The daily morning journal and courier., 1905-09-12
STOCK MARKET FEATURES
4 LIVELY RALLY FOLLOWS BIG
 CROP REPORT.
Wall Street Braced Up Over the Great Corn Crop I'rOspects-stocks were weak at the start.


 weak at the start.
 Wall street stocks fell off at the open ing yesterday and developed consldefa- ble weakness. When the government crop report came out, however, ah- nouncfng the biggest corn crop ever known, prices rallied and the hiarAe'' took on bullish look. The government estimate or corn crop of 2,716, LOGO bushels, compareo ea with the other large crops or 2,Sz5'VVV,uVo '1"O in 1902 and 2,666, ,OOO,OOO bushels in lSSS' The reduction in spring wheat for Au- gust was only 100000 bushels, Which leaves a total crop of 704.0Oo, 900 busheis' as against 552, ,s2O2O2O2, ,OC0 bushels year ago. -. ,.o,+ Another striking evidence Of great railroad and industrial activity was tue placing of the Pennsylvania rail orqer Involving an outlay of over $o'OOV'VOV' nr S1 100000 more than for the same Item in 1904. This means a great deal more when connected with the, recent contracts that this company mas enter ed into for cars and locomotives Stocks at the start went down. not from any rush of selling orders put from lack of support. *e+. .p
 feature yesterday was Erie, the common stock held firm in the prevail Ing weakness, and later, when the crop news came out, rose rapidly, the first and second preferred following suit Ali the same time a report came out hat the St. Paul road got control or the Erie road. F. ,.' /. -.''' The advance in money yesterday al the Bank of Germany had been expect ed. and indeed, was practically fnevit- ayble. after the Bank of Englands ac- tion last Thursday. Nevertheless, it ' was one additional witness to the fact that the era of very easy money the world over, which may be said to nave begun in 1904, has reached its end.
 The money question still cuts figure In the market, despite opinions to the contrary. .. Some of the pools which have been holding long lines are claimed to have reached nearly the end of their rope and the street is beginning to wonder how well the stock will be absorbed when they come to unload.
 Some of those closely affiliated witt the leading banks in the city still main tain that there need be. no apprehension on the score of tight money.
 One broker advanced the belief thai the short interest is about the only prop the market is likely to have against a sharper reaction than has ye1 taken place.
 Close market observers do not believe that prices are going to slump yer! badly, but they expect something or, waiting and irregular market in the lm mediate future.
 Arnalgamated Copper had a fairl! strong tone during the latter part of tho day, refecting to some extent the re covery of the copper metal at London ,at1d favorable views on the part of 10 gal dealers. The stock more than re covered its early loss in the face of con tinued selling pressure.
 There is some talk in Wall street 0 , ! per cent. money this week, also 0 breakers ahead in the doings of con gress at it's approaching session.
 There is a rurnor current that the peo ole at 26 Broadway have, for the tim being. at least turned rather bearish O the market.
 The directors of the New Haven Iro and Steel passed the seni-annual divi . aend of 15 cents per share yesterday.