The sun. [volume] (New York [N.Y.]) 1833-1916, 1903-07-23
FINANCIAL AND COMMERCIAL.
WEDNESDAY, July 2.

F., ing an impro vement and decided strength
developing in the early dealings. The
rapidity of the gains made by many stocks
was, however, not construed favorably
by close observers. who attributed the
buying chiefly to a demand from short'
rather than from more substantial quar-
ters. The improvement induced proh'
! taking by recent buyers, and In the later
I dealings it looked as II fresh short lines
! were being put out. Prices closed gen
! orally at net gains but well under the best
| figures of the day. An unfavorable eject
was exerted by the announcement That
one OF the largest building contracting
concerns in the country had failed, inability
| to complete contracts owing to labor trou'
bles being assigned as the reason Tor the
failure. United States Realty Shares, IN
particular, which had been firm with the
rest Of the market, sold on sharply after
the news came OF the failure. There
| was also some renewal OF selling pressure
upon the shares OF the United states
Steel Corporation, this appearing 10 DO
based upon the idea that troubles affecting
the building trade will no apt TO aifect the
st ruct ural steel business of the corporation
Naturally, in view OF the resistance that
they showed during yesterdays bearish
at acks upon the market, the railroad shares
we're he leaders In to-day's early improve
,nents, though number OF industrials
which have lately received special bearish
attention also recovered sharply on buying
10 cover short contracts. The standard
railroad shares, which have looked Tor
some time past AZ il they were being steadily
absorbed by strong interests, all improved
decidedly. though there were no indica-
tions that the interests that had bought
these stocks were disposed to follow the
market up Pennsylvania, st. Paul and
New York Central may be particu!arized.
all of hem improving materially, and. not
whilst anding the reaction in the final deal
ings, closing at substantial net gains.
There were sharp early advances In
many lower priced railroad shares, among
them Reading, Baltimore and Ohio, Mis-
souri, Pacific, Union Pacific and the Erie
shares. Erie first preferred, in particular.
reflected yesterdays action OF the directors
in placing the stock upon 4 per cent.
dividend basis, selling at ono time ~
points above yesterdays closing price.
in Rock Island, which made q good re-
covery on buying to cover short contracts.
Probably the market development that
gave the greatest encouragement early III
the day was the fact that the heavy liquida-
ton in the shares Of the United States Steel
Corporation had apparently been concluded.
There was an absence OF the flood OF selling
orders which converged upon these shares
yesterday and drove the common stock
TO new low record price. Good support
was extended, and all the Steel Corporations
securities rallied materially. With the
cessation of the selling pressure on these
securities there was an ending also to the
Hood of.rumors, most Of them ridiculous
on their face. which accompanied the
recent selling Amalgamated Copper was
another industrial whose shares made
good rally, in this instance in tho face OF
an announcement that the official" price
OF the copper metal had been reduced
again. London cabled a higher range OF
quotations for American shares prior to
the opening OF the local market, and this
helped to improve sentiment at the start.
The London dealings in the local market.
transactions being estimated at about
5000 shares, with he purchases apparently
slightly exceeding the sales. Early pur-
chases were followed by sales when our
market was at its highest.
There was no particular news develop
ment Of general importance to which could
be ascribed tho turn that took place over
night in the market. II was known yester-
dav when the market was weakest that
railroad earnings were continuing excellent
and that the weather conditions for tho
growing crops were generally favorable.
Apparently, the change was moro due TO
technical conditions than anything else.
There was strong reason yesterday for
suspicion that the leaders OF the bear party
in the market we're covering shorts in the
general list, under cover OF fresh attacks
made upon the industrials and specialties.
For the time being the market had ap-
paren,ly been oversold by the bears. There
was very little indication to-day OF any
material change in the money market
situation, in which Wall Street interest
now naturally chiefly centres. A some
what easier tendency WAS reported by
money lenders for loans maturing before
the end Of the year, but for periods
carving over Jan. the rate holds
firmly at Q per cent, with little money
Offering. The attitude OF the local bank
ing interests in keeping their resources
fluid is reflected in the very easy call money
rates. which failed to-day 70 get above
~ per cent The banks gained yesterday
from the United States Sub-Treasury
$3.50, 900, making gain since Friday Of
81, 49,, 900, compared with a loss by the
banks I'D to the close Of business on Tues
day OF last week of 81, 5sl 900. A further
portion of the SAC, OOO. 900 loan OF the Penn
sylvania Railroad Company IL being paid
of this week, and should the weekly state
ment of averages of the associated banks
on Saturday show a substantial decrease
in the loan item, it is apt to be regarded
with much more favor even than another
large gain In cash. The sterling exchange
market was dull to-day, and rates showed
further easiness on offerings OK bankers
bills. Grain prices weakened to-day, but
ON the other hand the bull clique in cotton
was active and again advanced the price OF
that commodity sharply.
New York stock Exchange Sales. July TT.
UNITED STATES AND STATE boNDs I'm 81 .ooos,
5 Tenn Set Observation-Disclosures. %
CLOSING PRICES oy uNErno STATES soNDs.
BID A's'd u,., b" A's'S
1850. loss 1918 ss',".lsA. las