The daily morning journal and courier., 1907-06-19
LATE FEATURES OF
 HE STOCK MARKET A Better Feeling Followed
 by Depression. THE TRADING LIMITED Foreign Exchange Continues Very Strong-More
 Gold Exports.

Gold Exports.
 There was another bout face" in the stock market yesterday. In the morn ing hopeful feeling predominated. In the afternoon depression set in again.
 The engagement of $l,000,000 more gold was one feature of note yester- day, The stock markets afternoon de- cline was possibly a response to the gold engagement; it's forenoon advance paid Wall streets compliments to the crop news. Yesterdays weekly wealth CT bulletin for the country was like an- cient history.
 The bulletin from Europe's grain fields was not wholly unlike our own; but 1t confirms the idea of very short crops in the Danube valley. It would be an odd ending to our "crop scare" if America were to produce enough wheat to spare, along with the storehouse sup plies from 1906, a full export surplus valued at highly profitable prices.
 The absence of the public was again apparent Shorts covered, and there was little professional buying flor a turn" on the early display of cheerful ness. Technical conditions, for the moment, favored the bull side; the weather was summer-like and the cut ting of the Adams Express company melon" also helped sentimentally, Every few years the express compa- nies find their surplus too unwieldy and they give it away in one form or an- other.
 The New York Evening Post re- marks: 'The Adams Express is issu- ing bonds for nothing whatever. It not only reduces it's surplus which is right and proper. but trebles it's long term debt. Clearly this is a proposi- tions which requires more light on the detailed conditions surrounding it."
 Brokers found it harder to get time money yesterday in large lots for long terms. Quoted rates were trife high CT, but the hardening tendency was chiefly reflected in the unwillingness of the banks to put out large lots pending the July first settlement.
 While the general disposition of Wan street Is to ridicule any danger of war with Japan, 1t is a fact that there Is a little undercurrent of unrest in some quarters as to the situation between the two countries.
 The hot weather was conceded to be a bull argument on the crops. Wheat was strong, however, yesterday, July at Chicago early selling at 92 cents but | the strength was understood to be largely based on foreign conditions, though there was also talk of big dam age in the west.
 The address at Jamestown on Friday of Frank A. Vanderlip, vice-president | of the National City bank, New York, is likely to be very interesting to some people in particular and to Wall street | in general
 The quieting down of the populace ! in Russia and the failure of further monetary troubles to develop in Egypt, | were well received. The government weekly crop bulletin was considered | favorable, for the most part. Private estimates on on cotton, showing im- provement in condition and increasing { the acreage above that of the govern ment's figures, gave general satisfac- ton.
 Price fluctuations in stocks during the late trading were small, but the trend was generally downward under continued protlr-taking sales. Traders response to the early spurt in the mar ket.
 A little quiet talk was circulating that the Rock Island party have been picking up stocks and some Rock Island, common and preferred, was bought on this idea.
 The brisk demand for stocks in the loan crowd showed that there was still | 3 considerable outstanding short inter est. Many of the contracts appear to have been outstanding for fortnight or more.
 Uion Pacific rights, virtually unmar- ketable Monday, were yesterday dealt In to some extent. Early sales were made at the rate of 75 cents and $1 for the rights on 100 shares of Union Pacific Later the quotation fell to 60 cents.
 British consols were forced to new ( low record by the monetary conditions abroad.
 The action of Reading in the market lid not back up views that the dlrec- ors will to-day increase the present 4 { per cent yearly dividend rate. And then ( .here is the litigation against the coal l roads pending. {
 
 The Crimes of Orchard I Since June 5, his first day an the witt { ,ess stand. in the trial at Boise, Ida 10, of William D. Haywood of the i Western Federation of Miners for the {