Los Angeles herald., 1907-06-05
STOCK PRICES
ARE IMPROVING
BETTER SENTIMENT PREVAILS
ON 'CHANGE
Following Yesterdays Absence of
Buyers Comes Cessation of Sell
ing-General Tone Is
Better
BY Associated Press.

BY Associated Press.
NEW YORK, June 4.--There was bet
ter sentiment in stock market circles to-
day and prices showed some Improvement.
Yesterdays fall was ascribed to the al
most entire absence of any buying de-
, mand, SO that light selling forced prices
easily downward Today the converse
was true, the selling having subsided al
most completelr and prices advanced
with very little buying as a motive force.
Whatever forced liquidation was in evil
dence yesterday seemed to have been
completed A short interest was left un-
covered and the buying from this source
furnished the principal demand. With
the rise in prices there was also some
Improvement in. speculative sentiment.
More seasonable weather in Wall street
itself was given its share on influence In
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, the most
SUBSTANTIAL factor lying back or the rise
In stocks. Present and promised weather
conditions were regarded as putting a
market moved accordingly. The Ohio
state condition report was accepted as in
dicating a similar Improvement In the
coming government report. The weekly
bulletin of the weather bureau, however,
reported a continuance of unfavorable
conditions during the past week, and up.
hesitation after its appearance. The
monthly condition estimate of cotton,
however was given first Importance In
the days crop news. The confused and
excited movement of prices which follow
ed upon its publication made 1t difficult
to construe the trades views of the re-
port.
This was partly due to the extended
position of the long side in cotton, which
. induced heavy profit taking and partly to
the misunderstanding of acreage compare
son on account of the revision of last
years figures. The showing of the re-
port, however served to confirm the con-
viction of present low conditions Of the
crop and its dependence on good weather
for a favorable outcome.
Paris took more gold from London and
discount at that center rose sharply. Dis
count was firm also at Paris and there
was every indication that considerable
sum of gold would be taken here tomor-
row. for shipment to Paris: A good deal
of discussion was aroused by the conten-
ton of the National City bank in its
monthly circular that this country was
tending toward something like bank note
imitation, with the effect of stimulating
the export of gola. The large expansion
of the note issues at q time when the
and when the rate for call loans Is un-
important and there is evidence to sup
port the contention.
The same authority asserts that the
small redemptions of bank notes in spite
of the diminishing needs of the circula-
ton are explained by growing practice
among national banks to count bank
notes in their reserves. which they have
no legal right to do. Eries increase of
net earnings for April was conf1rmatory
Of the better conditions of railroad earn
ings Some of the. buying of Union Pa
cific was attributed to the published as
sertions that it was intended to abandon
the government measures against the
Hartman railway combination. The five
point rise in American Smelling was
connected with the dividend meeting to be
held tomorrow and was effective in rally
ing the list from a late reaction and
making a strong closing.
Bonds were irregular. Total sales, par
value. s1.190.000.
Government bonds were unchanged.