Evening star. [volume] (Washington, D.C.) 1854-1972, 1899-07-10
London and New York Markets Both
Show Lethargy.
SATURDAYS BANK SHOWN G
Professionals Have the Transactions
Largely in Charge,
EU ROPEAN TROU BIFS
Special Dispatch to The Evening Star.


NEW YORK, July 1o.-Although no
trouble in the Transvaal is imminent and
the belief prevails that a satisfactory set
tement will be arrived at, the markets are
decidedly lethargic and very little doing in
any direction American stocks in London
opened on about a parity with New York
prices.
The New York stock market opened weak
and lower all around on traders selling and
bear attack on Saturdays bank state
ment and belief that it meant tight money
all this week, at least.
Most of the selling appears to be profess
slonal, although there Is some liquidation
by timid holders. Peoples Gas was raided
on the opening on the Chicago reports the
Ogden Gas Company has decided to extend
It's pipe lines into territory controlled by
the trust, and at a meeting of the Ogden
Gas Company, stockholders and directors
a new issue of sl0,ooo0o0 is expected today.
with s2,VO,OOO marketed Immediately for
extension of it's pipe lines. The stock raj
ned sharply by inside interests here
Liquidation caused the break in Metropol-
ltan railway, and as it is the worst stock
on the list to carry in a stringent money
market, on account of its high price, and
also on the unsettled state of its labor af-
fairs. Vreeland has been inclined to be an
tocratlc with the men and has discharged
a number who were active leaders in organ
1zing. No strike is likely, but unless a
more conciliatory policy is adopted by the
management some trouble will occur and
come near to causing a crisis
1t is semi-officially stated that Federal
Steel directors will meet Wednesday to con-
slcer the injunction on the common and
preferred stock dividends which the COM
pany decided to pay on July % when they
were declared. If the injunction, which
was obtained on technicality, is not re-
n str,Ia ,,
common stock will be set aside quarterly
and the full per cent will be paid at the
END of the year, with probably something
extra.
Jersey Central declared / per cent divi-
dend today. Weakness in stocks still con-
unue on tight money. which is causing
some fresh liquidation by local speculative
interests. keene's selling has continued
feature and as there has been none of
the aggressive buying heretofore conspicu-
Gus by the Flower and Housman-Wo rmser
party it is believed to have also been do
ing some selling through brokers
Sterling exchange inclined to weakness
with actual demand rates offered at 4S1I4.
ms Is one of the effects of dearer money
market.
First loan of money was at ) per cent.
which started uneasness in regard to rate
Tor rest of day. Bankers, however report
important gain in their reserve so far to-
day from return flow of money. One lead
ing bank, whose reserve on Saturday Was
below 70 per cent of limit, has already in
creased it to over full legal limit. There
will be no strike on the Metropolitan rail-
way This comes from both employers and
employees Louisville and Nashville diyi-
dend will not be announced until after the
close.
The early break in railroad stocks was
wholly due to the situation on the other
side of the ocean. There was more uneasi-
ness in Paris, and the continent there
was tumble of various trouble, causing
declines all around. Because of this weak
ness London was heavy seller here TO-DAY
arbitrage sales amounting to about $4,000
shares, with the heaviest selling in Atchi-
son preferred. American market closed
weak.