The daily morning journal and courier., 1907-06-11
LATE FEATURES OF
 THE STOCK MARKET Strong But Breaks After
 Crop Report. THE WHEAT FIGURES Yield Indicated as High as 635, 900, 900 Bushels.
THE WHEAT FIGURES

Yield Indicated as High as
 o35, 900, 900 Bushels.
 Stocks were strong yesterday morn- ing over fall In foreign exchange and fell off little late in the afternoon aft CT the government report on wheat came out.
 The crop of June (and since that date, It Is to be remembered, conditions nave been improving promises about bS5,000OOO bushels. This is nearly 10O,- OOO,OOO bushels higher than the estimate put out in May, when the bull market in wheat was at it's best If these con- ditions are anywhere near borne out in the next two months there will be at least enough wheat for domestic use. With probably 175,00O,00O to 200, ,0OO, GOO pushels reserve from previous crops to satisfy the needs of Europe, whose yields are all below requirements.
 The crop report was awaited with anxiety but after it came out prices at first rallied. There may have been some inkling that the crop report would be oullish for stocks were very strong, as above mentioned, in the early part of the session.
 The change in sentiment came around noon. in the first place the short in- terest had satisfied itself Then the profits in the past three days pur- chases were good enough to take, inas- much as credit side of the account is rare these days. The turn came with the publication of extracts of the presi- dents speech at Jamestown, in which he made 1t plain that he was not giv- ing any concessions to railroads. It was hastened by gold exports, rumors of trouble in Paris, and expectation of very bearish wheat crop report.
 The government crop report is by no means approximately low, being 5 1-2 per cent. below last June, practically the same as 1904 and 1906, substantially in excess of 1902, 1899 or 1895, and only
 
 States fed Europe.
 Because of the intimacy between President Mellen of the New Haven and President Roosevelt it is thought that the proposed consolidation of the New Haven with the Boston and Maine | is significant of favorable attitude by the administration toward merging of lines that are not parallel.
 IA few days of hot weather would be ] forcing effect on all crops. Naturally 1 the character of the July crop report ! will be looked forward to with great 1 interest. !
 Tn spite of the market liquidation in | the past two months there Is no sign 1 that the country at large is liquidating l itself. Bank loans on May 20, the date of the last call by the comptroller of | the currency, were nearly $10O, 1000, ,O00 greater than on March 22. They are $425, 100000 over those of this date a year ago.
 The rather sharp break in wheat and !, oats had good effect oh sentiment in the last hour. Nevertheless, when stocks sold off on profit-taking sales, few seemed to care to buy. Many were saying that as the government report on grain was better than expected, the proper thing was to sell on good news rather than to buy.
 There was full point around on Mis- scuri Pacific. The traders had it, and in spite of the unpopularity of this stock, were induced to follow it. It is understood that Stuvesant Fish, since his inspection of the property, has given very favorable ideas of it. The stock sells ex-dividend June 20.
 For two hours prior to the publication of the crop report at D. m. business was practically at standstil with few persons paying any attention to stocks at all. Wabash reports another net gain for April. The amount was $115,791 with net gain for ten months of $SS1, 900.
 The wheat crop will certainly fall be- low the avenue, but good warm weather now would help out amazingly. The banks start the week with cash loss of over $3,2OO,O0O. Bear traders were even figuring on a poor statement next Saturday. After selling about 10000 shares yes 4 terday arbitrage houses turned about and bought back half as much. They 4 stopped offering stocks just as soon as the Paris pressure on London ceased. 4 To-day these settlements begin. Some small failures are not unlikely. 4 No gold was taken in this market ,or Paris yesterday, as the profit in E such transactions had been reduced to E ! point where it hardly paid to send E he metal as a form of remittance B Details of orders and shipments c which the United States Steel company c md also the independent manufactur-