The San Francisco call., 1907-06-05
New York Stock Market

NEW YORK June z--There was a better
se1t1ment In stock market circles today and
prtces showed some improvement. Which was
czu1e ana which Was eject was not very clear.
Yesterdays fall was sscribed 10 the almost en-
selling forced prices easily downward Today
tire absence Of any buying demand, so that light
the converse WAS true, the selling having sub
sided almost completely anc prices advanced
with very little buying as motive force What
ever forced liquidation was IN evidence yes
terdsy seemed to have been completed A
short interest left uncovered and the buying
from this source furnished the principal demand.
With the rise in prices there was also some
improvement IN speculative sentiment. More
sessonsble weather in Wall street itself was
given its share OF influence 10 cheering the
spirits OF the room traders. This also gave them
more confidence In the reports OF better weather
IN the crop regions. The crop was IN fact
rise in stocks Present and promised weather
conditions were regarded putting better face
on the crop outlook. The market moved accord
fngly. The Ohio state condition report was ac-
copied as indicating g similar improvement In
The coming government report The weekly bull
letiD of the weather bureau, however. reported
continuance OF unfavorable conditions during the
past week. and upward movement In stocks
showed most hesitation after its appearance The
monthly condition estimate of cotton however
given first importance in the days crop
news. The confused and excited movement Of
prices which followed upon It's puoIlcatlon mace
* difficult 10 coDstrue the trades views OF the
report. This was partly due 10 the EXTENDED
position OF the long side in cotton, which In
understanding Of the acreage comparison on ac-
count OF the revision Of last years figures. The
showing of the report, however. served TO con-
firm the conviction Of present low conditions OF
me crop and its dependence good weather for
, favorable outcome. Paris took more gold from
London and discount at that center rose sharply.
Discount wss firm also at Paris and there was
every Indication that q considerable additional
sun OF gold would be taken here tomorrow for
shipment 70 Paris. good deal OF discussion
was aroused by the contention Of the National
City bank and its monthly circular that this
country was tending toward something like bank
note imitation. with the effect Of stimulating the
issues At q time when the ordinary need Tor
circulation is smallest and when the rate for
call loans is unimportsnt, there is evidence
Il support the contention. The same authority
asserts that the small redemptioDs of bank notes
IN spite Of the diminishing needs Of the ctrcu-
lstiOn are explained by growing practice
among national banks 70 count bank notes in
10 do Erie's increase Of net earnings for April
was confrmstory of the better conditions OF rail-
road earnings. Some Of the buying of Union
Pacific was attributed 70 the published assertions
that II was intended TO abandon the governueDt
measures against the Hartman railway combina-
was conDected with the dividend meeting 10 be
held tomorrow and was effective In rsllying the
list from late reaction and making strong
closing.
Bonds were irregular. Total sales. par value,
s. 10000
United States bonds were unchanged on call.
New York stock List
EF Hutton & Co.. 400 California street.
members Of the New York stock exchange, fur
nish the following list OF bond and stock sales
yesterday: