The daily morning journal and courier., 1907-05-02

9'ooA Hlarket yesterday was met by discouraging reports as to winter wheat and small gains, with higher call money and announcement of an issue Of $26,OOO,OOO Atchison convertible bonds at the rate of per cent, the bears therefore started up again.
 All of the conditions mentioned de. yeloped late and after stocks, especial ly the industrials, had had good rise. Tha market grew dull at the decline.
 Iradlngs in stock were small but prices were fairly steady during the first part of the afternoon with Amal- gamated Copper and Smelling around o'clock at the highest prices thus Tar for the day. Some other industrials were also prominent, including Consol- dated Gas and the Mackay shares, but the railroad issues were quiet.
 The clicue that has been bidding up Union Pacific and Reading, until the street tired of it, turned their attention to Amalgamated Copper and Shelters, which had legitimate reason for strength in the higher quotations for l all metals
 Traders argued regarding the new Atchison issue that If they could get per cent. bonds at par there was I no reason why they should pay par for As With 1 per cent. less interest yield The natural result was 8 wide spread movement to liquidate the As and to put ones funds into the new issue. Sentiment on the copper shares is very bullish. The Boston houses are advising the purchase of the good div idend-paying producers.
 ] The 10-point rise in Brooklyn Union Gas to 125 on two sales, as against 115 on April H. was directly due to the de- cision of the court of appeals denying I the right of the city of New York tc examine the company's books Con solidated Gas rose sharply in sympa- thN.
 Although thrilled orders of the Stee corporation on March 31 were about 100000 tons less than in December they were 100000 tons more than q year ago.
 The regular 3 1-2 per cent. Gividen6 on Pennsylvania was declared yester. day along with the publication of a poor March statement of earnings The net fell away $465,O00. Bad weather made high operating cost. For three months the net loss is about $t. .0O0, GOO In spite of this officials said yesterday that there was a surplus of $4,5O0 00C from the last six months results.
 The sharp rise of wheat in the after. noon, carrying 1t back to within 3-S point of the high price of last Saturday caused some little uneasiness in Wal street though 1t is quite likely that tho same people were advancing the price of grain who were seeking to depress stccks
 Some hope is held out of very strons traffic returns in April. The feature oi them is expected to be the recovery il net earnings on account of the moro settled weather. An official Erie state ment said that gross of this road would be from $7O0,0OO to $S0O00 over 1906.
 The further decline in Lake Shore debenture As to 94 in the afternoon, es. tablishing new low record. together with a decline in the new issue to un der A2. created a good deal of unres in wall street as to the future of tht bond market.
 Sooner or later the shrewdest specu lators get tied up in unmarketabl stocks. This is what Gates pere ant Gates fils did They sold out abou 125,000 shares of Furnace Creek, under written at ?, and for which was one, bid, at $1 a share. Chicago Subway l which cost an average of 40, was solt [ as low as If and 1S. Stocks like Ten nessee Coal, Realty, Republic Stee and Sloss-S Sheffield, for which there i limited market, had to be carried while marketable things were sold fo , what they would bring.