The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1907-06-05
PRICES AGAIN
START UPWARD
Very Little Buying Served the
Purpose of Boosting Ger
tain Stocks.
CROP OUTLOOK IMPROVING
CLOSE FOUND THE MARKET
STRONG.
CROP OUTLOOK IMPROVING

New York, June 4-There was a bet
ter sentiment in stock market circles to-
day and prices showed some improvement.
Which was cause and which was effect
was not very clear. Yesterdays fall was
ascribed to the almost entire absence Of
any buying demand so that light sell
ing forced prices easily downward. To-
day the converse was true. the selling
having subsidized almost completely. and
prices advanced with very little buying
as a motive force. Whatever forced Ii
quidation was in evidence Yesterday
seemed to have been completed. short
interest was left uncovered and the buy
Ing from this source furnished the prin-
cipal demand.
With the rise in prices there was also
some Improvement in speculative senti-
ment- More seasonable weather in Wall
street itself was given its snare of in
fiuence in cheering the spirits of the room
Traders This also gave them more con-
fidence in the reports of better weather
IN the crop regions The crop was in
TACT, the most substantial factor lying
pacK OF the rise in stocks. Present and
promised weather conditions were re-
garded as putting a better face on the
crop outlook. The wheat market moved
accordingly The Ohio state condition re-
pert was accepted as indicating a SINH
lar improvement in the coming govern
ment report The weekly bulletin of the
weather bureau, however. reported a con-
tlnuance of unfavOrable conditions during.
ttAC past week, ana the upward move
ment Of stocks showed most hesitation af-
Fter its appearance.
The monthly condition estimate of cot
ton, however, was given first importance
In the days crop news. The confused and
excited movement of prices which fol-
lowed upon its publication made il diff
1lcult to conStrue the trades views of
Inc report This was partly due to the
extended position on the long side in
cotton, which induced heavy profit tax
ing and partly to the misunderstanding
OF the acreage comparison owing to the
revision or last years figures. The show
ing OF the report, however. served to con-
firm the conviction of present low con-
dltion 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 a considera BILE
additional sum Of gold would be taken
here tomorrow for shipment to Paris A
good deal Of discussion was aroused by
the contention OF the National City bank
IN its monthly circular that this coun-
try was tending toward something like
bank note initiation, with the effect OF
stimulating export of gold.
The large expansion of the note issues
at a time when the ordinary need for
circulation is smallest and when the rate
for call loans is unimportant furnishes
evidence TO support the contention. The
same authority asserts that the small
redemptions of bank notes in spite of the
DIMINISHING ufeuS OF the clrCutdtlOn are
explained by growing practice amongst
national banks to count bank notes in
their reserves, which they have no. legal
right to do.
ETie's increase of net earnings for April
was confirmatOry of the better conditions
of railroad earnings Some of the buying
of Union Pacific was attributed to the
published assertions that it was intend
cd to abandon the government measures
against the Hartman railroad combina-
lion The fiVe-pOint rise III American
Smelling was connected with the dividend
meeting to be held tomorrow and was eff
fective in rallying the list from q late re-
sctiOn and making a strong close.
Room traders sold the active stocks
heavily under cover Of q good demand for
the general list. which began after trad
ing had got well under way. Reading
reacted from par to 80 and the advances
IN the Hill and Hartman stocks also
were cancelled. Business became dull
when the active stocks weakened, but the
general list remained firm.
Bonds were irregular. Total sales, par
value, S1.l@0090.
United States bonds were unchanged on
call.