The daily morning journal and courier., 1907-05-23
LATE FEATURES 0F
 THE STOCK MARKET Shorts Bid Up Prices Sev-
 eral Points.
A STRONG CLOSING.

A STRONG CLOSING. An Early Decline to Lower
 Levels Small Failure.
 There was another break in the stock market yesterday morning. but in no way did it compare with the col- lapse of Tuesday, and before noon prices had recovered well up to Tues days final figures. Several low records of the year, however were made in the early trading.
 Tn the last hour prices were in some cases above Tuesdays closing. and it looked as If there was some public buy ing. A feature was the large number of fractional lots bought in Union Pa cific, Southern Pacific, United States Steel, and other popular issues This was the first time public buying was noted on any considerable scale since the March panic.
 The wheat market set new high record for the crop yesterday. July advanced to $1.O2 3-4, September to $1.O4 1-2, and December to $1.05 3-S. The pit was a closely packed mass of ex- cited brokers and the volume of busi- ness done was large. Continued ab- sence of rain in Kansas, coupled with an advance at Liverpool, was factor in the higher prices.
 The failure of P. B. Haven & Co.,, members of the New York stock ex- change, was announced on the floor at noon, The members of the firm are E. B. Havens, F. J. Ravens and Charles s. Havens. They were not regarded as prominent traders. At the office of the firm it was announced that a general assignment would be made for benefit of it's creditors. The assignment is to be made to Herbert l.. Norton, man. ager of one of the branch offices located in Jamaica, L. I. Robert B. Austin, at torney for the assignee, said that from present indications the liabilities would exceed $100,000 MT. Austin said that he was unable to give any definite esti- mate of liabilities or assets until he had gone over the books of the company, 
 Naturally there was little surprise over the rally yesterday as one was due after so sharp a decline as that of Tuesday. Shorts covering alone would account for yesterdays rise.
 The day opened with few notable declines-1 5-8 each in Amalgamated Copper and Great Northern, 1-4 in St. Paul, 2 3-4 in New York Central, 1 7-S in Union Pacific, but thereafter the re- covery was continuous,
 Possibly more attention than hereto fore was paid yesterday to the actual news of the day, which was not unfav- orable, for exchange on London dropped nearly S-8 cent and the crop news was not alarming.
 The one source from which market aid is possible at almost any hour is the short interest Without any dispo- sition on the part of the banking in- terests to support prices the responsl- bility rests with those who have sold in the expectation of getting lower buying-in level.
 When United States Steel sold off from 33 to 92 IA the offerings were fair ly light, compared with Tuesday, and it was plain that the public at large had not thus far been disturbed into throwing over its holdings. It rallied easily above 93 at midday, and seemed to be well bought.
 Again Missouri Pacific has declared the regular 2 1-2 per cent. semi-annual dividend. The regularity with which the company returns it's per cent. an- nual payments makes stockholders hold on to it.
 IH6 puDlICdllOu Ol d SlOIy dDUuL d reported $2,0O0,OOO loan by Charles M. Schwab attracted very little attention The number of capitalists who make use of credit facilities of Wall street at times is large.
 Gold exports were out of the ques- : tion after yesterdays slump in sterling under 4S6 1-2. Even with the decline in Paris exchange on London, and in , call money here, with higher discounts & in London and Paris, gold could not be shipped for profit.
 It was reported in the afternoon that # this weeks break in stocks may result in the transfer of control of Tennessee Coal to the United States Steel cor poration. The Tennessee company is controlled by the so-called Gates syn dicate.
 It seems to be expected that no rush of outside money into the market will occur until prices have fallen to 5 per cent. under the low March level, ' That would not only attract the small investor, but lead to buying to average