The San Francisco call., 1907-06-07
New York stock Market

NEW YORK, June 6.-The transactions which
carried prices OF stocks upward IN today's market
were limited IN amount and were believed 10 be
from professional sources almost entirely. Evi-
dently the professionals found the best inspira-
ton for price movements In rImurs from Wash
mEson regarding the intended policy OF the
2 iorities toward corpora tioDs. Todsy's rise
Vas due iD large part TO the positive assertions
contained n Washington sdvices that deter
minstfcn had been reached after consultation
among the members Of the administration TO re-
frain from an active pursuit Of the Hartman
railroad mbinatioD because OF fear that the
general situation might be imperiled BY such a
course. This was the same report that euoa-
mated from Washington on Tuesday with the
eneet OF putting up prices Yesterday stocks
feL on the announcement frOm Washington that
4 was intended TO proceed against Hartman TO
compel an answer 10 questions which be re-
fused 10 answer before the interstate commerce
commission The inference might be that ope-
rators in stocks attribute great Importance TO the
strong that correct information TO what
that course viii be IS far from being generally
known Nothing occurred during the day to
change the conditions fixing values
The retirement from the Chicago and Alton
directorate Of a friend of the Hartman inter
ests revived some discussion Of the supposition
long held in the financial list of severe friction
between that interest and the present control of
the Alton.
This discussion. however. did not interfere
with the strength of the Hartman and Rock
Island stocks. The admission Of the absorption
~ dominant interest in the Boston and Maine
~ the New York. New haven and Hartford
Was conhrmatory Of what has been generally be-
nereo for some time past, but the incident had
some stimulating effect speculative sentiment
IS an evidence Of stirring from the lethargy
into which all operations Of the kind have sunk
since the desrth Of capital resources has put 4
check TO enterprise. Much was heard of the
sound conditions In the iron and steel trade and
the large earnings OF some of the leading corpor
aticns in those industries. Reports of railroad
earnings were satisfactory a rule. the heavy
additions 70 Southern Pacific operating expenses
for April having special explana ton in conges
ton Of traffic sBd Interruption BY storms The
Great Northern reported expa nsion on gross
earnings Tor May Of more than IS per cent The
average increase Of net earnings for April of all
railroads thus far reporting shows q percentage
or more than 50 compared with last year
Another drop in the London price Of copper did
not preclude the copper stocks from sharing in
the days rise here
Another drop In the London price of coppe,
I'D not preclude the copper stock from sharing
in the days rise here
Foreign exchange made a further advance and
discounts and money rose in London Further
outgo Of gold by Saturdays steamers was &C
cepted as q certainty. When the traders
attempted 70 take profits prices yielded rather
easily. as their own buying had been priu
cipahy responsible for putting prices up. Ths
closing tone was heavy.
Bonds were irregular. Total sales, par value
$685.. 600.
United States old Is registered advanced
per cent and the new As declined 4 per cent on
call.