The daily morning journal and courier., 1907-05-21


 got in some lively work.
 Evidently there was considerable H. qudation and wheat and cotton were also affected being now closely afili- ated with stocks,
 Union Pacific went to 18S 1-2, Steel common to 34 1-2, Northern Pacific be- low 125, Pennsylvania to about 120 and Reading under 1O5. The prices repre- sent a liberal concession from post panic figures. They bring high-grade securities onto the bargain counter" again, but with few investors ap- parently, desirous of settin gdown to the feast
 As to the cause of the commotion there was no commotion in the money market to provoke it, and as for the crop situation, the wild gyrations in the wheat market during the day left the price in the end pretty much where it had started. One Influence on the stock market, which caused it to break at noon, was the estimate of H. V. Jones of a maximum of 325, 100000 bush els of winter wheat. This is S0,000, 900 bushels less than the government fig ures of ten days ago and includes the three weeks damage accomplished since May 1. Mir Jones has always been a conservative.
 Stocks have been slowly losing ground since the first of the month No sup port has appeared at the low levels, and it was evident that none was pro- posed.
 The basis on which Wall Street sold stocks was formed of the Interstate . Commerce Commission s supplementary report on Standard Oil; the rumor that a federal investigation of the Hill roads would be ordered; the various calami- tous crop reports and rumors of new financing by prominent railroad indus trial corporations, including the Steel company. A few facts as usual were multiplied into dozen misrepresenta- tions.
 A feature of the market that was dis. heartening was the decline in active as well as inactive shares below recent low levels They. went into ground that could only have been reached through liquidation.
 The imminence of a, report by tht referee in the Consolidated Gas case said to be favorable to the company had to do with the rise in the stock.
 The New York traction shares suffer ed moderately, though interboropgl Metropolitan rallied fairly well, follow ing rumors that the quarterly dividend will not be passed in July, as some con tended last week. Brooklyn RapiC Transit broke sharply, probably as { result of liquidation caused by the pro posed issue of $25,O00,000 of bonds b. subsidiary companies of the Brooklyn Rapid Transit system.
 The April statement of the Balti more and Ohio was a relief to stock holders. The gross gain was $7OO,0OC but net only $20O,000, as operating charges were increased by bad weather
 Probably the decline in United State Steel common to 35 early in the morn ing, and later to 34 1-2, did as mucl as anything to disturb sentiment. Thi stock has been heavy for some time The report current Saturday of ney issue of United States Steel bonds, rat ed as high as $1OO, OO,00, made the stee stocks quite weak.
 The drop of points in Lead, of i Locomotive common, which sold unde 50, though it pays 5 per cent; a ney low level in Chesapeake and Ohio, Roc Island and the Kansas and Texa shares, all pointed to quiet liquidation by people who held on through tn panic, and by those who bought a panic levels and have been disappoint ed at the poor holding ability of tn market.
 The lowest prices of the day for tn market Headers" were recorded in tn .