Evening star. [volume] (Washington, D.C.) 1854-1972, 1907-07-16
Today'S Dealings Strongly In
fluenced by London.
STOCKS WERE DEPRESSED
Market Assumed Firm Tone After
First Hour.
COPPERS VERY WEAK IN LONDON
Only a Small Number of Railway Is
sues Attracted Interest-Little AL
teration in Money Conditions.


Special Dispatch to The star
NEW YORK. July 16-At tic outset or
the dealings upon the stock exchange today
tn, market derived its tone chiefly from
london. where American stocks We're de-
pressed in common with the other depart
mcnts of the market at that point. Lon
don's influence in the loCa, dealings was
emphasized by the fact that foreign houses
were sellers to the o.tent of about 1900
shares. chiefly of Union Pacific
There was no special explain ton of the
heavy tone shown by American stocks in
the London market. except that the cabled
advices reported that the reaction in the
New York market after the first hour of
business yesterday was not liked there.
Such local selling was conducted in
thu early dealings was probably based in
large measure upon the same fact. At all
events. there was an utter dearth of novel
developments of any Importance calculated
to shape speculative sentiment in one d-
reCtiOn another.
Before the end of the first half hour of
trading the market assumed a firm tone
and with the course of the morning num-
Der of the active railroad shares scored ad-
vances ranging from one to two points. AS
has been the case of late. however. there
was marked falling away in activity in
the afternoon, and price movements were
characterized by greater irregularity.
Decided weakness in all the copper stocks
was a feature of the London market and
In the local trading. AmaiSamated Copper
was among the active issues comparatively
heavy. Further declines in the quota atoms
for copper metal accounted for the weak
ness in copper securities, both here and
abroad.
The Railway List
In the railway list there was the same
monOtonous conveyance of interest upon a
small number of stocks that has been the
case for several months past 1t would be
almost superfluous to add that these were
Union Pacific, Reading, st. Paul. North
ern Pacific and Great Northern preferred
The two last named were exceptionally
firm, and there were revived rumors that
the joint control of the Burlington prop
erty would be superseded by the single
control of that road by the Great North
ern, but there was nothing in the transact
tion In the joint burlington A per cent
bonds 10 indicate any such outcome.
Otherwise there was no news except of
routine character. and little gossip of
novelty attaching TO the transact lions in
the railway list
The Hartman Probe.
1t did not appear to be the case that the
report of the interstate commerce commits
sion upon its investigation of the Hartman
system carried much further weight In the
dealings in Union Pacific. which moved in
common with the remainder of the market.
but much interest was taken In the re-
3Oinder to the committees report, which
had been half promised by the head of the
Union Pacific system.
Money market CircumSt ances and other
fundamental conditions showed no sub
stantial alteration. Rates for loans on call
averaged a shade below yesterdays mean
levels.
The banks gain In their operations with
the subtreasury since last Friday was
N.21.OON. some portion of which was de-
rived from the slow presentation of the
matured 4 per cent government bonds. Up
to this morning there was. however, still
outstanding more than slT,OOO.0O0 of the
Issue.