The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1907-08-02

Hartman Issues Lead All in
Point of Strength.
BEARS BUSY IN AFTERNOON
Force Quotations Down in Face of
Six Per Cent Dividend Declaration
Observation-Disclosures Bank State
ments Risk Is Decidedly Good.

New York. Aug I-Opening quotations
to-day showed only small changes from
last nights close. and these were about
evenly divided between advances and de-
clines.
The Hartman issues were leaders in
point Of strength. but Pennsylvania show
ed an advancing tendency. due TO the
statement Of earnings which appeared in
the street before the commencement Of
business. After The opening, prices gen.
orally moved up during the first hour
until advances of a point or more be
came common. but following the an
nOuncement, shortly before noon, Of the
increase in the Southern Pacific dividend,
there was a renewed outbreak of selling
orders that broke prices TO a lower level
than they had been before touched, AID
weakness continued during the greater
part Of the afternoon, although it became
less pronounced in the course of the last
half hour.
AS the session neared its close, it be
came evident that it vas harder 20 buy
stocks than to sell them. and that rallies
could be made by a smaller volume Of
transactions than was needed 10 accom-
plish declines. This indication Of sold
out condition, and the apparent size OF
the short Interest," induced some covering
near the end Of the session. while the
leading operators. for the decline. still
showed a disposition TO tight the advance.
Liquidation Improves.
Taking the day as a whole, it seemed
as if liquidation. while still in evidence,
was conducted on a smaller scale than
on yesterday, and if there was any real
change in the character Of the buying, it
was in the direction OF an Improvement
in the quality. The time money market
was firm. and there was 3 good demand
for funds in the foreign capitals.
The weekly statements Of the Bank of
England and the Bank of France did not
make a good showing, but the exchange
market continued easy, giving no sign
of a renewal Of the gold export move
ment.
The stock markets abroad were some
what disturbed, Paris being concerned
about affairs in Morocco. while in Lon
don consols suffered a considerable drop
in price on liquidation supposed 10 be for
the account Of the Egyptian banks.
For weakness in individual stocks in
the local markets. no reasons We're given
as a rule the whole list apparently NOV
ing as a result Of a single impulse which
was probably manipulation for the de-
cline
Fear Tariff Effects.
IN the case Of SHELTERS and Lead, how
ever, there was talk of liquidation by
spectators, and in the latter stock, pos
sibly by other holders who feared the
effect OF a possible change in the tariff
while in the case of Amalgamated Cop
per, It was said that the trade situation
offered no other alternative 10 a further
reduction in the price Of the metal than
a reduction Of the output.
The declaration of an increased divi-
dend on Southern Pacific had been so
thoroughly discounted that the announce
ment OF the placing of the stock upon
6 per cent basis was without any effect,
except 10 encourage the interest work
ing against prices to greater aggressions,
on the ground that the good news was