Evening star. [volume] (Washington, D.C.) 1854-1972, 1907-05-06
Sharp Advance in Wheat Strik-
ing Feature Today.
PEssIMisTic ADVANCES
Exercised q Considerable Effect on
Speculative Sentiment.
|oPENING PRICES WERE SLUGGISH
Some Extensive Advances Later
Dealings Converged Upon Small
Number Of stockA
OPENING PRICES WERE SLUGGISH

Special Dispatch to The Star.
NEW YORK. May 6-The most striking
feature of the days general situation re-
lating to the market for securities was
furnished by a very sharp advance in the
grand market. Wheat options had opened
lower. in response to somewhat better
weather reports from the winter wheat
states and also because of some weakness
in the European markets. Within the course
OF the morning there was published, how
ever, the Missouri state report, upon the
condition OF wheat in that state. and this
showed q drop in the percentage from "a
In April to 81 In May.
This report was succeeded by other very
pessimistic advices relating to the winter
wheat crop, and while these emanated
chiefly from speculative houses In Chicago,
inasmuch as they were accompanied by
rise Of over 2 cents bushel in the quota
lions for the July wheat option. they eK-
ercised a considerable effect ui,on specufa-
tive sentiment In Wall street.
The stock market during the FIRST hour OF
business had been exceedingly dull, but
during that time advances in prices were
fairly common and in many cases extern
sive Upon the sharp advance In wheat
there was a general shading away IN the
prices for securities. and during the re-
mainder Of the business session huctua-
lions showed great irregularity.
Sharp Gain in Cotton.
A sharp gain was likewise recorded
in the cotton market. although 1t Ia pal
pably absurd to attempt to forecast the
outturn of that crop in the early days
in May. Transactions In the stock mar
ket showed marked contraction In COM
parison with last weeks averages. and
the relatively active dealings convergeo
upon the same small number of stocks
which were then prominent in the same
respect.
The London stock market was gen.
orally steady. smart recovery IN consols
at that point. American stocks again
exhibited irregular tendencies In the
London market, and the limited opera
lions here for foreign account again
showed a preponderance on sales.
Money market conditions showed no ma
terial alteration and In fact. aside from the
furry in the grain market, the SITUATION al
large was quite featureless.
Practically all of the days comment with
regard Is the comparative activity In one
set of stocks or another had more to DO
with manipulative tendencies than with
considerations of intrinsic merit.
Transactions in Railway List.
1t is scarcely necessary to say that Read
ing, Union and Southern Pacific. st. Paul.
Atchison and the Hill stocks furnished the
larger part of the transactions in the rail-
way list, and that United States Steel COM
mon. Amalgamated Copper and American
Smelling were similarly conspicuous In their
quarter OF the market.
The traction shares were dull but heavy
because of Albany advices indicating the
likelihood that the public utilities oil would
be speedily passed by the legislature at
Albany.
An abrupt decline in Delaware & Hudson
occurred in the afternoon, and while the
break In the stock took place on rather
small transactions. the movement naturally
attracted no lite attention interests prom
inent in the property declared that the
weakness in he stock was not reflection of
any unfavorable exhibitions or prospects,
and attributed 1t entirely to attempts to
iiquidate special holdings upon dull mar
ket.