Evening star. [volume] (Washington, D.C.) 1854-1972, 1908-07-01
Firm Tone Despite a Very
Quiet Market.
DEALINGS were MEAGER
London Sluggish as the Local Ex-
change.
ADVANCES IN COMMODITIES
Sharp Rise in Wheat the CHIEF
Feature-Call Money Lower.
Bonds Active.
Special DISPATCH to The Star.

Special Dispatch to The Star.
NEW YORK. July 1.-The transactions
upon the stock exchange fell to sucn
low pitch today to justify the en-
ployment of the colloquial expression
that there was no market. Such az
it was. however. the stock market ex-
hfbited generally firm tone in the sense
that during the greater part or the ousl-
ness session prices ruled above yester-
days closing figures. and notwlthstand-
ing the meager volume of transactions,
quite a general distribution Of interest
was evident Thus the long neglected
local traction group for some mex
plicable reason developed considerable
activity. Third Avenue railroad stock
advanced over two points. and striking
gains took place in all the Interborough
Metropolitan issues.
Brooklyn Rapid Transit participated
to some extent in the strength of the
other traction shares. AS noted. there
was no explanation of the sudden out
burst Of animation in this group, but
while the movement appeared to origi-
nate in professional sources, the ad-
vance was fairly we'll maintained
Trading began with no novel develop
ments of general Importance calculated
to incite speculative ventures in either
direction.
lish as that in New York and virtually
nothing was done here for foreign ac-
count.
Rise in Wheat.
Some attention was attracted TO the ad-
vances in the commodity markets. where
the chief feature was the sharp rise in
wheat. Cotton was strong also in con-
nection with the publication Of the crop
report.
Money on call ruled somewhat lower
than on yesterday and sterling exchange
was decidedly Arm.
Included in the days routine news was
the publication Of q number Of statements
of railway earnings for the month of May.
hut the figures in no cases furnished any
great surprises. The progress of political
affairs. while occupying perhaps the fore
most place in interest and discussion was
not apparently a factor In the days
trading. The announcement that the d.
rectors Of the Wabash railway had de-
cided to omit the payment Of the interest
on the debenture A and b bonds came In
the nature OF a surprise. as II was be-
leved that under the recent conversion
plan the right of the outstanding bond
holders would be protected.
The legality of the proceeding was COM
monty questioned and many protests were
entered against 1t. The Wabash issues
were heavy. but the other so-called Gould
stocks were decidedly firm, with unusual
activity In Texas and Pacific.
Few movements amounting to as much
as one full point were noted in either the
railway list or the industrial and miscel-
laneous shares. In the first named quar-
ter Union Pacific. Reading and the Hill
stocks were relatively active. The COM
parative weakness in Baltimore and Ohio
was. of course. accounted for by the COM
mon expectations regarding the forth
coming dividend, and some pressure was
evident in Rock Island preferred.
A gratifying feature of the day was the
greater strength and activity in the bond
market. although that Is a normal phe-
nOmenon Of this period OF the year.