The daily morning journal and courier., 1906-06-15

Points and Rallied FOur--Rumors ana Rumors-PooI and Outside Liquida- tion-Abundance of Buying Power- Gossip.
 The stock market had an attack or severe indisposition yesterday It was indisposed to go up at the start ana before Eong it showed strong dispo- sition to go down. Nearly all active stocks closed lower and Reading fell ten points, rallying 4 at the close on shorts covering.
 Apathy on the part of banking inter- ests and lack of desire to do anything to sustain stocks were the feature of yesterdays market. Those who were seen yesterday predicted the stocks would drift more or less during the near future. They saw no reason for start ing rising market at this time, and remarked that the outside public was not disposed to do much.
 The break was termed a "Keene raid" But he has been sitting watch ing the market very quietly of late and apparently doing nothing.
 The bear pressure was strongest against Reading It opened at TAO, but heavy offerings all day forced it down until near the close.
 Tha solitary bull pool in baltimore and Ohio bid up the stock several points. Gates & Co.,, c. D. Barney & Co.,, Edward Sweet & Co.,, and Content & Go. were the chief buyers. London has been bullish on it for some weeks. The talk yesterday was of per cent. dividend, but this wGs shifted at as a despairing tip.
 Stocks broke most violently in the last hour.
 A very unsatisfactory feature of the market was the way guiding stocks broke through levels at which they have been receiving support recently.
 Crop conditions were better. and wheat was lower. There was another large transfer of currency from San Francisco, which brings the total re- ceived to date to about $19,000 ,000 Sterling exchange was unchanged and money rates ruled easy. The stock market conditions were largely the out growth of absence of buying power, which substantial bear pools took ad- vantage of,
 The liquidation by tired holders stood out plainly in the market. Commission houses found that clients whom they had been trying to get into stocks agair were disposed to reduce their holdings in quiet way and looked upon all ad- vances as opportunities only for getting out of securities.
 There was disappointment because after the meeting of St. Paul director! yesterday, it was announced that only routine business was transacted, ant that there was no reference to the new financial scheme
 IA good deal of long speculative stocl came out in Amalgamated Copper. Int indifferent action of the stock In all re- cent attempts to bull it made the bear! more confident when they saw signs O liquidation yesterday morning. They were assisted by a decline in spit cop per abroad after steady reaction from the boom prices of a month ago.
 The behavior of St. Paul stock yes terday convinced many that thu move" in it was over, and that it die not go up on the rights theory bu pure manipulation, of the short witt which Wall street is familiar This has been a convenient stock to use fol steadying the rest of the list, while Ii quidation was going on.
 There was little evidence that the in siders were taking U. F. stock at tn, point decline from last weeks price
 Wall street heard more yesterday about the successful placing of the $50,, 100000 Pennsylvania bonds in Paris which, if true, would be regarded as en tirely favorable to the local stocl market
 May Gross earnings of Northern Pa cific increased $S16,144. This is 1T pc cent gain over last year. The clever months receipts are $9, ,44S, 900 above 19O also + per cent. improvement. Tn, great Northern's gain to date is $7300, 0O0 The total gross of the Hill line %bLs xTaa, r,i1I onproyiDaata S1 Q0 n0n nn0