The daily morning journal and courier., 1905-06-01
STOCK MARKET FEATURES
LIVELY MARKET WITH SHORTS
 COVERING.


 Decided Strength shOwn-U. P. X l.. &
 '. and Reading Did WeII-afOre OE-
 May COrn's Advance-Panic for Cot
 ton BuIIs-The Iron and Steel Trade
 Poor Crop Weather Continues
 Government Weather Report.
 Stocks hesftated yesterday morning, then stiffened, and finally grew strong, and when the report came of Russia's troops revolting, they grew buoyant, not because of the alleged revolting Qater not confirmed) but because this was taken to mean an early peace.
 In the last hour rise of 1-2 points in Reading and sympathetic strength in the other coalers, with gains ot near ly 2 points in Union Pacific and Louis- vile & Nashville, gave an impetus to the whole list. The first result of yes terday's modest revival of activity was a rise in call money to per cent, for the first time since April 24. The dem- onstration not unnaturally deprived the advance of all enthusiasm The market closed uncertain.
 The National Bank of Commerce called in $15, ,000, 900 of loans for June disbursements, and that was the direct cause ofs the advance in the rate of call money. Preparations for to-day's disbursements naturally dislocated the loan market bit, but the money sim ply goes from one bank into another, and bankers said yesterdays jump in the rate was without any other signiff- canoe.
 The announcement that all steel pools had been dissolved caused early weak ness in the Steel stocks and produced some uneasiness generally, but this wore off when the official weekly trade report failed to take pessimistic view of the matter.
 The Iron Age says: Pig iron produe- tion is falling off, however. The Steei corporation is blowing out such isolat- ed plants as Niles, Columbus and Zanesyille, and some merchant fur naces are stopping work. The steel market is easier, and some of the mak- CTS are hunting for orders here and abroad. This is in anticipation of the closing down of mills rolling the lighter lines, notably tin plate and sheets, either for repairs or the adjustment of wages.
 It would seem that our own market is more disposed to bottle it's enthusi asm pending some positive outcome of ,;,,% ;,o +roI Ia
 With the exception of Erie, which re- ported only small gross gain and a nst decrease of $302,000, all the detail ed railroad statements to hand for April showed net increases. The Can adian Pacific gained S119,0O0, Southern Railway $105,0O0 Rock Island system $tSS,5S6, St. Louis & San Francisco $41,- 900, St. Louis Southwestern $120,000, and some other lines smaller amounts.
 The weekly government crop bulletin was disappointing and caused some selling of the granger stocks. Most other news developments were unim- portarlt. Traders were inclined to look for contraction Of business for the time bing, following the impositions of the stock transfer tax, which becomes effective on Friday. Many of them were inclined to await developments before making many commitments.
 A Chicago dispatch last evening says: An advance of 9 cents a bushel to-day marked the close of the bull campaign in May corn. Throughout the entire session of the Board of Trade shorts were anxious bidders for May, but of- ferings were hard to find. The close was at the highest pointof the day, 60 cents a bushel.
 There was a panic amongst the bulls in the cotton market yesterday after noon when prices rose S2 to 36 points. This was due to the unfavorable weekly government report, but primarily to the statement Of the southern associations saying that the present condition of cotton was unprecedentedly bad.
 Sugar sold ex-dividend of ] 3-4 per cent, but it recovered this on the ir- itial sale, which was at 135.
 Some not very impressive bull talk Is heard on Copper, Union Pacific, Southern Pacific, St. Paul and Erie. London was a small trader here probably not more than 15,O00 shares, with a balance between purchases and sales. Stocks were irregular abroad Louisville and Illinois Central showed the only important gains. Crop reports received yesterday were bearish for stocks. The weekly weath- CT report was neither very good nor very bad, though it could be more cas- ily interpreted as bullish on wheat and corn than otherwise. Cotton reports from official and private sources were distinctly unfavorable. Yet in all they had very little impression on stocks. The government report says that the l weather for the week ending May 29 was unreasonable over most of the l country. A late corn crop is indicated. 1 Frosts occurred during the early part l