Evening star., 1909-07-14
PRICES OPEN HIGHER
Reaction Later Takes Them
Below Yesterdays Final.
MARKET EXTREMELY DULL
Some Striking Exceptions to the
General Drift.
WABASH IS NOTABLY STRONG
Little Done in Local fractions.
Americans Exceptionally
Firm in London.
WABASH IS NOTABLY STRONG
snocisI pispatch tn The star.

Special Dispatch tn Tho Star.
NEW YORK. July 1.-THE stock mar
ket this morning opened at a generally
higher range of prices than prevailed
at the close of business yesterday, but
before the middle of the business ses-
sion large majority of the list had
fallen backward below yesterIay's final
quotations Neither the show of strength
In the opening transactions nor the later
reaction was specifically accounted for
through any OF the days developments
or. In fact, except upon technical lines.
The market was extremely dull through
out. and there were some rather striking
exceptions TO the general drift of prices.
Noteworthy examples were the Wabash
stocks, st. Louis and San Francisco sec
ond preferred and Illinois Central, although
the fluctuations in the last-named stock
were more irregular than have been noted
in that instance for some time.
The exceptional strength in the Wabash
issues was unaccompanied by any news
or satisfying gossip.
Fairly Wide Fluctuations.
Union Pacific was comparatively steady.
and fairly wide fluctuations were noted
in Reading and the other recent leaders
of the railway list. Canadian Pacific was
also firm on light transactions. Little
was done in the local traction shares.
Third Avenue enjoyed substantial rally,
however, ana Interburough Metropolitan,
preferred, was firm.
The industrial and miscellaneous issues
exhibited the same general tendencies
which were noted in ,ne Transactions I'm
-fan moi lN.o~ III S1~A T.
ing was, however, notably weak, and
Amalgamated Copper reacted after an
early show of strength. The Z. s. Steel
shares fuctuated within small limits on
light transactions.
American shares were exceptionally
firm in the London stock market, which
was otherwise heavy; but operations here
for foreign account were again upon
trifling scale.
Money market circumstances were not
essentially altered, and the foreign ex-
change market rallied after a further
early decline
Violent Rise in Wheat.
To some extent the irregular drift of the
stock market after the opening was at
tributed to violent rise In the July
wheat option. The movement there at
tanned fairly sensational proportions. al
though the more distant options advanced
also to a smaller extent.
Such a movement as that which oc-
Cured in the July option could not, of
course, be ascribed to any new develop
ment in crop conditions, and was gen.
orally accounted for as having been
caused by technical market circumstances.
While. as mentioned above, money mar
ket circumstances were unaltered, the
subtreasury reported further gain in its
operations with the banks since last Fri
day, and the total advantage of that in
stitution now stands at nearly $4S00,0Oo.
sum large enough to figure very decid-
edy in the bank statement at the close of
the week. Notwithstanding the recent de-
cline in sterling exchange, announcement
was made of further exports of gold to
South America during the coming week.