The Washington herald., 1907-07-25
WALL STREET NOTES
Trading in Pacific Stocks
Continues Active.
SHOWS HARTMAN MOVEMENT
Strength of Market said TO BE Due
to Operations Of Standard OH Com
binatiOn with Railroad Magnate.
Little Attention Paid 20 Strike In
Steel Corporations Ore Mines.

New York, July 24.-AugIst II last, the
day when it was announced that divi-
dends of and 10 per cent had been de-
clated on Southern Pacific and Union Pa
cifc, respectively. Southern sold from
s27s up to So Five weeks later the stock
touched its high record price Of 97la. The
lowest price since that time was 69&. on
March H.
AT one time to-day the stock sold at
s05k, ~ points higher than the price on
the day OF the dividend announcement
and 2O24 points up from the lowest Of the
year, The closing price was but Is under
the high Of the day, and the net gain "a
points. simultaneously. Union Pacific
recorded a net gain of 21S points.
Transactions in Southern were about
10000 shares, in Onion l75,000 shares.
Combined, they constituted. approximate
y, half OF the business Of the day. which
was much greater than the recent aver
age The total, for instance, was 100000
shares greater than on Tuesday.
The figures supply an even more en-
phatic demonstration than has been sup
piled IN previous days OF the movement
u TIC AEdNFl AAetA imam eNCNsA9s
There was notable activity also IL Anal
gamated Copper. Atchison. and st. Paul,
but with much the same people support
ing these, probably, as were principally
instrumental IN the movement In the Har-
riman Paclfles.
Strength in most OF the other shares
seemed to be due almost entirely to the
activity and strength of these FIVE. and
there appeared TO be good ground for the
comment, made by brokers. that apart
from the operations Of the Hartman
Standard Oil party, there was very little
10 show for the strength and activity Of the
market At least, II was insisted, tape
does not tell the story Of aggressive OPP
erations on the part of any other promi-
nent financial coterie.
Southern Pacifcs opening was spectac-
ular. Sales in the first few seconds We're
made concurrently at prices ranging from
Sc 5-S 10 81. as compared with Tuesday {
closing figure of S57s. and among toe
/ early transactions there was an abund-
ance Of sales on excess of 1000 shares
At times, In the first half hour the stock
jumped half point between sales, 50 ex-
cited was the trading. Orders for foreign
account contributed largely 10 the rush
Of business at the opening
Some Of them were due. no doubt, 70 the
coverings Of shorts, but by far the greater
number, according to houses with foreign
connections, were inspired by a report
which seemed 10 have been scattered
widely about European financial centers
that the executive committee had already
decided TO declare the next dividend al
the rate OF &C per cent. The origin Of the
report could not be traced. Union Pa.
! cific officials denied any responsibility foI
Il. and declared it entirely without foun-
dation But its effect on the market
could not be questioned
Some Of the commission houses re
/ ported slight Increase in outside bust
/ ness. The public is beginning 10 come
in gingerly and nervously, 1t is true, but
nevertheless is showing in a way thai
/ helps some.
There must have been very heavy profit
/ taking to-day. especially in the Hartman
| stocks. but it had little effect IN staying
the upward movement. Southern Pacific
/ seemed particularly vulnerable. on cross
/ ing 90. to realizing sales, and its strength
above that point was one of the i'm
I pressive features Of the trading.
Announcement that $11O0,Q0Q Chesa.
/ peake and Ohio notes. purchased by
/ bankers last Friday, had all been SOLD
acceutuated previous reports Of improve
ment In the bond market.
Very little attention was paid TO tn,
strike IN the steel corporations ore
/ mines. Trading in the Steel shares wa:
/ on a small scale, and, though both tn,
common and preferred made fractlona
] gains, there was little speculative inter
/ est in them.