The daily morning journal and courier., 1907-06-12
LATE FEATURES OF
 THE STOCK MARKET Prices Have Still Another
 Sick Spell. THERE WAS WAR TALK. The Milliken Brothers Fail ure and Other Bear
 Material.
THERE WAS WAR TALK.

The stocks had another weak spell yesterday which was in part attributed to the Millihen Brothers failure and in part to the bears themselves who seeing that prices had been put up about as far as they would go jumped on to the market with energy and confidence.
 The market acted in the morning as If it wanted to go up and there was wavering and indecision until well on into the afternoon and then prices of the active speculative stocks began to melt away
 Just before the close there was a feeble rally when reports were received from Washington that Japanese Am bassador Aoki has indefinitely post poned his trip to the Pacific coast and given his approval of the policy of the Japanese in San Francisco to sue the city for damages recently inflicted. Old established foreign banking houses said they had received no intelligence of any immediate trouble between the two countries.
 The downward movement was prompted by the Milliken failure, but the failure occurred with a maximum order sheet in the company's hands The failure illustrated pressure on all manufacturing and trading concerns to enlarge their facilities on an extensive scale, and the extravagantly high price of materials and labor, which makes preliminary estimates Of the cost of such additions unreliable.
 The effort to make supposed "col- lision with Japan play part in the depression was too silly to require com nent
 Wheat was down 21-2 cents yester- day, and Is from 10 to 12 cents under recent prices. Consequently the bear element in the market has to look about for fresh reasons for attacks on stocks
 Japan is carrying a heavy load of debt to-day and has just gone through period of overspeculation that threat ened her credit. She, no more than any other borrower, can to-day command capital at easy terms.
 The trading was confined to the pop ular speculative shares. Union Pacific and Reading constituted 50 per cent. of the first hours business. With Anal gamated Copper and Shelters they made the bulk of the entire transac- tions
 Early in the day traders on the board were betting that the dividend on Reading would be increased to 6 per cent. at the next meeting When the market turned later it was Reading that showed the least support. It was full of stop-loss orders.
 On the bull side were the absence of further gold exports, the veto of the two-cent bill in New York, gradual | realization that crop conditions are not far below the average, and better pros poets abroad. The bearish factors were the Milliken failure, which was a pro- duct of over-extension; the slightly higher rate for money, and the disap pointment felt over the note of aggres- siveness in the presidents Jamestown speeches.
 Rumors were current yesterday that certain pools in stock, amounting to 100000 shares or more, were being closed out. Whether this was due to. of money lenders to con tinue accommodations could not be made out.
 On the news that Governor Hughes had vetoed the two-cent fare bill New York Central was bid above 114. It was known last week that this was the policy of the governor, and the market discounted it then. Delaware and Hud- son and the Fries were also firmer.
 Boston sold the copper stocks liber- ally yesterday.
 With wheat 10 to 12 cents under re- cent prices and the government esti- mate of yield 635,O0O,OOO bushels, Wall street is feeling much better over the business situation.