The Washington herald., 1907-07-20
WALL STREET NOTES
PaciticStatements Have Bull
iSh Effect on Market.
u. P. OPENING IS EXCITING
stock Passes I45, Which Is the High
est Since the AnnOuncement-Co
per Strong in LOndon-AmaIga-
mated and Anaconda Advance.
Banks Gain on Transactions.

New York. July 19-There have been
abundant indications all the week that
the Union. Pacific management appreci-
ated and welcomed the encouraging
change of attitude. Estimates OF the
years earnings for both Union and
Southern have been scattered about the
street in pTofusion. and to-day the man
/ agement followed up and incidentally cor
roborated these estimates by an official
preliminary statement of the earnings
of both roads.
The two official statements had a bullish
effect on sentiment in two ways In the
first place. the bare announcement of
them a month ahead Of dividend meeting
was regarded as a radical reform
The figures Of the earnings Increased
the favorable effect created by their an
| nouncement. A surplus applicable to
dividends equal TO 16 per cent on Union
Pacific and-nearly u per cent on Southern
Pacific were everywhere considered ample
! assurance that the present dividends Of
10 and per cent respectively. viii be
maintained. and great enough to crafty
the most exacting stOckholder.
Union Pacific earnings was the most i'm
portant news development Of the day. it
was but natural that Union Pacific should
retain its position as the most active
speculative stock on the list. The opening
WAS excited. with the first sale u. points
up. and the trading continued in such
/ large volume that transactions I'm the
stock supplied more than quarter of the
days total The high point for the day.
15 II, was the highest since the an
| nouncement of the new financial plan.
Relative 70 the customary volume OF
/ transactions in Great Northern and
| Northern Pacific, the trading in these
stocks was almost as active as IN Union.
/ Both made substantial gains. In some OF
the brokers' offices there was circulated
a report that arrangements had been
made to take over the Great Northern
and Northern Pacific stocks still held by
Union Pacific. As far as could be ascer-
/ tanned. the report lacked all substances
/ OF verifcation from an authoritative quar-
/ ter but it served to increase and keep
alive the interest that has been aroused
/ in the Hin stocks by revival of talk
[ about the Burlington deal
/ The copper stocks were strong I'm Lon
/ don, and both Amalgamated and Ana
| conda continued TO advance under the
impetus Of the change Of form Of Anal
gamated's dividend. Some traders criu-
/ cised the dividend declaration, on the
/ ground That the directors could more rea-
/ sonably have been confident Of their ab.l-
/ ity TO maintain an per cent rate az the
/ last previous meeting than al the one this
week. There was then, the traders in
/ sisted, brighter outlook for copper metal
/ prices than there is at present. and they
| expressed, therefore. the opinion that the
/ change was made this week 70 attract
market support.
The great majority, however. took the
/ position that the fact was better than
/ guesses about the motive, and went in
on the long side.
The banks gained S4,635.C0o on transac-
tons with the subtreasury and in interior
money movements combined in the nv,
days since last Friday. on account Of I'll,
I experience of bank forecasts in the past
few weeks, however, there were qualih.
cations 70 most OF the predictions regard
ing the bank statement
On only one feature was there gen
eral concurrence Of opinions. The loss Il
the subtreasury on account Of withdrawn
Of government deposits last week. anC
only partially represented in last week.
statement. it was agreed, would counter
balance. at least. the gain from the sub
treasury this week