The sun. [volume] (New York [N.Y.]) 1833-1916, 1905-07-25
FINANCIAL AND COMMERCIAL.

The stock market exhlpiteu sohe iurtnoT
weakness In the frst half hour OF trading
to-day, but this apparently was the oul-
mination OF the selling movement inau-
gurated late last week. and from level OF
prices a little lower than that on which
the closing was made on Saturday the whole
list recovered very sharply. At the close
OF the days trading net advances OF to
per cent. we're numerous. Several causes
contributed to temporary reversal OF
trading sentiment. One was sharp break
In the speculative wheat options due to the
collapse Of the rust talk, on which the grain
market advanced and the stock market
declined last week. The other cause was
of technical nature. AS soon as the
bear contingent ceased Its selling stocks
were hard to buy. This has been the case
before, and 1t is a phase Of the market
which has hitherto made large speculative
operations on the short side OF the market
very difficult. Stocks In which the selling
had been most aggressive recovered Per
cent. and more from the low prices OF the
first hour on relatively small volume OF
ansactons-much smaller. at any rate,
than tho volume Of selling previously done
on the declines. In other words. 1t has
taken more selling to put prices down than
the buying required to put them up again.
The most notable feature OF the market
to-day. rerhaps, was tho resiliency 1t ex-
hibited as soon as the selling pressure
abated.
A crowd that ha, been very successful
of late in concealing it's operations on the
bear side il believed TO have been on top
of tho market again. 1t IS curious organi-
zation, with ramifications that are under
stood to embrace large bucket shop IN
terest in the market. In this instance as on
several previous occasions, 1t has employed
large Western wire houses to sell stocks
creating the appearance of heavy Western
Ii ri !ation Some of the principals OF
thi. crowd are respectable and some are
not but there are very few Stock Exchange
houses, probably, that would refuse the
business if il was offered to them 1t Ia
all perfectly regular. Tho heavy selling
of stocks through Western houses since
Friday of last week, estimated at $4,000
shares for Saturday alone, has doubtless
been misleading The Western contingent,
so called, is not understood to be bearish
on the stock market The bear crowd
employing Western houses in this manner
| had been selling the market steadily on a
scale up for several weeks, and on Friday
| of last week technical conditions were
| evidently thought to favor aggressive
operations in the OPEN The demonstra-
ton proved to be vey effective upon quota
| tons, but it il a question whether large
line of short stocks could have covered to
much advantage.
Nobody of any experience in Wall Street
is mystined by the abrupt appearing and
| disappearing acts OF wheat disease called
rust Last week tho speculative wheat
options advanced violently on the discovery
of rust in the spring wheat country, and
traders sold stocks short on the same thing
to-day the rust had vanished, wheat options
! declined violently and traders covered
! their short stocks at loss. There woulc
be nothing to break the monotony Of mid
summer speculation If it we're not for these
recurring crop scares. An experts repu.
tation is something to trade on. Similarly
was the appearance of yellow fever at Now
Orleans overplayed in the stock market
on Saturday.
The stock market doubtless would be
very sensitive to a corn scare, but with
such weather as we have been having
which is ideal for corn, 1t will be difficult
to start one
1t is noticed that Amalgamated Copper
has shown more than the average resistance
in reactionary market. There Is not thu
room for a decline In Amalgamated Copper
that there was before the dividend wal
increased and the same Is true OF Unior
Pacific and other stocks on which dividend
disbursements have been increased. Theil
investment values have I'm raised.
The United States Steel stocks recovered
sharply to-day The quarterly report viii
be published tomorrow afternoon probabl,
after the close of the stock market. Thu
rumor was circulated to-day that the earn
ings would be nearer $2s 900 900 than $50,
900 900, but those who believe that the!
know what the statement is likely to shov
insist that the lower estimate was mad
to-day for bearish effect upon the market
In quarters where such estimates hitherto
have been pretty accurate it is expected
that the earnings will approximate $40,
600 900. Some good Pittsburg experts
however, think they will be less than that
Expectations generally are little too high
owing to the tendency OF the speculativ
enthusiast to overstate things.
The only feature OF foreign market
deserving comment was the strength O
Russian bonds. That was the only re
Spouse made to the mysterious meeting
OF the Car and German Emperor.