Evening star. [volume] (Washington, D.C.) 1854-1972, 1906-07-03
Active Demand From the Short
Market interests.
LONDON MODERATE FACTOR
American Stocks Quoted at Advances
in England.
MONEY IS FIRM AND ACTIVE
Amalgamated Copper a Live Feature
Vigorous Rally in the Forenoon
Not In Later Dealings.
Special Dispatch 10 The Star.

Special Dispatch TO The Star.
NEW YORK, July at was almost in
evitable that there would take place in to-
days stock market either a very severe
crash in prices. or otherwise that more
or less substantial rally would be wit
messed. Soon after the opening of business
# looked as IL the former might occur be-
cause. on what some commentators OF mar
ket conditions describe a bear drive.
prices for many OF the active issues. espe-
cially in the railway list. dropped from one
TO two points below their closing figures of
yesterday
This selling as matter of fact, APP
peared to represent the fag-end OF heavy
speculative liquida ton. which has been In
progress for several days past. At any
rate, the market rfghted itself after this
early squaIl. and subsequently drifted al
though in irregular fashion, toward
higher levels.
lnasmuch as there was very little news
over night, and not much or consequence
with the course OF the business session. dis
cussion was mainly with regard to the sup
posed identity of some of the largest recent
sellers of securities. There was no end to
conjecture IN this direction, and there was
no little accord in the conclusion. reached.
Observing the temporary cessation of the
Hquida ton of this character, a rather active
market. in seemingly this buying was the
chief reason for the fairly general recov-
cries from the early declines. Still, and as
has been the case fer several days past.
close observers of the dealings reported
the presence of other buying orders of
good character and OF greater significance.
London was a moderate factor in the bet
terment in market conditions. as, despite
yesterdays local -unsettement. American
stocks were quoted at advances in the Lon
don market, and the operations here for
foreign account showed considerable pre-
ponderance of purchases
Commission houses in general were not
active in the days dealings. and their bust
ness. so far as could be ascertained, except
so far as the purely speculative firms were
concerned. was mostly upon the selling side.
The suspension of business tomorrow had
the effect OF curtailing active trading to
some extent. and doubtless led also to the
closing out of speculative commitments of
both descriptions.
The banks have gained from the sub
treasury thus far during the week nearly
S.SO0,OOO chiefly on account of the gov
ernment's disbursements. Other currents
IN the monetary situation included the
ceipt OF several hundred thousand dollars
from San Francisco and the shipment of
about the same amount to New Orleans
The United States Steel shares fiuctuated
within rather narrow limits. considering
the extent of the dealings In that direction.
and there were few other movements of IN
terest in that general quarter of the mar
ket- ne STOCKS OF the Ice companies were
heavy. a reflection doubtless of the fate
which has overtaken the managers OF the
alleged ice trusts at various interior cities.
Leading features Of the railway list In point
OF activity were Union Pacific, st. Paul.
Reading and Pennsylvania and these
stocks showed about as wide fluctuations as
were witnessed in the market, with moth
Ing beyond simple technical reasons to be
advanced in explanation of their course.
The rather vigorous rally OF the forenoon
ses sion was but indifferently retained in the
later dealings. and was of significance
chiefly as being the only material upward
reaction in a week.