The daily morning journal and courier., 1907-05-27
LATE FEATURES OF
 THE STOCK MARKET Bears Confident and Sm all
 Support to Prices. SHORTS CAUSE RALLIES Fears of Trade Reaction, Gold Exports, Poor Crops,
 Adverse Legislation.

Adverse Legislation.
 The stock market has sunk into a nire of pessimism. Where a year or two ago prices were jacked up until they were almost "out of sight" now everything is dubious, or alarming, and with prices sunk down from 20 to near ly 50 points, from their former toD- sky-scraping level
 Prices last week lowered around the low level of March. Certain shares have even gone beneath the quotations of two months ago. Only 2 per cent. of the 12-point recovery remained on Thursday. Are stocks going lower yet? That's the question uppermost in Wall street.
 There are other reasons than fear of trade reaction to account for the de- cline in stocks It is noticeable that the members of the Hartman group are very weak Great Northern and Northern Pacific, of which about $15,- 00O00 par value remained in the Union Pacific treasury a few months ago, have been going down on obvious liqui- dalton. New York Central, Baltimore and Ohio. St. Paul and Atchson. of which the Hartman interest acquired over $100,000000 worth last year, and in which there has subsequently, been a shrinkage of 15 to 20 per cent, have been under pressure, with apparently stock coming out suspiciously.
 For the present the price of wheat and the fall in stocks have discounted the full amount of the crop damage. The bull position in grain is based on the damage done to May 15. A rise of nearly 25 cents a bushel in wheat covers this. The government report, it is be- lieved, will show improvement.
 Some of the Wall street stock market opinions are as follows:
 IA. o. Brown & Co,The ease in call money would indicate rather light de- mand, and that commission houses generally are not carrying very heavy lines. From this it may be inferred that nearly all the stocks are in strong hands.
 Dick Bros, & Co.,; The improvement which has come in the crop situation the liquidated condition of the market and the great extent of the short inter. est seem to us to argue in favor of 8 further recovery in stocks A genera short covering movement is not i'm possible, and if it develops it may carry prices up rapidly.
 Boody Mcclellan & Co.,: The stocl market continues to reflect los O confidence on the part of the public Some stocks have declined 50 per cent in price, many 30 and 40 per cent, anc yet there is no investment demand fo securities, although the interest return is greater than can be obtained by loan ing money. New bond and note issue are being offered by the railroads an, corporations from day to day and seem ingly the requirements are greater tha1 the ability of the investment marke to absorb them. Each new isue is mad as attractive as possible both as to SC n sides increasing the supply of invest ments in the market eac hadditiona Notation works more or less to the det riment of previous issues. Money owe the year is in good demand at 1-2 De cent with offerings limited. The shor interest in the stock market is un doubtedly of large proportion. Unio Pacific, Steel common and Canada Pacific have loaned flat during tn week. This rate may be somewhat fiC titious, however, as some stocks liqu dated this week may have been borrow ed while the selling was in progress.
 Corey, Milliken & Co.,, of Boston
 There is no mistaking the fact tha Reading has been sold to a standstil and it is inevitable that the stock wi
 score a sharp advance when the pres
 ent very extended short interest begin to cover. The bulk of Reading stock lodged permanently in strong hands, s
 that the stock is in a good market COT
 dition for a sharp turn on the short I The Vanderbilt Morgan and Pennsy
 vania railroad interests are credite
 ADN
 number of Reading shares outstandin
 and as the road is steadily improvin
 it's position, it is natural conclusio
 to anticipate that these interests wi
 increase their holdings Earnings
 the road at the present time are in Il
 neighborhood of 16 per cent, or fol
 times the amount now being paid
 dividends on the common stock. Vii
 these large earnings it is natural thi
 the opinion is held in some quarte
 that the common stock dividend will
 increased from a per cent. to 6 p
 cent. basis some time this year I'll
 directors will probably meet next wet
 for common stock dividend action. IT
 company is in a very strong positiC
 financially and as no large undertal
 ings are now in progress, there exis M no need for any great sums of mon'
 in the near future requiring financin