Evening star. [volume] (Washington, D.C.) 1854-1972, 1907-07-18
Firmness Followed Quickly an
Irregular Opening.
ACTIVE ISSUES ADVANCED
Some Stocks Scored From One to Two
Points and Over.
uNCERTAI.T, TONE IN LONDON
Local Money Conditions Remai.ea
Exceedingly Easy-Rumors Over
Steel Concern.
Special Dispatch 10 The Star.

Special Dispatch TO The Star.
NEW YORK, July 1S.-At the opening of
business upon the stock exchange this
morning the market exhibited an irregular
tone but frmer tendency quickly developed
and by midday practically all OF the more
active issues. especially In the railway
LISTS showed advances ranging from l to
points and over.
In the afternoon the trading relapsed
again into irregularity. but regarded as a
whole the market gave fairly good ac-
count of itself especially as there was ut
tie or nothing in the mornings news or
in the days developments calculated to
stimulate speculative sentiment very
strongly.
The opening irregularity was In some
measure a renewal of the tendencies which
prevailed at the close of business yester-
day and partly perhaps of the uncertain
tone which characterized the dealings in
the London stock market.
The American department of that mar
ket reflected moderate pressure, but the
quotations from London were not followed
up by operations here for foreign account,
except upon trifiing scale.
Bank of England Statement.
The weekly statement OF the Bank of
England was fairly favorable exhibit, the
proportion of reserves to liabilities rising
to ~ per cent and against 1910 per cent
last week and 1912 per cent In the corre-
spending week OF last year. No material
change noted In the foreign exchange
market. The local money market remained
exceedingly easy in the call loan depart
ment and with a moderate shading In the
terms at which loans on time could be eff
fected. The days news relating to particu-
lar stocks was for the most part of a rou-
tine nature. being made up of such matters
dividend announcements and statements
of earnings.
Yesterdays rather sudden break in United
States Steel common was in some measure
explained by the more unfavorable reports
to hand. With these in view expectations
of an advance in the dividend rate at the
forthcoming declaration period are natu-
rally relinquisbed.
Rumors were again current today of the
embarrassment of one of the minor steel
concerns. but the con- ment was made that
whatever issue there might be to the case
would be neither surprising nor important
Railway List Most Active.
Practically all OF the more extensive
movements in prices today took place in
the railway list The leading features there
were Northern Pacific. Great Northern pre-
fcrred. Southern Pacific, Union Pacific. st.
PAUL and Atchison. spirited rise in
Northern Pacific could not fail to revive
the perennial rumors of the disposition of
that company's interests in the Burlington
to the Great Northern, and it must be said
that the idea survives in spite OF the fire.
auent denials which are made as to its ac-
curacy.
The local traction shares were dull and
comparatively heavy on the announcement
that the public service commission would
Immediately undertake thorough and
and operation of the transportation lines in
this city.