The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1907-06-05
BETTER FEELING IN
THE STOCK MARKET
Whether This Was Cause or
Effect Was Not Clear to
the Traders.
CROP OUTLOOK SHOWS
UNIFORM CONDITIONS
Report ON Cotton is Occasion of
Excitement; Future Depends
on the Weather.

NEW YORK, June 4.-There was a
better sentiment in stock market cir
cles today and prices showed some i'm
provemeut. Which was cause and which
was effect was not clear Yesterday s
fall was ascEibed to the almost entire
absence of any buying demand, so that
light selling forced prices easily down
wards Today the converse was true,
the selling having subsided almost com
pletely and prices advanced with little
buying as a motive force. Whatever
forced liquidation was in evid ence yes
terday seemed to have been completed.
4 short interest was left uncovered and
the buying from this source furnished
the principal demand With the rise in
prices there was also some Improvement
in speculative sentiment.
More seasonabie weather in Wall
street itself was given its share of in
fuence 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 fac
s
Present and promised weather condi-
tions were regarded as putting better
face on the crop outlook. The wheat
market moved accordingly. The Ohio
State condition report was accepted as
indicating similar Improvement In the
coming government report. The weekly
bulletin of the weather bureau, how
ever. reported continuance of unfa
vorable conditions during the past
hn n nnf IN
stocks showed most hesitation after its
appearance.
The monthly condition estimate of
cotton, however, was given first I'M
portance in the day s crop news, The
confused and excited movement of
prices which followed upon its publ
cation made it difficult 10 construe the
trades views Of the report. This was
partly due to the extended position on
the long side IN cotton, which induced
heavy pro6t-taking and partly to the
misunderstanding of the acreage COM
parison owing 10 the revision of last
year S figures, The showing Of the re-
port, however, served to confirm the
conviction Of present low condition 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 sharp
ly. Discount was firm also at Paris,
and there was every indication that q
considerable additional sum of gold
would be taken here tomorrow for ship
ment TO Paris. 4 good deal of dis
cussion was aroused by the contention
of the National City bank In its month
" circular, that this country was
tending towards something like bank
note initiation, with the effect Of slim
ulating the export of gold. The large
expansion Of the note issues at time
when the ordinary need for circula-
tion is smallest and when the rate for
call loans is unimportant and there is
evidence to support the contention. The
same authority asserts that the small
redemption of bank notes in spite of
the diminishing needs of the circula-
tion are explained by growing prac
tice amongst national banks to count
bank notes in their reserves, which they
have no legal right to do.
Erie IS increase of net earnings for
April was conirmat tory of the better
conditions of railroad earnings. Some
of the buying of Union Pacific was at
tributed 10 the published assertions that
il was intended TO abandon the gov
ernment measures against the Hartman
railroad combination. The fve-point
rise in American Smelling was CON
nected with the dividend meeting to
be held tomorrow and was effective IN
rallyiug the list from a late reaction
and making a strong closing
Bonds were irregular. Total sales,
on call.
United States bonds were unchanged
par value, 81, 100000