The Washington herald., 1907-07-25
MARKET BOOM HOLDS
Prices at Opening Show IN
crease Over Tuesdays.
SOUTHERN PACIFIC LEADS RISE
London Puts It Up and New Workers
OF Little Faith Are Caught short.
Steel Keeps Its Ground and Gains
Strength Toward CiOse-Slight De-
cline In Last Few Moments.

New York. July 24-Opening prices this
morning were, with very few exceptions.
materially above last nights closing level.
Southern Pacific being the feature, with
its first quotation covering 5000 shares at
prices running from SIS to ST, the latter
representing an advance of more than a
point over night.
The only exceptions to the generally
higher prices at the opening were Z. S.
dian Pacific. Of which there was little
selling for London. possibly on account
Of the fire NJ Victoria
From the start the trend Of the mar
ket was strongly upward. except at short
intervals, and the trading assumed a
breadth greater than at any time since
the present movement began, although
not Sufficient to prevent the Hartman
issues continuing TO command a much
larger share Of attention than any other
group This increased breadth Of the
market was most noticeable IN the hour
when as a rule, the highest points OF the
DAY were scored. and while the closing
little under the best, the decline from the
highest to the lowest occurred in the last
few minutes
Southern Pacific Catches shorts.
The advance in Southern Pacific began
in London, and some Of the arbitrage
houses, thinking it would not be fully re-
fected here, sold the stock short in the
neighborhood Of s.. and were afterwards
obliged TO cover al n loss. The advance
in Union Pacific, While not as great as
that in Southern Pacific was. neverthe-
less quite vigorous. II appeared 10 be
made largely at the expense OF the short
interests, and there were reports Of heavy
buying Of options in London. which indi-
Gated that the same kind Of operations
that We're carried on In the stock last
year prior 10 the increase ia tie dividend
rate was again being followed.
The new bonds also advanced sharply
attracting a degree, OF attention which
made it appear as If the underwriting
syndicate might not have any great Diff
Guilty in disposins Of a large amount OF
them TO investors on a level well above
the price Of issue.
In the market, as a whole, there ap-
peared to be some increase OF public
interest, the commission houses becoming
more favOrably disposed towards the ad-
vance on account Of the tenacity with
which advances once mace were retained
even in the face Of considerable selling.
Strike Weal1ens Hill stocks.
The Hin stocks were rather neglected.
for no other reason that could be found
than that the ore strike might tempo
rarily affect the earnings Of the Great
Northern. There was accumulation OF
Amalsamated Copper and St. Paul. and
absorption Of Atchison on a considerable
scale Toward the close, Steel gained
strength, and an estimate Of earnings
was circulated. which put the net re-
suits for the quarter between 100000
and S44.C00.000. and the untitled orders on
the books at about 100000 tons, both
items being better than previous expecta-
tons
In London as we'll as here. it was
rumored that the Southern Pacific di-
rectOTs had already disposed Of the divi-
dend question by raising the rate from
per cent 10 G per cent q year. Action,
according 10 these stories. had been taken
at a meeting of the board yesterday.
but on official authority it was denied
that the matter had beer decided one
way or the other