The daily morning journal and courier., 1907-05-20
LATE FEATURES OF
 THE STOCK MARKET Dullness, Uncertainty and
 Pessinlism. CROP NEWS AWAITED Various Approximations as
 to the Outlook.

The stock market continues weak and uncertain, with a downward tendency, due to the reports concerning winter wheat, the 1ateness in planting spring wheat and the absorption of all money in sight for corporation needs.
 Wall street looks ahead to dull time in stocks, but recognizes in the crop situation elements making for the lar gest speculation in staples that the country has witnessed in years.
 The debatable question is how far the obvious damage to the crops will ac- centuate the present conservatism in making trade commitments.
 There is no doubt that the superior attractions of the commodity markets have diverted speculative capital very largely from Wall street. There is no doubt also that increasing uncertainty over the outlook for the seasons har- vests has played part In the disn- clination of the public and the larger financial interests to extend their com mitments in the stock market.
 One theory is that even if the winter wheat, the cotton and the oat crops fall off one-third, there is big amount of leftover wheat corn and cotton from last year, which will keep the railroads busy Then, too, with higher prices the farmer will get in as much money as before.
 The industrial situation is still rosy. Rail orders for 65O,O0O tons have been placed for 1908 delivery The General Electric company is issuing bonds to provide additional facilities for bus- ness, and the Westinghouse new stock for like purpose, which accurately re- fleets trade conditions. 1t is recognized that the largest proportion of new bor- rowing by corporations Is to increase their capacity, and not to pay off old debts.
 Some look for further falling off in prices of stocks, due to that tired feel ing" caused by continued bear pres sure, but, on the other hand, there is a respectable minority who assert that the short interest now outstanding is very heavy, that the market has gone through several weeks of crop scares, a violent wheat speculation, new se- curity issues and threatened prosecu- tion of railway combinations, without yielding more than a few points, and that all this testifies to well-liquidat- ed and strong position.
 Investments are in a state of transi- ton. For a time, certainly, we are to have higher income yields. The man with capital to place realizes this He appreciates the fact that it is even better for him to sell some of the se- curities he has, and which may stand in at loss, in order to have his funds in hand when an attractive offering is made. The investor has the whip hand. The corporations need his capt- tai, and must pay well for it.
 Tn spite of the decline in wheat Sat urday St. Paul was offered down on the theory that the poor seeding results in the northwest will curtail eaESags of this road The stock sold at the lowest in the last half hour when the general market was heavy.
 Some Wall Street opinions are as fol- lows-mostly bearish it will be noted;
 Chandler Brothers & Co.,: With July wheat above $1 and with the speculation in grain on the bull side extending into oats, the immediate out look for stocks is somewhat discourag- ing to the bulls.
 Alfred Mestre & Co.,: "The tendency of the market appears to be sag ging one, and we believe that the dull ness will eventually be broken by the development of more acute weakness particularly in the industrial group, in view of the contraction in business which is undoubtedly under way
 Prince & Whitley: "The tone at the close was irregular. with sentiment for the immediate future dominated by crop reports. We still fail to see any thing in conditions to make us look for any permanent improvement, and be- lieve in sales on rallies"
 H. L. Horton & Co.:The right foun- dation for a bull market has not been made, and sales looking to repurchases later are in order
 E. R. Chapman & Co.,: We fail tc seen any buying power other than shott covering, and still believe that stocks are a sale on such strength"
 Miller & Co.,: eve believe the wise policy will prove to be sale of seeuri- ties on all hard spots"
 Charles G. Gates & Co.,; Crop dam age reports were no more numerous than in the past, but there is a strong clique in New York pulling wfAlt and this, more than damage, is res ponsible for the advance in this cereal Trade in stocks was very quiet, w