Evening star. [volume] (Washington, D.C.) 1854-1972, 1907-06-04
q General and WeII-SuStained
Rally Today's Feature.
SHARP REACTION IN GRAIN
Break in Cotton Market Over Gov
ernment's Report.
NOTABLE RISE IN UNION PACIFIC
Advances Ranging From One Point to
Two Points and Over Common
In Railways.


HptCldi ilsphlCH 10 lue oldE.
NEW YORK. June 4.-Today's general
and quite well sustained rally in the stock
market appeared, aside from technical
causes. to have a dull explanation. For
one thing. today's weather map showed
greatly improved conditions in the grain
belt, and as advces respecting the foreign
agricultural outlook were likewise more IA
Yorable there took place a very sharp re-
action in the grain market.
The cotton market accorded a rather curl
GUS reception to the governments estimate
OF that crop. prices at first breaking vio-
lently and then rallying with equal rapidity.
The second and perhaps the dominant fac
tor In the course of the stock market was
the spread OF the conviction that 1t would
be decided at today's meeting of the cab
met at Washington to abandon all attempts
to proceed criminally against the head of
the Union Pacific system.
That the administration has reached this
conclusion has been minated previously,
and in spite OF the denials to that effect
which have been forthcoming Wall street
has been disposed to accept the reports as
practically correct. At all events, Union
Pacific scored very sharp rise In the stock
market. and the movement in that instance
had stimulating effect upon the remainder
OF the railway list
Advances Among Railways.
Advances ranging from about one point
TO upward of two points and over were
fairly common in all OF the active railway
shares There was little definite news re-
lating TO the movements in that quarter Of
the market aside from the days returns of
railway traffic which included some inter-
esting exhibits The general tendencies of
the various quarters of the market were
quite uniform. The repassing of the public
utilities bill was met by substantial gains
In the traction shares. and Consolidated
Gas rose also In spite of the harassng
movements against that property
The industrial and miscellaneous issues
showed long line Of advances correspond
Ing TO those noted elsewhere he United
states Steel stocks showed a more pro-
nounced degree of strength than has been
the case for long time and their course
might be named an additional influence
IN the market. American Smelling was
nkewise strong and active on predictions
mat The dividend on the stock would be ad-
Vanced at the forthcoming declaration
period.
Amalgamated Copper Firm.
Amalgamated Copper was also firm, part
iy In sympathy with an Improvement in
copper securities in the London market
The last named. after opening weak, and
Win consols touching new low point on
the current decline, enjoyed general rally
Operations here for foreign account were
limited TO about 10000 shares. and showed
trlfing results on balance.
There was substantial curtailment in the
volume of business on the days rise in
prices, and trading continued of a profess
sonal character. Some little stress was
laid upon the point that at the close of
business yesterday the average level of the
market had been reduced to the low level
touched March IA. and this circumstance
was OF Itself doubtedlessly sufficient as to
suggest TO the short interest in the market
The wisdom of reducing their outstanding
commitments.
Money market and foreign exchange con-
oiuohS showed little alteration. although,
on account OF the export movement of gold
the banks have suffered a loss in their oper-
atoms with the subtreasury since last Fri
day of nearly S2,lO0,OoO