The daily morning journal and courier., 1907-07-03
LATE FEATURES OF
 TIE STOCK MARKET Market Uncertain and at Closing Became
 Weak. MUCH PROFIT TAKING Foreign Markets React and Bad Cotton Report
 Money Easier.

The stock market yesterday display ed some strength at times but near the close fell off rapidly ond profit taking.
 It was evident that caution was the word, and it was conceded that five point advance in week with uncer- tainties hanging over the market was quite sufficient for the time being es- pecially as most of the shorts had been run In.
 It was a variegated and puzzling market with prices Hopping this way and that with decided ease.
 Some stocks sold higher than on the day before, notably the iron and steel issues, while the active railroad shares went close to the highest. At the clos ing the net changes showed small loss for the day.
 Beside the reduction in the short interest. the market was affected by continued high money rates, sterling exchange at level making gold ex- ports profitable, and unsatisfactory foreign markets Then there was the July report of the government on the condition of cotton, which was any thing but favorable.
 The governments report on cotton was extremely disappointing to those who had been predicting a or 5 per cent. gain in the condition estimate as result of the favorable weather con- ditions. of the last month. Such a low condition estimate as 72 has never been published before at this dats; 1t is S.8 -psJ -cefTr. befoW the July average of 1850, which was the lowest figure for this date, with the exception of to-day's reported in the last fifteen years.
 London sold stocks but simply to re- alize profits from last weeks pur- chases. There was some anxiety felt there over the rumors of disastrous earthquakes in South America. Con tinental exchange from nearly every quarter moved against the English market.
 Cotton advanced sixty points, or three dollars bale, and wheat went up one cent a bushel on disquieting news from the crop area.
 Although the cotton crop news was disappointing to the market, the figures showed gain of 1 1-2 per cent. for the month as against depreciation of 4-10th of i per cent in that period for the ten years average. Should this im- provement continue, with favorable weather conditions during July and Au- gust, the period in which the bulk of the crop is made, the result might be 8 crop of 11,5OO,ONO bales.
 Berlin and Amsterdam are both try ing to draw gold while the Paris check rate suggests very plainly that the Bank of France is not through with her efforts to get metal from London.
 Sterling exchange advanced in the afternoon on urgent buying and closed strong at a basis which indicates that Parisi may secure gold in this market to-day in spite of the days easier quo- tation for the Paris check.
 It is understood that banking houses with Hartman affiliations have recent ly borrowed about $10,00O,00O on Union Pacific as collateral. They were heavy buyers of the stock around 130 and it is quite possible that they have been distributing some of it in the neighbor- hood of 140
 The days setback Tn stocks was re- garded as a normal one, after a rise of 4 to points within a week in active is- sues. It was evident that banking in- terests were willing to see a recession. The feverish staple markets, together with very firm money, higher foreign exchange, and kindred influences were all suggestive of caution.
 Bears sold down Union Pacific, Read ing and Pennsylvania without losing much stock. Savln had 1000 Union Pa cifc for sale between 140 and 1S9 IA. One 1000 share lot of Steel was oIered at 96 S-4, The bears found that the market was not so yielding as they im- agined it would he after the heavy ad- vance.
 There. was some amusement in Wall street over the prediction of Boston's 2 well known operator advertised yester- day morning in the papers that stocks would rise from 25 to 50 points.
 Good results were shown by the rail- Il roads making reports for May. The Erie is getting on it's feet again. It gained S265,897 net in May, and has a gain since July of $S8S,5SO This prac- K tieally guarantees it's preferred divi- dends. Illinois Central increased net $29S, SAT. Louisville and Nashville,
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