The daily morning journal and courier., 1905-07-11
STOCK MARKET FEATURES EVIDENT AND
 MORE UNLOADING.

Prices Held Well, HOweyer-RumOrs
 and Reports About U. F., Etc.-The
 Crop Report Due TO-day-Time
 Money Dearer-R. R. Earnings-The
 Renewed Strength Of the Steel Stocks
 Stocks held well yesterday despite heavy realizing of Reading and Union Pacific, which caused small declines in the active stocks
 The feature of the monetary situation was hardening in the market for fix ed funds, the six months maturity touching 4 per cent. for the first time this season. The increased firmness arose mainly from a continued demand from stock houses, with large commit ments on the bull side of the account.
 An officer of the Burlington says: Corn will be little late owing to con- tinuous rainfall in certain sections dur ing June, but the crop as a whole will average very well, and hot weather this month ought to bring it up to an average"
 Tips were out to buy Long Island stock because Pennsylvania owns it, and Pennsy's stocks usually 'get there" after while.
 It was rumored that one large bear account in Reading was settled private ly.
 'The earnings for June should make a much better showing than preceding months and compared with last year. when the movement was seriously ham, pered by floods" said an officer of the Atchison. We still stick to our esti- mate that 90,0OOO00 bushels of wheat for Kansas, and the territories have raised several million more bushels than was at first expected. The condition assures a heavy tonnage movement regardless corn. The latter, however, has plenty of time.
 The heavy selling of Union Pacific yesterday to below 129 was an adverse factor yesterday.
 It was rumored that certain very large speculative clique which has been operating on the long side of the market had transferred its interests from Union Pacific into the United States Steel shares.
 The advance in Steel common above S5 steadied the market when it was at it's lowest point. The common over- shadowed the trading in the preferred
 In explanation of the selling of Union Pacific one theory advanced was that the liquidation in that instance had been induced by the receipt of informa- tion that it had been decided to make no alteration in the dividend on the stock. Dividend action on Union Pa cific is looked for at almost any time.
 One theory about yesterdays market was that it was waiting for the govern ment crop report on corn to-day. If the corn percentage is not placed con- siderably above what it was in last years first official report the financial community will be greatly disappointed
 Southern Pacific held better than Union Pacific. A comparison of earn 4A'5S o+ IlIS lWO IOetNtS Lut Iady IS more favorable to the former.
 The exceptional strength and activity of the United States Steel stocks seem ed to be based largely on expectations and forecasts of the showing which the company will make for the ended second quarter Of its year.
 The rise in Amalgamated Copper was based on Heine's statement that the copper war in Montana was a thing of the past. Copper directors will decide on the dividend on July 25.
 In addition to the heavy selling by Strong, Sturgis & Co.,, who put out about 10000 shares, Union Pacific show ed the effects of general commission house selling.
 Reading had the most positive reac- tion since it crossed par. No apparent effort was made to support it on the way down from 1OS 1-2 to 106 1-2. It was the lack of buying rather than li- quidation that caused the fall.
 The whole tendency of the days dealing in fact was to draw speculative interest into the industrial shares