Evening star., 1909-07-01
MORE STABLE IN TONE
Uncertain Tendencies Mark
Opening Prices Today.
SLUMPS OFFSET ADVANCES
Days Transactions in Greatly Re-
duced Volume.
DISTRIBUTION OF INTEREST
Sugar Refining, U. S. Steel and
Lackawanna Figured Prominent
ly-Crop Outlook Promising.
DISTRIBUTION OF INTEREST

| Special Dispatch to The Star.
| NEW YORK, July 1.-During the great
er part of the forenoon the stock market
exhibited very uncertain tendencies. frac
tional advances being scored in some di'
rections and being offset by equally
trifling declines in others. Toward mid
| day, however, the dealings assumed a
generally firmer appearance. and while
| the resultant advances were in no In
stance particularly extensive, the market
nevertheless showed a somewhat more
stable tone than has been displayed thus
| far during the week. 1t is necessary to
say at the outset that these various alter
ations in the tone of the dealings were
| not definitely accounted for by specific
developments of either general or partic-
uIar Importance.
| American shares were quoted at irreg-
ular changes in the London stock market
in comp arison with yesterdays local clos
| ing figures, although the other depart
ments there showed good deal OF
strength. Operations here for foreign ac-
count were upon trfiing scale.
Transactions were in greatly reduced
volume in comparison with recent scales
| Of activity, but a very fair distribution
Of interest was apparent.
The days specific developments bear
ing upon the affairs of the American
Sugar Refining Company, the United
States Steel Corporation and the Della
ware, LackaWanna and Western railroad
had no particular effect upon securities
concerned. Sugar Refining f1uctuated ir'
regularly and the United States Stee
shares moved up smartly after fiuctuat-
| ing in an uncertain fashion after the
opening.
Unaffected by Strike.
| There seemed to be a general disposi-
ton to accord little significance to the
strike ordered by the Amalgamated AS
sociation at the tin plate mills Of the
corporation. On very small transactions
| Lackawanna was dealt in well above its
previous record figures, the movement
| there being, of course, based upon to-
days formal announcement of the plan
| for the segregation of the companys coal
lanus from the railway lines.
| TRANSACTIONS in sugar refining were
presumably Influenced to some extent by
| the judicial proceedings directed against
| certain officers of the company, although
! for that matter whatever may be the
| outcome of the prosecution 1t Is not ike
ly that the earnings of the company Will
| be materially affected in consequence.
| Transactions in the railway share list
were unattended by any other than such
1 prOSa1C circumstances as were Icpl eSCAt-
ed by the days returns of earnings. AS
was the case with those which have
been previously reported. satisfactory in
creases in trafTic returns were commonly
set forth. Leading features of the rail-
way list were Union and Southern Pacific,
st. Paul, Reading, the Hill stocks and
! AtchiSOn.
Crop Progress Pleasing.
The days advices relating to the prog
ress of the crops were for the most part
satisfactory in their tenor, and 1t is con-
fdently expected that the July report Of
the Agricultural Department will set forth
a marked improvement in conditions over
| those contained in the June estimates.
The Bank of England's rate of discount
was left unchanged at 2ks per cent and the
banks weekly statement showed large
but seasonable reduction in the proper
ton Of reserves to liabilities.
Local money market circumstances
showed no material alteration. Today s
figures of the transactions between the
| banks and the subtreasury since last FiH
day showed a loss to the former of $40
COO an amount sufficient to cut a -consid-
erable figure In Saturdays bank state
ment.