Evening star. [volume] (Washington, D.C.) 1854-1972, 1905-07-03
Prices Unexpectedly Forged
Ahead Today.
DAYS TRANSACTIONS
GENERAL BUSINESS ATTAINED
VERY RESPECTABLE AGGREGATE.
Advances Marked Returns From For
eign Enthusiastically of Offerings
Most Striking Feature.

NEW YORK, July 3.-Phere were prob
ably few observers of stock market affairs
who reCkoned upon the prevalence of the
general market conditions which were noted
today. Uninfluenced by tomorrow's holiday.
the somewhat dubious monetary outlook
and fractional advance in cotton, the
stock market forged ahead In all quarters.
with the days transactions attaining a very
respectable aggregate. Apart from the cx-
Ceptonal strength which American stocks
showed in the London market. there was no
single circumstance of novelty which might
be named as accounting for the strength
shown in the local dealings.
The general London stock market was not
particularly strong until toward the close of
the business session. when a general adj
vance occurred. There was also observed a
further material advance in French rentes.
and apparently a much more cheerful view
was taken in Europe with regard to the va
rious complications in political conditions at
large which have heretofore served to hold
IN check the foreign markets.
The arbitrage houses were buyers here to
the extent of about $4,000 shares. The local
dealings showed in emphasized form the
same characteristics which existed through
cut last weeks business session. The scar
city of stocks Offering Tor sale was perhaps
the most striking feature of the dealings.
Oue 10 HIOCeSSSS.
Today's extensive advances and the large
transactions rolled up were accompanied
by very little increase in the business of
commission houses in general, a circum-
stance which suggested that manipulative
processes were mainly responsible for the
days results In the market. There was. at
all events. great dearth OF news relating
to one stock or another. unless such mat
tiers earnings statements could be placed
In that classification, and apparently the
traffic returns submitted today. while gen.
orally favorable did not appeal with eSpe-
cial force to the chief buyers of stocks.
As has been the case for some time. the
roads in the southern states made particu
larry gratifying exhibitions. The securities
OF the southern roads were not. however,
especially prominent in the days transac-
tons. which may perhaps have been partly
due to the sensational advance in the cot
ton market
The latter movement was specifically
based upon the pubica ton of the govern
ments figures on cotton crop conditions.
which set forth q percentage of Il against
T2.2 month ago. but in comparison with
So per cent In the corresponding week of
last year.
Grain Markets Closed.
The grain markets were closed over the
July holiday. so there was reflection
furnished OF the days rather unfavorable
weather advices. In the various quarters of
the stock market. maximum advances
fairly common. With the exception of Man
haitian Railway. the local traction stocks
were exceedingly strong and active. with
much vague talk of pending readjuStments
in that direction.
In the industrial and miscellaneous
shares United States Steel preferred re-
turned to par quotation. a circumstance
which appealed strongly to the profession
al element and there were extensive adj
Yances scored in Tennessee Coal and Iron,
and other southern iron securities. and in
Colorado Fuel and Iron.
The railway equipment stocks showed
more lax than for some time past. and in
fact with the exception of Amalgamated
Copper. which comparatively sluggish
during the greater part of the business ses-
sion. that quarter of the market all made
substantial progress to higher figures.
The Railway List.
IT was, however, the railway list which
contributed the bulk of the days transac-
tons. and a commonly strong tone pre-
vailed in that quarter. There were excep-
tional advances In Reading. Union Pacific
Chicago and Northwestern. st. Paul, Rock
Island. Pennsylvania. New York Central
and the Erie issues.