The sun. [volume] (New York [N.Y.]) 1833-1916, 1907-06-07
rIN.tNcIAh ANp CoMMERoIAL.1
THURSDAY, June 3

For the first tims in several days, and for
that matter in several weeks. there were
to-day SONIC signs Of distinct Improvement
inthe stock market. An upward movement
in the market assumed a breadth that
has not been witnessed for a long Leriod,
similar recovsTies OF the sort in the recent
I'ast having been more in the nature OF
"srurts" caused by a retirement OF s3eou-
lative contracts for the fall. There were
in general two causes that appeared 10 be
res. e:s-!hle for the days change in s-ecu-
lative temper One Of these wasthe slowly
g. reading conviction that the outlook Tor
the GRO 3 IL decidedly better than II was a
fortnight ago and that It has 30 improved
during the last month that a higher average
condition Of the growing grain is likely to
be set forth in the Government crop report
for June, which will he published on the
coming Monday. II has not ESCAPED the
attention OF financial observers that the
advance in the wheat market reached its
elimination nearly Il fortnight ago and
since that time the price OF the SPECULATIVE
wheat options hiss declined after every
rally. Although the string is still ad-
mittedly backward II does not appear that
crops. except those Of fruit, have suffered
damage from frost in any section of the
country and that the cold weather has lone
no more than retard the progress OF liant
life. Reports Of the CROPS, in the last week
escecially, have been received in banking
circles in Wall Street. from other and more
trustworthy sources than from professional
crop experts, Of a much more encouraging
character than the stories OF crop damage
that have attained such wide prominence
in the newspapers; and the p~rcs-ect is nov
held to be in many we'll informed quarters
that while there may be some shortage
in the country's wheat crop tins year tine
deficiency will not be so considerable ~
to affect business in any particularly I'M
favorable way. In the second place. to-day
an impression was very strong in the imam
cial district that although tbs Government
would un1uestionsbly DO indefatigAble IN
it's of to compel Edward H. Hartman
to answer the questions that we're put TO
him at the recent session OF the Interstate
commerce Commission, and that although
there might be suits brought by the Govern
mont with reference to specific instances
of alleged violations Of law by the Hartman
railway cement those Government
prosecutions would he in no way oil a
general or diTused nature and not such
as to initiate against property rights oi
the Union Pacific OF Southern Pacific share
holders: 1t is at least known that some
of the ablest members Of the Interstate
Commerce Commission and OF the Presl-
dents Cabinet are strongly opposed, both
on lie gal grounds and on those Of general
public policy to any such attacks against
railroad interests as were recently, accord
ing to common rumor, meditated by the
Government.
Therefore to-day, although. activity in
the stock market was no greater Thar II
had been on any day thus far during the
week. prices advanced. n although they
receded after a midday dulness in the
market, which put In an appearance, as II
has done almost invariably Of late. they
again recovered and closed at net gains
running above a point in the principal
stocks. There were really few actual
DEVELOPMENTS bearing upon the market,
The banks have lost "a, 10000 to the sub
Treasury thus far this week by reason OF
gold exports, and as sterling exchange
was again strong to-day and sterling in
Paris did not advance there iB no likelihood
of any break in the near future in the move
ment of gold out Of the country that set
in a week ago. The national banks OF
England and France to-day reported, how
ever, a strengthening Of condition, the
French bank particularly exhibiting a large
gain in gold holdings and a heavy oontrac-
ton in loans, and it lie manifest that II during
the next two or three weeks the French
bank improves it's condition as 1t has done
in the last week it's demands for gold in the
worlds markets will decidedly relax The
salient feature Of to-day's market, as stated,
was it's broad and general strength. Not
only the leading industrial and railway
stocks, but issues that have for a long time
been dormant such as the Rock Island, Erie
and Missouri, Kansas and Texas stocks
we're alike strong, and there was a percepti-
BILE Increase in the volume OF commission
house buying. Some little attention was
attracted by the Southern Paciic's report
Of earnings for April, showing an increase
OF 81, 900. 600 in gross, practically wholly
expended In operation expenses: but ii is
we'll known that the Southern Pacific sys-
tenn during the month encountered espe-
cially adverse weather conditions. A semi
annual dividend Of 2 per cent. on Hooking
Valley common stock was announced,
this action raising the stock to n 4 per cent.
annual dividend basis. The fact, taken
in connection with other increased dividend
distributions ordered during the week,
does not point very emphatically to any
considerable degree OF impending business
contraction