The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1907-07-22
Market Maintains Strength
Throughout the Week.
EXPORTS OF GOLD CEASE
Prospects of Dividends Help Rail-
read and Industrial Issues-SteeI
Corporations Investment of Earn
tngs in improvements Expected to
Improve Value of Common stock.


week preceding. the undertone continuing
good throughout the period. while the
movement OF prices was quite generally
toward a higher level The trading was
not confined TO any class OF group OF
stocks and was by no means OF the wholly
professional character 20 which nearly
the entire business of the New York Stock
Exchange belonged through the months
Of May and June.
Not the least encouraging Of the new
features noted was the Improvement in
the demand for bonds and short term
notes yielding a high interest return.
several offerings Of attractive new issues
being successfully placed with investors.
The money situation gave no new ground
for uneasiness. but. on the contrary. was
one of the factors that tended toward
the restoration Of confidence. The ease
with which the country had shipped S2S,-
10000 gold to Europe and the knowledge
that the government had yet TO disburse
several million dollars on account of the
bond payments. after having recalled
from the banks the special deposits IN
accordance with the offer of Secretary
Cortelyou issued some time ago, clearly
Indicated that one period OF apprehended
strain had been passed through and that
the resources were at hand to prevent
another.
Gold Export Movement Ceases.
Rates both for call and time worked
during the week toward a lower level.
According to all visible indications the
export movement OF gold 10 Europe has
ceased and something nearly equivalent
70 a return flood has begun in the re-
newal OF foreign borrowings by Wall
street through the medium of sterling
loans. Upward Of S2O,OOO,O 900 Of such loans
have been arranged IN the last couple Of
weeks. and with the Improvement in the
money situation abroad. It is probable
that further borrowing OF the same kind
may be done whenever the difference in
money rates here and on the other side
affords a sufficient incentive for such oper-
atoms
OF less fundamental Importance, though
Of by no means negligible influence, was
the statement made by Martin A Knapp.
the chairman of the Interstate Commerce
Commission, that no prosecution of MI
Of the revelations disclosed by the in
vestigation Of Hartman affairs last win
ter. The reason given by Mr.. Knapp for
the dropping Of whatever intention might
have been entertained at any time Of
bringing a prosecution was that Mr.
Hartman had gained immunity by being
called as a witness; but Wall street
looked upon tho statement in a somewhat
different light and regarded It as iustifi-
cation Of the opinions already entertained
in the financial district as to the signifi-
canoe Of the report Of the commission
rendered several days before the docu-
ment being so very mild as to suggest
that the whole matter would be practi-
cally allowed to lapse
Help for Hartman Stocks.
It seemed TO be taken for granted that
the affair had ceased to be a factor bear
ing upon the course Of speculation in Wall
street, or rather that It had ceased to
be a depressing influence Naturally.
the impression created by the report Of
tho commission and the interview given
out by the commissions chairman had
the effect OF starting a buying movement
In Union Pacific on such q scale that the
short interest was forced to take quick
measures TO cover its contracts. and in
response TO purchases for both accounts
the stock advanced sharply TO a higher
nguTe than IL had before reached for
several weeks past
About the middle OF the week figures
began 10 circulate In Wall street showing
approximately the joint gross and net
earnings and surplus after dividend pay
ments Of the Union and Southern Pacific
systems for the year ended June 30 these
being considerably more favorable than
had been expected; but in view Of the
extent 10 which the stock had already
advanced IL was perhaps but natural that
there should be sufficient proft-taking
on the good news to che * further rlse
for the time being. The official figures
were given out on Friday and coincided
with those which had been previously in
the possession OF the trading element.
Increase IN Copper Dividends.
Apprehension regarding conditions IN
the copper trade was to a great extent
allayed by the action of the directors OF
the Arnalgamated Copper Company In
changing the dividend from the former
rate Of 6 per cent and . per cent extra for
the year, to a fat declaration of . Der
cent for the quarter. The significance Of
this change was that II amounted TO a
virtual assurance coming from the larg-
est copper interests that the conditions
in the trade were such that a dividend Of
the continuance Of which at the s per cent
rate there had been doubt could be main
tanned indefinitely. The reduction IN the
price of metal has brought in business. As
II was expected TO do, a sale of 10000 600
pounds in a single aot having been made
on Thursday, while there were numerous
sales In smaller quantities on the basis
of the new quotations
Efforts were made in speculative quar-
tiers TO create apprehension in regard 10
conditions In the iron and steel trade.
but In the best informed quarters II was
stated that while there was a slight fall
ing on in the volume of orders as com
pared with last year, the decline was
so small as 10 be regarded with perfect
composure in view of the tremendous
volume of untitled orders still remaining
on the books OF the leading manufacture
ers.
VIII Hold Down Steel Dividends.
1t was admitted on all hands that there
was condition OF practical stagnation in
unlikely that the forthcoming statement
the pig iron market. and lower prices
DENTISTRY