The Washington herald., 1907-07-20
STRENGTHEN MARKET
Hartman and Hill Issues
and Copper in Lead.
FIGURES HIGHEST AT CLOSE
Banks Gain About 81 4,5OO, 900 An Cash
and Money Market shows Ten
eign Demand for Stocks Steel
HeGviness Explained by RumOrs.

New York, July 19.-From start to finish
the characteristic Of strength was never
once absent from the market to-day. be-
ing most strongly shown in the Hartman
stocks the Hin issues. and Amalgamated
Copper. All Of these made substantial
advances over last nights closing, and
final transactions We're practically the
highest figures OF the day.
Union Pacific and Southern Pacifcs
most important item Of news was in the
statements Of earnings for the year,
which came up 10 the best anticipations;
while in the case Of the Hill stocks, the
argument for higher prices appeared TO
be founded on the growth Of earnings Of
Great Northern and Northern Pacific, and
the alleged plan under which, il is said,
the former would take over the interests
OF the latter in the Chicago. Burlington
and Quincy on terms which would mean
the distribution Of q large extra cash div
idend 70 holders Of Northern Pacific stock.
Announcement Is withheld.
It was said that substantial progress
has already been made in arranging this
plan. but that a full announcement in
regard TO II might be withheld until the
far.
Quite little Of the buying Of Amalga-
mated Copper seemed to reflect the COW
ering Of shorts put out some time ago
on the assumption that the reduction in
the price Of the metal would not Increase
the demand from consumers.
But there was also buying of anotho.
kind, which seemed 10 indicate that the
changing the form Of the dividend dec
aration TO a 2-per-cent fat was justi-
fed, and that it might be taken as a GER
tainty that an per cent dividend rate
would be maintained hereafter.
The estimates Of the weeks currency
movement indicated a gain in cash by the
banks Of about $4.500 900. and the money
market both for call and time. showed
tendency toward greater ease. The
foreign exchange market opened strong
but afterwaTd eased of somewhat. and
for the rest of the day remained about
Steady
Some improvement in the outside de-
mand for stocks was noticed by the com
mission houses, and that there was still
a considerable short interest outstanding
was indicated by the borrowing demand
IN the loan crowd. which, while not very
urgent was fairly strong in some of the
active issues.
Earnings show Increase.
The official estimates Of the earnings
CT Union and Southern Pacific, which
were published at noon and formed the
days most important news contribution.
showed. in the case Of the former road, a
surplus Of $35,9542Sl, and of the latter a
surplus of $26.527,f45. available for divI-
dends from the results Of the year ended
June 30, 1917, gains respectively OF $4.-
lG9,6lS and S7.33441S over the returns for
the previous year.
The comparative heaviness Of United
States Steel In the afternoon may have
resulted IN part from the circulation of
rumOrs that an independent steel COM
pany Of rather large proportions was in
the market for money, Offering as high a
rate as : II per cent for a loug-term
loan, and this story, following that OF
the alleged difficulties Of another COM
pany Of much less Importance. was
pany of much less Importance, was seized
upon by spectators working for lower
plish their operation. In some minds the
one concern was confused with the other
which gave 70 the rumor of a concern in
difficulties a degree Of Importance TO
which il was not entitled.