Evening star. [volume] (Washington, D.C.) 1854-1972, 1905-07-05
Upward Swing Not Well
Sustained Today.
SOMESTRONG ADV ANCES
ACTIVE BULLISH SPECULATION
IN COTTON MARKET.
Foreign Influence Was Somewhat Dis
appointing-Dealings Showed Small
Stock Supply on Sale.

Special Dispatch to The Star.
NEW YORK. July while number Of
stocks made very extensive advances in the
days market. some reaching their highest
figures on the present movement. with
new high record established in the instance
of Reading. the upward swing was by no
means so general and we'll sustained as
WAS the case on Monday, and the markets
course was interrupted by occasional quite
extensive reactions. There was scarcely a
single circumstance of the days situation
which might be named accounting di-
rectly for the markets tendencies An
active bulllsh speculation was conducted IN
the cotton market, which carried the quo
tations for that staple to still higher 1s-
ures in consequence of which it was re-
ported that no little arrangement could all
ready be detected in the Manchester spin
ming industry.
Weather adyices from the west were not
satisfactory. heavy floods being reported
from Kansas. and In the early part of the
day a very sharp advance took place IN
both wheat and corn. but the rise IN the
first named was subsequently checked Inc
governments weekly weather bulletin maze
as usual a somewhat conflicting exhibit
The sterling exchange market showed
little alteration and money call was
auoted during the greater part of the bust
ness session at from %, to 3 per cent
The London Influence.
Iondon's influence in the local market
was accounted somewhat disappointing in
view of the buoyancy displayed here on
Monday American stocks moved irregu-
larry at London yesterday and today also,
and this mornings arbitrage transactions
had small net results. The London stock
market In general was depressed on the ex-
pectatlons OF an early issue of the new
Ian nos
foreign political situation had scant inf1u-
ence in the dealings at that point.
To those persons not satisfied with the
most simple and superficial explanations of
price movements there was little that could
he said in calculation of the markets ten
denotes. In spite of the large total volume
OF todays business and the apparently good
distribution of speculative interest there
was again widespread complaint on the part
of commission houses that there was no
activity.
At the same time one stock or another
was taken up with the course OF the busi-
ness session and advanced rapidly, with no
explanations of these movements being
vouchsafed. save for the execution of some
large buying order
Small Offerings.
The dealings In general. however. again
showed very clearly that not even the ex-
tent and rapidty of the recent advance in
prices have increased the supply of stocks
offering for sale. and such liquidation as
was observed today from time TO time
seemed to represent exclusively profit-tak-
ing sales by pools and professional traders.
Reading was pre-eminenuy the most
striking feature of the railway list, but
apart from considerations of the unques-
toned earning power of the property there
was obviously little to be brought out in
connection with the striking dealing in that
instance.
The Railway Stocks.
Other railway stocks showing advances
apprOximating or exceeding 1 point were
New York Central, Pennsylvania, st. Paul,
Chicago and Great Western, Union Pacific,
Chesapeake and Ohio and Missouri Kansas
and Texas. A further sharp advance in
Chicago Terminal preferred in the face of
the peculiar state of that company s
finances was generally and logically as
sumed TO reflect some important change in
the status of its affairs not yet matter
OF common knowledge. The local fractions
shares showed good deal OF animation in
the early dealings. but were subsequently,
less conspicuous.