The daily morning journal and courier., 1906-04-11

food Crop Report Construed Bearishly --COaI Conference AdjOurnment- Talk of More Gold Imports--COurt Review of H. Fl. Rate Bill-0ther Gossip.
 The stock market yielded yesterday little to the pressure Of tight money, which it had withstood with such re- markable success for the last few days
 There was no great break but prices fell off from one to three points,
 Stocks were fairly buoyant in the morning over the more cheerful view taken as to the outcome of the coal controversy, and over a heavy break in the sterling exchange accompanied by rumors of more gold importing.
 When the government crop report news came out, the bears sold the market, as they argued that the aver age condition of winter wheat should have been over 90 per cent, instead of S9.1.
 Based upon the reported condition and the acreage the yield was estim- ated at 473,249OOO bushels, against an estimate on April last year of 479,- 7S7 GOO bushels, and final yieldsof 42S,- 462,0O0 bushels for the crop of 1905. There is, however, nothing dlscouraging in the situation.
 The heavy calling of loans yesterday was largely responsible for the general throwing over of stocks in the after noon. It was regarded as explaining the probable way in which banks expected to make up their deficit again, as if was alleged they would do before the end of this week. Reports were cur would show loan reduction of be- tween $15,OOO,O00 and $25,OOO,0OO, which would offset loss of cash of $4, ,000, COG to $6,00O,000.
 Out-of-town money loaned on the ex- change early in the day helped to take the sharp edge off the money market At the same time the call rates con- tinued very high throughout the morn ing. The opening loan was $150000 at 20 per cent, and later the rate touch- ed IT per cent.
 D6CduS6 4Ol lklS LiSu liOuSy taACS bankers found It difficult to sell sight exchange at any price yesterday. That was explained by the fact that pur- chasera of demand bills have to wait nine days for their money, which, in a 20 per cent. money market becomes a very costly operation.
 On the dip in prices after 1 o'clock Amalgamated Copper and Union Pa cific were the weakest issues, Copper, which had early sold as high as 1O5 5-S, rushed down to 107 1-S, and Union b-8, fell to 152 12.
 Tn banking circles the view was en- tertained that Secretary Shaw could not much longer ignore the need for treasury relief.
 Tn hope of gold importations was dominant with the bulls. Tn little sum obtained this week was voted to be only drop in the bucket.
 As for Union Pacfic's weakness there has been a growing belief in the financial district that the Hartman in- terests disposed of a large amount of the stock on the late advance above 159.
 A. J. Darling, David Wilcox, presi- dent of the Delaware and Hudson and Robert Goelet. manager of the Goelet estate, were elected directors of the Union Pacific to-day to succeed Jacob H schiff, Otto H. Kahn and James H. Hyde. No particular significance was attached to this.
 That Reading at the end of the first three hours trading, with total of more than 100000 shares, was 3-S point higher than yesterday looked signif- cant to many. They argued that it sig nified a settlement of the anthracite trouble This view was partly confirm ed by the issue of orders by the Penn sylvanla railroad to large number of employees in the maintenance of way department who had been laid off, to return to work.
 On the afternoon break in prices many stop loss orders were uncovered and this accelerated the seli~g pres. sure. Holders of stocks who had be. come disgusted over the poor rallyine power shown dumped their lines and there was quite little liquidation.
 The St. Paul road now has three pieces of construction work under way, one between Seattle and Tacomt, ont east from Seattle, and one west from Evarts, s. D. It Is also learned that every effort was being made to com plte the extension as soon as possi- ble