The daily morning journal and courier., 1907-06-22

BLOCKS nad weak and declining ten deney during most of the day, but hard ened at the close. There was but little significance in this.
 The market had waited for Wander lips speech and found that he looks for a falling of trade and business, and this view, he thinks, is the view of all clear-sighted business men, The speech did not rouse much bullishness.
 The other point in MT. vanderlip's speech affecting Wall street is his claim that the business future is on the shoul- ders of the state and federal govern ments, To this latter view exception was taken by some in Wall street, who held that the situation was economic, not political and that the happy solu- tion of it depends on the balancing of money supply and demand in the diff ferent markets of the world. MT. Van derlip lays emphasis on hostile legls- lation' as bearing on the situation. The speech was viewed as conserva- lively hopeful and giving the Wall street point of view of future business conditions and their remedy.
 The announcement that the Bank of England had decided yesterday to offer special facilities" to London gold im- porters, and that gold had been there- fore taken from here for London, did yntk a,. IT street.
 The stock market was dull and nar- row, with activity centered as usual in few of the leaders, such as Union Pacific, Reading and Amalgamated.
 In the last hour there was sagging tendency, Influenced in part, by the upward movement in time money on the fresh gold engagements and the in dicated cash loss of 900 by the banks during the period covered by to-day's clearing house return.
 New York Central and Northwestern were among the weak features. There was considerable offering of the former at no and under Northwestern broke through 40. Reports of new borrowing were current.
 News of the large contemplated bond issue by the St. Louis and San Fran cisco, had no effect whatever upon the market which held fairly firm until the close with Reading and Union Pacific again contributing most of the deal ings. Final prices were firm with un- important changes.
 The frequency of new corporate f. nancing was Earring and threatens the money market. The $25,0OO,O0O issue by the Chesapeake and Ohio, the Bethle- hem Steel notes and the proposed is- sue of $115,00O,00 900 Frisco per cent bonds piles up vast amount of new interest bearing obligations These peW issues were disliked abroad.
 Rock Island was affected by the Frisco financing. The statement of President Davidson that by securing new capital, shareholders could so much sooner come to share in the [ prot1tS, was not regarded.
 That the growing loss of cash by the banks, because of gold exports, with prospects of poor statement to-day, had no effect on stocks during the morning, was a matter of surprise.
 There were said to be some support ing orders in Southern Pacific, and that an actual demand was disclosed for the stock at 75.
 After the ticker had been silent yes terday for five minutes, around 1,20. a string of sixteen odd lots (totalling 437 shares) of Northwest was traded In at 14O This shows that the small investor is not entirely out of the market.
 As sequel to the episode of the Reading dividend the directors sud- denly announced that the regular 2 per cent. semi-annual would be paid. Yet the stock actually rose on the an- nouncement.