The Washington herald., 1907-06-05
MAIN STOCKS RALLY
Steady Improvement Holds
Throughout the Day.
WHEAT NEWS IS REASSURING
Ohio State Crop Report shows
Grains Conditions BETTER Than
Smelling and Refining Company's
Shares Affects other Stocks.

New York. June A rallying move
ment in security prices Of the sort usu-
ally noticed after two or three days of
weakness IN a security market so narrow
as is the one that now engages Wall
streets attention. occurred to-day with
expected promptitude.
For a considerable period in the recent
past the selling Of stocks on the first day
of the week has seemed 90 mark the tem-
porary elimination Of the prevailing
downward tendency Of the market. so
that on the succeeding day habitual spec
ulators have learned to look for the nat
ural forces Of recovery TO show them
selves.
Quotations for the leading stocks to-
day maintained a steady improvement
and closed at the highest level of the day
at net advances Of from ! 10 points.
All this buying seemed to be due TO little
else than the retirement Of the short in
terest in the market and yet il is fair to
say that there appears 10 be also some
genuine change for the better, even If
only Of trifing amount in the specula-
the day the market paused and became
dull. but the desire To cover speculative
contracts for the fail was obviously
stronger than it has been for some time.
and il served 20 Te-animate the market
after its period of resting.
Days News Generally Favorable.
The news Of the day, also, was almost
uniformly favorable to values. One of
the features Of business yesterday was
the circulation once more for the first
time since last March Of trouble stories"
affecting the credit of firms and indiyid-
uals abroad. as we'll as in this country
The failure Of any of these stories 10
materialize to-day obviously afforded
ground for a more encouraged market
feeling. Although the London market
was still heavy. sales here for English
account were in much smaller volume
than they were yesterday and were in
deed such as 70 cut no figure i'm the trad
ing. An engagement Of $4,000 in gold
for export To Paris was little needed .l-
though this fact and the release by the
Bank of England Of Sf65.g9 for Paris ac-
count showed that the efforts of the
French bankers 20 secure gold In the
worlds open markets were still efIectu-
ally proceeding.
The market was presumably helped to-
day by the failure of any definite an
nouncemeut from Washington in regard
70 the expected prosecution, either ciVilly
or crimiually. Of the Hartman railway
management; and. although it was re-
garded in the financial district that gov
eminent action against the Union Pacific
Company or its directors would be- taken
some time, based upon the testimony aa-
dUCed at the recent investigation held by
the Interstate Commerce Commission, it
was still considered as not unlikely, in
view of prevailing financial conditions,
that this action might be delayed.
Smelling Shares Help Market.
The particular strength of the American
Smelling and Refining shares exercised
q sympathetic influence over the rest Of
the market and led TO the general con-
victiou that at the meeting Of the direc-
tors of the American Smelling and Rotiu-
ing Company tomorrow the dividend on
the CompaHys common stock would be
increased. Doubtless the most potent
cause of the advance I'm the market and
the one matter more than anything else
that led TO a frightened buying i'm Of
stock by spectators for the decline. was
the much more favorable tenor Of news
from the spring and winter wheat sections
and the publication of a government cot /
ton crop report less adverse than had
been looked for. For over a fortnight
back all the news from the Western ag-
ricultural districts. while still telling Of
unseasonably low temperatures. has been /
Yet such as 10 justify belief Of a real i'm /
pr0yement i'm crop conditions: and this
was CorrobOrGted to-day by the appear /
anCe of the Ohio State crop report for /
June. showing q statistical condition Of !
winter wheat i'm the State Of r., as
against q a month ago
The government Agricultural Bureau. i'm .
its bulletin, put the condition Of the cot .
ton crop at 7o.5 on May o. as against +
45 at this time last year. this year S
condition being the lowest on record for .
the season Nevertheless estimates have F.
commonly prevailed I'm the cotton trade
of a much poorer state of the crop than .
this. and the governments figures %. day .
when they appeared caused a sharp de-
cline i'm the price Of the speculative cot .
ton options A rally in these prices fol- f.
lowed, but quotations for the options still F.
left off at a sharp decline from those of .
yesterday
RnSToN STOCKS