The daily morning journal and courier., 1906-06-14
STOCK MARKET FEATURES
4 FURTHER DROP IN PRICES
 YESTERDAY.

Crop Scare Talk-EarIy Strength Fol-
 lowed by Closing Weakness--st. Paul
 Got to 1s2 Before Break-Talk of q
 Wheat COrner--Gossip.
 After rather imposing demonstra tion of strength the market fattened out again yesterday and the gathering hope in the breasts of those long of the market that big bull movement was developing was upset. Constant disap- pointments of this sort explain why So little outside interest is taken. Fur thermore, commission houses are very conservative. The text of most all of the market letters is "sell when you have profit; don't buy except on breaks"
 Western Union again came to the front again as dividend payer. de- claring it's regular dividend as it has for a very long series of years. And despite the Wiseacres who have de- cried the stock as being on the down grade it's statement is very assuring. The surplus for the three months was $2016H. Gradually the total surplus has been increased until 1t is now near ly $17000O0O, or enough to pay IT 1-2 per cent on the outstanding capital stock. The transfer books of the com pany show comparatively few changes Stockholders have been getting per cent. dividends regularly and they are not worried by heavy fluctuations in the market The extreme swing in nine years has been only a little over 20 points.
 The late decline in the general list had the appearance of liquidation of long stocks quite as much as of short selling. There was only reluctant sup port from the bankers. St. Paul con- tinued to hold most of it's gain, though it loked very much as if it was being
 "pegged" for the purpose of checking the decline elsewhere.
 This weakness is due to raiding by
 traders" was the general comment
 when the market fell off rapidly.
 Commission firms reported eonsid,,
 erable falling off in out-of-toWn orders
 and disposition to wait for some def
 mite news which would make stocks go
 up or down, instead of keeping within a
 narrow range, as has been the case re gently. Firms from western connec- tions, particularly, reported that they
 saw very little disposition to buy stocks , because of the uncertainty of the cror
 outlook At the same time their GUS. toners were cautious about going short Neither the Prick eulogy of President
 Cassatt nor the increase in PennsyIva-
 mia company's dividend from to per cent. benefited the stock Tht
 movement simply died out like man, ' ' others All of the $8O,Oo0,oOO of Pennsyl ' vania company stock is owned by tn
 railroad corporation. Ten per cent. i 7 earned on it.
 ' It was purely croy weather nlarke ! for stocks. There is well organize, ' clique which spends much of it's tim t preparing news"
 The remark credited to Edwin Hoole.
 that "a year ago every one was loade' d with stocks and had no time money
 Now everybody is loaded with tim d money and have no stocks" Is a truisr ! l WU1CIl Wdll oIlGOJ NlAl OuPPOkb' V An early feature was ''drive" q 's Brooklyn Rapid Transit on the knowl n edge that a hearing will begin nez le week regarding the proposition to re er strict the fares on the entire system { 10 5 cents, and abolish the rate of te "a cents to Coney Island.
 Id The selling of Steel common yestel
 day down to 40 was said to be bettt se than the buying on the recent rise n 42. No one wants to bull 1t when { d. much stock Is for sale at each pofi le rise. There was talk that dtvider ne on the common would be put off lo another year.
 of All foreign markets were stagnan CT investment issues declining at Londo lg where our stocks received some SUI 'ir port. The market at Paris closed abo' as as weak as it did here, where the loy or est prices of the day were made in u e- last few miutes of trading ,s- The curb brokers amused themseiv
 by dealing in fictitious St. Fla
 rights at prices ranging from Ia
 6 1-4.
 Wall street is forecasting strenuo ~ times this fall in the political arena s- The directors of the Pittsburg. CT ~ cago, Cincinnati and St, Louis railos Sa the Panhandle system, declared a sen - annual dividend of 142 per cent .. the preferred stock, making the rate
 per cent instead of as heretofore, q. .,U the regular semi-annuai dividend ot <, 1-2 per cent. on the common stock.  in 1ADoNr pocp,Nr,o xy1crr