The Washington herald., 1908-07-31

New York, July s0.-Except for a fair
display OF strength in the Gould issues
and the metal stocks. the market to-day
was a very uninteresting affair. the deal
fngs showing a further tendency toward
shrinkage. and the fluctuations narrowing
until the active stocks hardly changed
sufficiently in price 10 afford even e
traders proht-
The opening was very tame, and IN the
first hour there was no movement OF
consequence except in LacEawau-a- which
opened up ten points from its last sale
and then more than made up the loss
on a few transactions. and IN Corn Prod
ucts Refining. q arrow specially, which
rose sharply IN response 10 the advance
recently made by the company in the
prices OF its principal products-glucose
and starch-as an Offset to the high prices
for corn now prevailing Around noon.
the dullness was 10 some extent relieved
by a movement in the Could stocks,
based on a reasonably definite statement
10 the effect that arrangements had been
completed for meeting she Wheeling and
Lake Erie notes. which mature on sat
urday: the bonds Of the Wabash Rail
road, the guarantor OF the notes dis
playing unwonted strength and activity
On what was tantamount 10 an assur-
snee that the threatened crisis in Wa
bash affairs had passed
Gives No Particulars.
None OF the statements made during
business hours in regard 10 Wheeling and
Lake Erie affairs gave the fuil particu-
lars Of the arrangements of the financing
Of the road. but it was denied that an
alliance Of any kind between that prop
perty and the Erie Railroad had been
entered into.
In the general market there seemed T.
be a considerable supply Of stocks for
sale on the rallies. but the selling was
not pressed, and ceased when prices re-
ceded- The business fell well below yes
terday's level and the volume OF trans
actions was not more than about third
of what II vas a couple Of weeks ago
Manipulation Of q number Cf inactive
specialties. could not disguise the ap-
parent exhaustion Of the strength of
such stocks as Union Pacific. Reading.
and St Paul. and even the Erie issues
showed a tendency 10 droop.
There was a ruuor TO the effect that
a favorable decision in the suit 10 have
the commodity clause Of the Hepburn rate
law declared unconstitutional would soon
be rendered. but it failed 20 help The coal
stocks.
Gould stocks Strong
Only the Could stocks. Canadian Pacific,
and a few narrow specialties showed any
great strength az the close. the list being
on the whole heavy. though not weak
Gail money was perhaps easier than
On any other day this year. most OF the
loans being made at ! per cent but the
ease in this class Of accommodation may
have been the result of preparations
70 ship currency 20 the West. the banks
showing a disincliuatiou 10 make time
loans. the rates on which were frmer IL
consequence
Dealings in bonds were fairly large.
those of the Gozld roads making gains.
while the Erie coaverubIes declined with
the stock.
No change was made IN the Bank OF
England rate. and the institution made a
return that was exceptionally strong for
but the general markets in London and
On the continent were strong
Foreign interest in our securities was
small The price of copper rose ten shiIl-
fngs a ton in London. and this naturally
helped the copper stocks first in Europe
and afterward on this side II was 70
the advance in the metal abroad more
than 70 any news or occurrence here that
the strength Of Amalgamated C-pper.
Anaconda. and American Smelling and
Refining was primarily due.