The Washington herald., 1908-07-30
WHOLE MARKET DULL
Quotations on a Par with
Those in London.
MORE DEALS IN LAST HOUR
AmaIgamated Copper and other
Metal Shares Stronger Toward
Noon-Wabash Makes Gains on
Strength of G0uId's Combination
with Hartman Properties.

New York, July p - Corresponding
closely TO the quotations sent over from
London. the opening OF the market this
morning showed only fractional changes
from last nights closing level bGt with
advances more numerous than declines
n the active list.
For q few minutes prices hesitated at
about the opening level. and then ad-
vanced sharply 70 where some issues
showed gains OF about g point On this
rise a decidedly increased volume OF sell
ing orders was met with. the effect OF
which was 10 Temporarily reverse the
movement Of quotations. 80 that al the
end Of the first hour practically al the
leading stocks were lower than AZ the
start With decline came a contraction IN
the volume OF business. and around noon.
with few transactions and merely n01ni-
nal fluctuations. The trading was utterly
devoid OF interest
IN the hour from l to ? O'Clock a condi-
ttion bordering on stagnation prevailed,
rae total transactions IN that period be
ing but little over 24000 shares. Only by
contrast with tins -e-,la business be said
10 be active in The last hour. s.hen, how
ever, there vvas some Improvement in the
volume OF dealings. and prices made some
recovery. the improving tendency conunu-
Ing up to the time OF closing.
Metal Groups Stronger.
IN the afternoon Auaalgamated Copper,
Anaconda, American Smelling and Rein
ing, and other members OF the metal
group were stronger than most other
stocks on the reported increase in time
FOR copper, and in the last hour the Gould
stocks were conspicuously strong on the
stories current about The entry OF new
interests into these properties.
Wabash made a considerable gain, fore
shadowiag, it was believed the announce
usent Of a plan 10 provide for the ma
turity OF the Wheeling and Lake Erie
notes. which are guaranteed by Wabash
and a default on which might involve
serious consequences for the latter road
Wheeling and Lake Erie rose two points
and the first and second preferred six and
two and a half points, respectively, on
Few transactions, the report that III,
plan Of the bankers association witt
Mr.. Hartman IN his various enterprise.
10 provide for the maturity Of the note.
vas the fOrerunner OF an alliance be
tween the road and the Erie Railroad be
ing generally regarded as not unreason
able.
Ore Certificates Up.
The Great Northern Ore certificate
were again strong, but the reason Of thei
strength was as much Of a mystery as il
the earlier stages OF the rise Some o
the selling attracted attention. as posi-
bly, representing liquidation OF a part o
the holdings Of the Union Pacific. but oi
this point there was, Of couse, nothing
definite
London was not a factor in our mar
ket. and q larger proportion Of the deal
ings were professional than on any othe
recent day The total Of transaction
was the smallest in two weeks, falHn
TO less than 5000 shares. but the bon
department was more active than yeste1
day
IN every quarter favorable impressio
Of the conditions in the iron and ste,
industry was gained from the Unite
States Steel Corporations report, the fac
that the net earnings for June weT
larger than those for any previ0u
month since November. taken in connec
ZION with the announcement that order
have been received during the currer
month Up 10 = per cent OF the con
pany's capacity for the period. bein
regarded as especially encouraging. tt
Improvement has now continued Ion
enough TO make Il practically certain tia
It marks the turn OF the tide