Los Angeles herald., 1910-08-03
ABUNDANT RAINS
BUOY UP MARKET
Hopeful Crop Outlook Transforms
Early Depression Into
Active Closing
ADVICES IN CHEERFUL TENOR
Texas Reports End Of Drouth in
Corn Belt, with Heavy Sell
ing as a Result .
IN CHEERFUL TENOR
IAsenciatnd Pressl

NEW YORK, Aug. 2.-The stock
market today was largely an affair Of
professional traders and their views
of the speculative outlook seemed to
change from hour to hour, judging by
the continual fluctuations of prices.
The movement of some prominent
stocks gave warning that the bear
party had been at work in the last
few days.
There is no one subject at present to
which so much Importance is attached
as the years agricultural harVestS ana
the market showed a real response to
the more hopeful turn of the day s
news in that respect.
Early depression was transformed in
to a buoyant and active closing.
The government report on cotton
conditions as of July % was the fore
most influence in shaping judgment of
the agricultural outlook. The condi-
ton figures, showing heavy deteriora-
tion during the month and poor COM
parison with the average in number
of years, does rot offer great inspira-
ton to enthusiasm when considered
absolutely. The speculation considered
it not from that standpoint, but rela-
lively In that light it was no worse
than expected and better than some
of the preliminary estimates, notably
that of the National Ginners' aSsocia-
ton. There were reports OF CLOUDY
weather in Texas, where the trouble ls
with the drouth rather than excessive
moisture. The drouth stricken portions
of the corn belt were reported to have
been visited by abundant and soak
ing rains" and there was heavy SELL
ing of that commodity on the eX-
changes to bear out the reports.
The cheerful tenor of those advices
strengthened the resistance which
stocks had begun to show to the de-
preston of the early part of the day.
The depression centered on the Hawley
group to the accompaniment of pre-
dictions that the dividend on Chesa-
peake &, Ohio could not be maintained
and that the ambitious projects of
combination centering around that
property were becoming involved in
embarrassments similar to those which
oVercame the Pearson syndicate. There
appeared a demand for the stock that
was not felt yesterday during its sharp
fall, and the bears found the supply
small When they began to bid for IT TO
cover their shorts. This put a new
face on the matter
The strong rally in Chesapeake &
Ohio and a similar rebound on Sloss-
Sheffield steel served as a warning that
protective measures against bear raids
were in force.
A sharp reduction in the London vis-
ible supply of copper, reports of inn
proving demand for that material and
relteration of assertions that a policy
of curtailed output had been entered
upon by the principal producers served
to strengthen the copper industrials.
New orders for steel products and
specifications on contracts were said to
satisfy the ideas of the authorities in
that trade. The overextended bears
in the market were put fairly to rout
before the end of the day and the ac-
tive list showed gains all the way from
l to points.
Bonds were irregular. Total sales,
par value, $1,300000. United States
bonds were unchanged on call.