The Washington herald., 1907-06-07
MARKET IS BUOYANT
Upward Movement Of Stock
Prices Is General.
CROP OUTLOOK IS IMPROVING
wheat Prices Declining ON Reports
from the West-Spring Backward,
but Grain Conditions Better Than
When May Crops Report Was Is
sued-GoId Exports Continue.


New York. June G.-For the first time
in several DAYS. and. for that matter, in
several weeks. there were to-day some
signs of distinct improvement in the
stock market. An upward movement In
the market assumed a breadth that has
never been witnessed for d long period.
similar recoveries Of the sort in the recent
past having been more in the nature Of
"spurts" caused by a statement OF specu-
lative contracts for the fall.
There were in general two causes that
appeared 10 be responsible for the days
change in the speculative temper. one
Of these was the slowly spreading con-
viction that the outlook for the crops is
decidedly better than it was a fortnight
ago. and that it has So improved during
the last month that a higher average con
dition of the growing grain is likely to be
set forth in the government crop report
for June. which viii be Published on
the coming Monday. Il has not escaped
the attention Of financial observers that
the advance in the wheat market reached
elimination nearly fortnight ago, and
since that time Ehe price OF the specula-
tive wheat options have declined after
every rally.
Although ne spring is stnl admittedly
backward. q does not appa that the
crops, except those Of fruit, Glve suffered
damage from frost in any section of the
country and that the cold weather has
done more than retard the progress of
plant life. Reports Of the crops IN the
last week, especially. have been received
fin banking circles in Wall street from
other and more trustworthy sources than
from professional crop experts. Of
much more encouraging character than
the stories Of crop damage that have at
tanned such wide prominence in the news
papers, and the prospect is now held 10
be in many well-infO-med quarters that
while there may be some shortage in the
country's wheat crop this year, the def
cheney will not he so considerable rs 10
affect business in any particular Unfaror-
able Cr otherwise.
VIII Not Press Cases.
In the second place to-day an impress
sion was very strong i'm the financial dis
trict that although the government would
unquestioaabIy be indefadgsble in its et-
forts 20 compel Edward H. Hartman 90
answer the questions that We're put to him
al the recent session Of the Interstate
Commerce Commission. and that although
there might be suits brought 10y the gov
eminent with reference 20 specific in
stances Of alleged violations cf law by the
Hartman railway management, these
government prosecutions would be in no
way Of a general or diTusad narIre- and
nos such as % initiate against property
rights of the Union Pacific or Southern
Pacific shareholders.
7, is at least known That some of tho
anlest members Of the Interstate Com
marce Commission and Of the Presidents
CIbinet are strongly opposed both en- legal
grounds and on those Of general public
policy 10 any such attacks against rail
road interests as We're recently. according
90 common rumOT meditated by the gov
eminent
Although activity I'm the stock market
was no greater to-day than it has been
on any DAY thus far during the week.
prices advanced, and although they re-
ceded after "a midday dullneSs in the
market. which put in an appearance as it
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 develop
mentS bearing upon the market. The
banks have lost $4,000 20 the subtreas-
urv thus far this week by reason Of gold
exports. and as sterling exchange was
again strong to-day and sterling i'm Paris
did not advance, there is no likelihood Of
any break in the near future i'm the move
ment Of gold out of the country that set
in o week ago.
Foreign Banks Gaining.
The national banks of England and
France reported to-day however, a
STRENGTHENING condition. the French bank
particularly exhibiting large gain in
gold holdings and a heavy contraction in
loans: and it is manifest that If during
the next two or three weeks the French
bank improves its condition as it has
done i'm the last week, its demands for
gold in the worlds markets will decidedly
relax.
The salient feature of to-day's market
was its broad and general strength. Not
only the leading industrial and railway
stocks, but issues that have been for a
long time dormant such as the Rock
Island. Erie and Missouri, Kansas and
Texas stocks. were alike strong, and there
was perceptihle increase in the volume
Of commission house buying.
Some little attention was attracted by
the Southern Pacifcs report Of earnings
for April, showing an increase Of 81 -G00,G1
in gross practically wholly expended IN
operating expenses; but it is we'll known
that the Southern Pacific System during
the month encountered especially adverse
weather conditions.
a semi-annUal dividend of . per cent on
Hooking Valley common stock was an
nOunced, this action raising the stock 70
2 4 per cent annual dividend basis The
fact taken i1 connection with other in
creased dividend distributions ordered
during the week, does not point very
emphatically TO any considerable degree
OF impending business contraction.