Evening star. [volume] (Washington, D.C.) 1854-1972, 1906-07-06
LITTLE TO ACCOUNT FOR 1T
However, Opening Was Weak in
Sympathy With London.
FOREIGN HOUSES WERE SELLER
Days Volume of Business Maintained
on Recent Averages Of Activity
Traction Shares Firm.

Special Dispatch to The Star.
NEW YORK, July 6.-There was just as
little In this mornings news or in the days
developments which would account for the
quite general rise in the stock market as
there has been Of late to explain its course
in the opposite direction. AS a matter OF
fact, the stock market opened weak. mainly
in sympathy with the tendency of the Lon
don market. which was generally depressed
because OF last nights speech in the house
OF commons with respect to the condition OF
affairs in Egypt.
There was also a resumption of selling in
the London market for Paris account, which
carried down Russian securities and the
South African mining stocks. Foreign
houses We're sellers in this market OF up
ward of 10000 shares. Soon after the in
ttial decline in prices a smart upward move
ment took place in st. Paul. and that APP
peared to be the signal for quite sharp
and general rally in the remainder of the
market
The upward movement resulted In ad-
Yances of one and two points In many OF
the active issues. while Northern Pacific
and Great Northern preferred scored re-
spectively such gains as five and eight and
q half points. The local traction shares
and the Industrial and miscellaneous Issues
rose in common with the railway list.
Short Interest Revealed.
AS already noted. there was nothing
whatever In the days news which could
be advanced in connection with the mar
ket's course Transactions in the loan
market for stocks revealed. however. the
existence of short interest Of unsupported
proportions, one single firm borrowing dur
ing the morning upward Of 10000 shares OF
stock
The market also apparently
strengthened by a better understanding OF
the character of the quite urgent selling
Of stocks which led to yesterday afternoons
late reaction. It would appear to be the
case that one after another of the recent
large plungers upon the long side of the
speculation have been compelled to reduce
or to close out entirely their commitments,
thus leaving the market in a much more
healthful position than ii previously occu-
pied
The days volume of business was main
tainA upon recent averages of activity,
and a very fair distribution of interest
was apparent. The transactions in indt-
Vidual stocks were not, however, accom-
panied by any particular news or gossip,
and varied only in respect of relative ac-
tivity and range of fluctuation.
Leading features of the railway list
were st. Paul. Union Pacific, Pennsyl-
Yania, Atchison, Reading and Missouri
Pacific
The pronounced strength of the United
States Steel stocks was unquestionably
influential factor in the general market.
and the estimates made in this column last
week that the net earnings of the corpora
tion for the second quarter OF the year
would be in the neighborhood of $50. 100000
have now attained general circulation. Pre-
liminary calculations with regard to the
principal movements in currency during the
week indicated that the banks had gained
In cash about $3.50, 600. Money on call open
ed around 1 per cent, but the bulk OF the
days borrowing was probably arranged for
at and under s per cent. Sterling exchange
was somewhat firmer and no additional en-
gagements of gold were reported.