Evening star. [volume] (Washington, D.C.) 1854-1972, 1907-07-23
Source of Stock Manipulation
Still Obscure.
LONDON MARKET DEPRESSED
United States Steel Bought for the
Foreign Account.
COPPER LED THE INDUsTRIALs
Labor Troubles Likely to Interfere
With the Dividend on Steel
Stock-Money Not Easy.
kpecIal pispatch TO The Star,

Special Dispatch TO The Star.
NEW YORK, July 23.-The impelling mo-
tives behind tOday's irregular movements in
the stock market We're no more clearly re-
vealed than they were yesterday, unless re-
course were had to the rather wearsome
stock exchange category Of the largest buy
ers or sellers of this or that stock. At the
opening of business a mild inspiration was
derived from the tone of the London stock
market, which was depressed in all depart
ments, including the American.
Operations here for foreign account re-
suited In the sale on balance of about 10000
shares of stock. Rather singulariy, the only
security bought in any considerable volume
for foreign account was United States Steel
common In the local dealings that stock
moved irregularly. in common with the re-
mainder of the market in spite of the in
creased prominence accorded to the labor
difficulties affecting the corporation in the
Lake Superior ore district.
Little was done elsewhere in the industrial
and miscellaneous stocks, except In Anal
gamated Copper. which maintained its usual
proportion of the days total volume of
business but in which price movements
were as indecisive as those recorded else
where.
Local Traction Dull.
The labor difficulties in the Minnesota iron
fields. coupled with the admitted reaction
IN several lines of the iron and steel trades,
have led to general abandonment of all
ideas that any alteration can be looked for
In the rate of dividend on United States
Steel common at the forthcoming declara-
ton period, which is scheduled for one week
from today.
Little or nothing was done in the local
traction shares and in fact, such anima-
ton as the market exhibited was displayed
almost exclusively in the railway list. Ac-
tivity there as usual was expressed chiefly
in less than half dozen stocks. These
were Northern Pacific and Great Northern
preferred, Union and Southern Pacific and
Reading. Atchison also enjoyed in
smaller degree some of the strength dis
played by that stock yesterday In the In
stance of Southern Pacific, there was little
TO be elected in connection with the move
ments in the stock beyond the repetition of
the recent rumors that the forthcoming
dividend would be declared at an annual
per cent or. according to todays rumor,
even per cent annual basis. These re-
ports not credited in well-informed
quarters. but found large measure of ac-
ceptance among the professional element Of
the floor. The so-caled Hill stocks fol-
lowed the same lines pursued by the rest
OF the railway list In this direction also
there were no facts to be cited, and such
rumors were current varied not at all In
tenor from those which have been in circu-
lation for the past week or more
Banks Doing Well.
As is generally known. these stories have
to do for the most part with the DISPOSE
ton of the Burlington property. and 1t was
a matter OF some comment today that for
the first time in fortnight or more the
Joint Burlington per cent bonds showed
increased strength and activity.
Money market circumstances continued
upon an even keel. but the prospects In
that regard continued to act the most
distinct check to confidence In serious
financial circles The banks have gained
thus far In their operations with the sub
treasury since last Friday $1.S54.0OO. an
amount about equal to their favorable bal
ance at the corresponding period Of last
week