The Washington herald., 1907-07-26
WALL STREET NOTES
London Buying Gives I'm
petus to Days Trading
UNION PACIFIC LEADS RISE
Purchases at the Opening Made at
las, the Highest Price of Day-An-
nuaI Dividend Rate of @ Per Cent
Expected on southern Pacific Next
Week-Erie One of Lines Attacked,

New York. July 25.-Execution Of buy
ing orders for London account caused
much Of the activity and strength Of the
! Hartman stocks at the opening.
Some brokers with foreign connections
said they could trace many Of these or
ders TO dealers in calls in the London
market and one broker estimated that
10000 shares Of Union Pacific alone were
bought to even up the position Of Lon
don dealers in privileges.
The option dealers and others who
bought stocks at and Immediately after
the opening had to pay we'll for them.
In Union Pacific, the highest price Of
the day 14S, was paid in transactions at the
very opening and it was IN the first nf-
teen minutes that Southern sold at 81 S-S
the high price for the movement.
The activity was feverish in this early
| trading and the volume of transactions
very large.
Almost concurrently with the opening
Of the market. one of the news bulletins
declared that Union and Southern direc-
tors would meet ar 80 for dividend pur-
poses and that it was practically certain
that Southern would go on a regular 6
per cent basis. There we're reports TO
the same effect from other sources. and
Mr.. Harriman's remarks after the di-
rectors meeting was everywhere taken
as convincing proof that a dividend at
the annual rate of per cent viii be de-
clared next week.
The street accordingly regarded the
good news as out, or at least as fully
discounted, and fell TO coniecturing over
the position which Southern should &C
cupy as a per cent security. Specula-
lion over the increase disappeared and
most OF the afternoon buying was by
persons believing that the stock should
sell close 10 or on a par with AtchisOn.
Union Pacific Southern Pacific. and
Reading supplied more than half the
transactions and there was little wider
range 10 the market than on previous
days of the movement.
The fact that no aggressive support
has been given 10 the leading stocks
other than the half dozen with which the
Hartman Standard Oil party is most
closely connected. is a temptation 10 pro-
fessional traders to raid these stocks.
Aggressive selling of the Eries and New
York Central to-day was probably based
on the idea that little opposition would
be encountered. and a sharp drive on the
Steel shares may have been made from
a similar motive
While the street became convinced that
AIr. Hartman and his felow-directors
had practically decided on a per cent
rate for the Southern, Mr. Hartman was
variously reported. According 70 one re-
port he said that he was in favor Of a
6 per cent rate. Another had him remark
ing that the rate would not be more than
8 per cent, and in other quarters he
was quoted as giving utterancc 10 even
vaguer opinions.
There was a quorum present at the
meeting. and though the financial com
munity appreciated the fact that the
management was more communicative
than was the case a year ago. il was at
a loss TO understand why an official an
AApttiAAt-itAtAAA VI the VbHEu GttAS4et was
not made. It was recalled that the At
Gibson directors, on a similar occasion
recently, made their position clear and
unmistakable.
Notes.
Americans in London firm, with great
strength in Harrimans
Pressed Steel Car directors met We'd
nesd9y. but took no action on the common
dividend
City bond bill permitting comptroller
to sell bonds by private sale passed the
senate at Albany
Albany legislature adjourns
>Steel Corporation well supplied with orc.
and is not alarmed at threatened miners
strike.
Light demand for stocks in loan crowd.
Fiscal year Of all the Gould roads the
most prosperous In their history
$13,S0S. 400 Is redeemed at Washington
so far.
Twelve Industrials advanced "a Twen-
" active railroads advanced loo.