The daily morning journal and courier., 1905-06-07
STOCK MARKET FEATURES
EARLY DULLNESS THEN 4 LIVE
 LY DROP IN PRICES.

AmaIgamatcd Hammered and All the
 Active Stocks Then Wcakened-The
 Equitable Company Row--Good Crop
 News-The Fractions.
 The stock market was dull enough yesterday until the middle of the after on Amalgamated Copper took place fol- lowed by a weakening of all the active stocks.
 The row in the Equitable and the resignation of more directors from the connpany-President Cassatt of the Pennsylvania railroad and Jacob H. Schiff of Kuhn, Loeb & Co., had a de- pressing effect. The resignation of one eminent director after another exerts a bewildering and paralyzing inbuence on inancial feeling about the scandal. Then, too, came the report of the assas- sination of the czar-unfounded-b for short time this had an unsettling effect.
 The increase in the volume of busi- ness near the closing was accomplished at the expense of values.
 An important fact to recognize at present is that the crop outlook of the moment is far above the average, and might, with good luck to harvest time, give the country a wheat yield as large as the great crops of 1898 and 1902.
 Amalgamated Copper, which weighed against the market, the same as Mon- day, broke over points and Steel Boundaries preferred, an over-exploit- ed industrial, broke 7 points As to S. : F. it was reported that the dividend on the preferred stock would not be receiv- ed 5in July. %%'
 Banking interests are doing little in the market and what supporting orders they had previously kept there were largely withdrawn. This was particu- larIy manifest in the grangers and United States Steel issues.
 The steel stocks and the prominent railways lost a point or more.
 Speculative selling of Reading and liquidation made the stock one of the weakest in the active list. It showed a loss of 2 1-2 points from Mondays high est at midday. The directors are ex- pected to increase the dividend on June 2t. IT,.
 There was a smart rally in the local fractions during the morning in which Metropolitan Street railway crossed 120, but it did not attract any public buy ing, and these issues reacted in the af- ternoon with the remainder of the list Some of the traders who tried to make turns" found it hard to get out of their stocks without a loss after paying 1-4 per cent. commission.
 x There was a general absence of sup port and also of public participation in the market operations.
 LaWson's attack consisted of a 15O- word telegram to stock exchange houses saying that the Copper report was made ID to help along a pool of 5O0,0OO shares. He says that the stock is not worth 45. -@-.
 Trading in Amalgamated Copper looked like efforts on the part of in- siders to distribute stock. Members on the floor said a block of 10000 shares was liquidated by somebody. This was before the publication of another attack from Boston in which hints were made of an early appeal to the courts for some unmentioned purpose. From Rogers Rockefeller sources the tip is very strong that Amalgamated Copper will be placed on a per cent basis in July, and that the stock will advance to par. This seems to be put out to offset the generally unfavorable comment on the report.
 The one news comment of any con- sequence was the governments week. ly bulletin of conditions in the grain and cotton belts. This was important because it showed that the long delay in growing weather has apparently reached an end. From practically every quarter of the country this bulletin re- ports that the past week has been highly favorable.
 There was disappointment of Amalga- mated's> statement as many had ex- pected that the company was sort of Golconda-that it's surplus would reach S25,000, 900 or so. All the rosy talk on Amalgamated prospects seemed to van ish yesterday,
 Good increases in earnings in Missou- ri, Kansas and Texas had no inspiring effect on the stoock
 If some of the tips heard yesterday are worth anything the Boston short interest, believed to be a large one, will be given special attention in a very short time.
 The output for May in the Cripple Creek district amounted to $1,864,215, @ nominal increase over April.