The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1906-05-10
STOCK MARKET FEATURES
AFTER IN EARLY REACTION
PRICES Rallied,

The Market Was IrreguIar-Money Sit
uRtiOn is Much Impr0ved--$50,0 100000
of Gold In All Has Come from Europe
and More Can be Drawn if Needed
CautiOnary Signals.
The market opened weak yesterday
but rallied later and the rest of the
day the market was strong except that
prices shaded off at the closing.
The strength of the market was
largely due to the lessening Of the
money tension. About $5O,OOO,O0O Of
gold has been drawn from Europe de-
spite opposition by the Bank of Eng
land and it is evident that more can
be drawn If needed.
The theory was advanced that the
market was ripe for a reaction after
a four days advance, and customers
were advised by brokers to take prof
Its.
Transactions in bonds included $1,000
Westinghouse IS at SO, $4,000 Paper
bonds at SO IA, $1,000 Delaware and
Hudson fnull paid As at 107 IL.
The quarterly statement of the
Brooklyn Heights railway shows a gain
Of 100000 gross, and the nine months
figures of over $1,000,0O0 The complete
ed Brooklyn Rapid Transit system for
the fiscal year will show probably per
cent. earned.
There was a general shading Of prices
in the last few minutes Of the stock
exchange session, but not 50 much but
that substantial net gains were left for
the day.
The Wabash continues to save nearly
all of It's gross increase. All but $780,
600 of the $228000 gain in March was
held, BY curtailing operating expenses
this year the company had net gain
of $1,653,000 with a gross loss of $780,,
Oo0
Most of the insurance remittances
from abroad have yet to he provided
for, as the sums already sent cover
only the preliminary demands. For
that reason the exchange market will
probably be subject to periods Of de-
preston for some time to come, re
spending quickly to any rise of money
here.
Around o'clock there was gen
eral easing off, with what looked like
heavy distribution Of long stocks. That
this should be the case was altogether
natural after an extended rise in
prices
The technical change in the market
produced by four days of steady adj
vance led to a cunrtailment of bullish
operations. The trading element
thought the rally had been sufficient
and began, at the opening, to test the
market by gradually feeding out stocks.
They discovered that some of the bank
ing interests and foreign houses were
distributing shares they bought on last
weeks decline.
The final undertone was strong with
out being at all excited-a condition
which appeared highly favorable to
the more conservative adherents of the
rise
Five years ago yesterday around II
o'clock in the morning there was some
thing doing in Wall street. Among 9TH
er things Northern Pacific sold at ST.
600 a share
The early retrograde movement in
stocks had the appearance Of being a
shaking-out process on the p art of pro-
fessional traders to prevent too much
company from becoming identified
with the rise which is popularity sup
posed to be planned by certain cliques,
Some selling of the hard coal shares
developed from the figures of April pro-
duction, showing a decrease of over s.
100000 tons from the MaHGA Total.
AS usual, the specialties were taken
in hand by the pools in the effort to
attract an outside following, which was
not, hwever, materially enlarged. 1t
was effective, however, in making the
market active and almost buoyant to-
wards the close,
The weakness of Union Pacific, Read
ing, Steel and st. Paul encouraged the
bears to force more liquidation This
checked any desire that the shorts may
have had to cover Some support was
given to those VIII missed the rally,
and who believed further improvement
was likely.