The Birmingham age-herald., 1907-05-14
STOCKS STRONG,
 BUT NEGLECTED Runaway Wheat Market DivertS SpectacuIative Interest UNION PACIFIC STRENGTH Reading Was secondine Influence to Sustaining Effect of Union Pacific.
 Smelling Shows De-
 pression.
UNION PACIFIC STRENGTH

New York, May 13.-The runaway wheat market caused a momentary setback to- day The market gathered force after the first hour, and after that mounted to a higher level of prices, but the volume of business fell away to nothing. Specula- tive interest seems to be wholly diverted from the stock market for the time be- ing.
 The strong undertone in spite of this total neglect was very notable. Some special effect was produced on Atchison by the excited rise in wheat, and Canadian Pacific's 1 point decline seems to reflect uneasiness over the backward seeding season in the Canadian northwest. Else where the influence of the wheat price movement was confined mostly to wip- ing out of the early advances.
 The top level of prices was touched after the sensational opening quotations for wheat were received, the sentiment of the securities market seemed to be to attach considerable weight to the con- tributng causes to the strength in wheat Damage to foreign crops is given it's part in the strength of wheat, and in maintain ing better prices for our own crop. The largest reserves in farmers hands, ac- cording to the government statistics gives promise of handsome profits to off, set deficiencies of this years crop. The argument was heard also that the cry of dollar wheat, which swept the market today, willsstimulate to every effort to increase the acreage of spring wheat.
 There is some skepticism felt over re- ports of crop damage as to the real ex- tent of the harm done. The undertone of strength in the stock market however, was due to an important extent to sym pathy with strength in Union Pacific, that stock rising tendency is variously attributed to the better opinion of the financial plan announced last week or to inside support to hold up the price of the stock and so add to the attractiveness of the offered convertible bonds. Reading was a seconding influence to the sustain ing effect of Union Pacific. Covering op- erations by an outstanding short interest were given credit for the rise in that stock.
 American Smelling showed some depres- sion due to rumors denying former reports that the division rate on the stock was to be advanced. United States Steel also was heavy, although very sluggish. The controversy over defective steel rails started by the Southern Pacific authori- ties, was disadvantage to the United States Steel stocks.
 Money markets were notably firmer abroad, and the firm tone was maintained here also. Paris was again a buyer for gold in the London stock market, and toook 1,25O,000 of the 100000 in spite of the advance in the Bank of England's bid for the supply. A withdrawal of over a million dollars from the Bank of Eng land also wen to France. All money mar kets are rehecting to some extent the expectation of further large borrowing operations, especially by American rail- roads. The increasing premium on New York exchange at Chicago indicates the progress of remittances from that center to New York. Union Pacifics and Read