by irregular
and rrdCtionary tendencies.
The long awaited report of the interstate
commerce commission actually the
only novel matter which presented for
consideration at the opening of business.
Nor Was there much in the way of news
with the course of the business session cal
culatcd to stimulate speculative activity in
one direction or another.
Supplemental advices with regard to the
attitude of the administration toward the
Hartman enterprises left the matter of
government prosecution somewhat in the
air, but it seemed to be the common opin-
ion that the last had been heard of the
question for several months to come.
The Money Market.
In View of the extraordinary bank state
ments of the past few weeks and of the
large special transactions relating to the
money market since the first of the month
there WAS naturally much interest taken in
the course of affairs in that direction. Lit
tie alteration was. however. shown there
The renewal rates standing call loans
We're hxed at "a to per cent. and the
larger part of the days borrowing was ar
ranged for around and below those figures.
The local banks began their weeks oper-
ations with the subtreasury with gain in
the neighbOrhOod of $lO0.OO0. A sharp
upward reaction in the rates for sterling
exchange carried with it rather unpleasant
suggestions. and may have had something
to do with the uncertain course of the stock
market after the first hour of business.
Copper Weak in London.
Apart from Union and Southern Pacific
there very little to be adduced in con-
nection with the dealings in particular
stocks. Copper metal decidedly weak
in London and In the local market. but
AmaIgamated Copper stock moved in COM
mon with the market at large.
The trading in Amalgamated Copper was
probably Influenced to some extent by the
near approach ofSthe dividend declaration
which will be made Thursday. although
there were suggestions today that any
alteration would be made in the rate The
dividend declarations the United States
Steel shares will be ordered two weeks from
tomorrow, and opinions appear to be about
equally divided to the prospects that an
enlarged payment may be made on the
common stock