The daily morning journal and courier., 1906-07-11
STOCK MARKET FEATURES
4 SHOCKTNGLY DULL DAY WITH
 PRICES LOWER.

And Crop Report Was Bullish and
 Money Easier-Only 100000 Shares
 Dealt in Up to p. m.-Gossip of the
 Day.
 It was a waiting market yesterday waiting for the crop report and, like Micawber, for something to turn up generally.
 The crop report came out and was very bullish, yet Wall street was apa- thetic-no response except decline in prices. It did not appear until the last hour and up to that time only 2OO,- 900 shares of stock had been dealt in.
 The yield of spring wheat of 293,221,- 900 bushels, as against last months es- innate of 29S,617OOO bushels. The total spring and winter output is 722,755,0O0 bushels, or 10,000,00O bushels more than a month, ago. AS for corn, that prom ises a yield of 2,70S,641,O 1000 bushels, or more than 50,O0O00O bushels more than this time a year ago.
 Money was easier yesterday. Time loans for over the year were negotiated on basis of 5 1-2 per cent. in some volume.
 The foreign loan talked of did not materialize-hence, perhaps the lethar- gy. The French market is anxious to hold onto it's gold noW-much more so than when Pennsy secured it $50 000,OO0 loan.
 The Paris market was strengthened by the reassuring reports from Russia, and feeling that change was pend ing in the ministry at St. Petersburg. Russian bonds advanced there on the outlook.
 The break in Amalgamated Copper meant more to the street than usual inasmuch as it was sold down by Standard Oil brokers. The remark credited to H. H. Rogers that, if he had ever been diseased with enterprise, he was now cured, coupled with the present unfriendly attitude of his busi- ness associates towards commercial ex- pansion, makes increased dividends on Amalgamated stock unlikely.
 It certainly looked on the exchange for a time as if everybody of any con sequence had gone as far away as pos sible from Wall street, and intended to leave securities thoroughly alone.
 Although the Guggenheim interests are said to be larger holders of their IN of Shelters indicates that 1t is finding it's own level. It Is 30 points under the January price. The gossip tht the div idend would be raised to 10 per cent attracted few buyers but they have since sold on lack of faith in the re- port.
 There was a half hour during the early afternoon when the sales were less than 10000 shares-probably the smallest of any like period this year.
 The conspicuous weakness of Brook lyn Rapid Transit reflects, as much as anything, the current stagnation in the bond market The provision of the new mortgage allows of gales of bonds for improvements. Bonds are now unsale- ble.
 The rather sharp break in foreign exchange yesterday was due to the lib- eral offering of bankers bills. This was thought to reflect early engagements of gold for import, and, some thought, the placing of one or more new railroad loans in Paris.
 A soft spot in the market was Inter- borough Metropolitan. Both the com. mon and preferred were under consid- erable pressure.
 Traders on the exchange pointed out that the early break in stocks, with 1-4 or 3-8 point between some sales, on light transactions, had G forced ap- pearance, as if intended to shake out margined accounts that it did not rep resent selling of long stock by promi- nent interests.
 The action of Pennsylvania recently indicates that the weak holders have been well shaken out. Since the stock touched 122 it has been well bought.
 'Sell on good news" seemed to be the motive which inspired the trading when the government crop report came out a few minutes after o'clock. It was fully up to xpeotations-better in fact in some respects.
 IA western broker who came on to see some of his New York correspon- dents, visited half dozen offices yes terday in which there was not single customer These included several of the largest commission firms in the street.
 There was no news to account fol the weakness of Inter-Met. stocks though it is altogether probable that the members of the old pool in Inter. borough Metropolitan have been con. stantly pressing their shares for sale as opportunity offered. There was next to no demand for these stocks. The trading element is afraid of them many of them having been burnt by the fall below 50.
 The banks began yesterday the re- payment of government deposits to the treasury under the recent call TOT the surrender of $100OO,OOO within the next ten days.