The daily morning journal and courier., 1906-06-12
STOCK MARKET FEATURES
FAIRLY FAVORABLE CROP RE-
 PORT WAS STIMULATING.


 D. & H. and Northwest Went
 Higher.
 The market was in the doldrums yes- terday until the government crop report came out. It was fairly good-better than some of the bears expected-and i stocks then rallied.
 The anticipated bad features of the report were discounted early in the day, when there was considerable pressure all around. By noon this fear had been overcome and the short interest that had been created commenced to buy back stocks as wheat declined and the street expressed the sentiment that good deal of damage had been discount ed in the rise in wheat and the fall in stocks. On the decline the losses were 1-2 to 1-2 points. On the recovery the gains amounted to 1 and ? points in number of shares, in Delaware and Hudson and in Colorado Fuel and in Northwestern. St. Paul had been strong from the start and showed maximum rise of 12 points.
 St. Paul was the feature during most of the day, with rise of nearly points to above 179, That this issue should come out in lots of 25OO to 2,9OO shares was regarded as significant. The lend ing of the stock at 1 and per cent. might perhaps account for it. The street assumed that it meant a large short interest. In the break which fol- lowed the San Francisco fire St. Paul sold below 155. It has therefore recov- cred nearly 25 points This made it look like an attractive short sale to many, and they seem to have improved the opportunity.
 The Philadelphia report that the Baer road would buy the Baltimore and Ohio from the Pennsylvania was not noticed in New York.
 The clique in Reading has been one of the most profitable ones in the street because of the ease with which the stock is controlled
 The point went around that Delaware and Hudson would go to 250. In view of the quick reaction on Saturday, after the stock had been advanced 1S points in two days there was not much out side response to the rise.
 The drop in Union Pacific at 15C . brought out the usual good orders. Peo- pie who will not touch the stock few ' points higher will support it at 150. Il T yields a flat per cent. income there ' which price has become strongly estab. N lished as one approximating the active Y worth of the stock.
 U A good harvest of small grains is be- l ing secured in Texas, Indian territory
 and Oklahoma, and cutting of whea v will be more general in the latter par Y of this week Gains in this territory a will. in a measure offset the loss else
 where.
 's The 1o-point reaction in Consolidated 7, Gas since Thursday has carried tho II stock several points under the price a ,,e which it began to improve on the La T. combe decision. Now it is argued tha
 long period of litigation will so un
 settle the affairs of the company tha
 no chance is afforded of an increase il
 dividends and that Gas Is too high as {
 per cent. stock.
 While Wall street could not obtain Id much material for putting up stocks ou al of the crop showing, nevertheless it va r. felt that, with q larger acreage, tn m output will be very satisfactory al ,n things considered. The spring whea l- crop promises to be excellent, and evel d. winter wheat has improved since Jun I'd i, the date of the report given out yes a. terday
 SC Most of the tips" one hears are pur y guesses. That is why so many per 50 sons who follow them get Handed" witt
 stocks.
 It was easier to trace the sellers yes terday than to locate buyers. Tn at houses that sold made as much of tn t, fact as possible. Besides Content onl demonstration, there were generous of ey ferings from Gates & Co.,, who writ re and talk bullishly but keep right ol ed selling
 epl Most of the selling before midday wa isi done by the active floor operators IT. Stocks did not come from commission
 houses.
 10 London bought few stocks on yes st terday's break, and this probably help r. ed as supporting element. But for l- eign trading was very light, probabl d. less than 10000 in all. The sales wer about a third of the total. 'n Amalgamated bulls hard, and will S H. Hong as the unearned per cent. divi
 dend, shown by the annual report, re