The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1906-11-27
STOCK MARKET FEATURES
QUITE A LITTLE SLUMP IN THE
AFTERNOON.

A Nervous and Unsettled state of AT
fairs-slight Rally at CIose-Coppe
Metal Prices Rise to Highest of tn,
Year--ShannOn Up to 1sA--The Day
Gossip.
The stock market yesterday wa,
nervous and flgety, and in the Afternoon
ran off quite little
The markets tone was unsettled al
day.
The speculative crowd took profits a,
a sequence to their preaching higher
prices.
Bear trading thereupon rose to the
situation and sold stocks.
Some of the high-priced shares
jumped around considerably, mostly
downward.
The bear fodder was found in the
prospects of tight money at the end OF
the month, Union Pacific report to-
morrow that Is not likely to reach gen
eral expectations and the President
message, and theopening of congress in
the background. Surplus reserves are
not large enough to warrant any In
crease in stock market loans. San
francisco IS drawing at the rate OF
half million day. In addition to
some large payments against new stock
and dividends this week there will bt
between $4O,OOO,OOO and $45,0OO,OOO inter
est money to prepare for in the re-
naming days Of November.
One ray Of light for the bulls was
the steadying process at the Bank Of
ENGLAND, which is gaining gold right
along.
If the coming U. P. report shows less
than 20 or % per cent. earned for the
stock the bulls will be disappointed. II
was rumored yesterday that Is per
cent, counting in all sources of income
would be about the figure.
The next thing In any case will be a
demand from the shippers that U. P.
reduce It's rates.
Mr.. Hill's theory that per cent is
enough for stockholders dotes not tally
with Mr.. Harriman's views.
London houses sold about % 900
shares on balance. This was in Union
Pacific, United States steel, Atchison,
Amalgamated and Kansas & Texas.
The proflt-taking was mainly due to
evening UP before the new account.
Contangoes were to s 10 per cent. on
American shares a fortnight ago, and
will be about IL per cent this set
Element
The decline from the high forenoon
prices began about the middle of the
afternoon, when the general market was
very dull The rather noteworthy fact
was that activity increased on the de-
cline
The two per cent. a year extra divi-
dend on Copper Range, and the placing
of Federal Mining common on a 20 per
cent. basis were indications of heavy
profits from copper mining operations
The metal advanced fractionally again
yesterday.
I The occurrence of another London
settlement this week, with possibly
dislodging more of our stocks, was a
matter Of some discussion.
New high prices for the movement
were made in Kansas and Texas. The
idea that there is competitive buying
between the St. Paul and James ]. Hill
persists.
Most of the buying of Missouri Kan
sas and Texas City Southern eminated
from a speculative firm, which has
participated In many clicque move
ments.
The fact that Pennsy does not re-
spond to It's higher income basis and
Is weak every little while suggests IL
quotation whenever the market will
take stock without breaking,
Standard Oil rose some 20 points nv
midday, to $50, which was IS points
above last weeks low price, The trad
ing was light, but 1t looked as if liouf-
dation in it was Temporarily over.
There is a payment on the $4,000, 900
New York Central stock this week, and
preparation to be made for $4,000. 900
December dividend and interest dis
bursement.
The idea that bankers might not re-
gard the Great Northern trustee GER
tifcates as legitimate for collateral
played a part in the selling of them
yesterday.
The decline in Smelling was probably
due to the reported intention of the
administration to investigate the com
pany
Options for heavy amounts are ma
turing in London during January and
February Rumors have been current
that 100000 Union Pacific, bought
around 1888, come due in February.
There was a further advance In cop
per prices yesterday, the gain being is
cent on lake, IA on electrolytic, and
S-16 cent on casting. This makes lake
sell at % 1-4a22 3-4, elecrolytic 22@22
ia, and casting 81 9-4622c. These
prices are the highest of the year.
The short interest was increased with
last weeks selling. It was not large
enough to have any effect on the mar
ket.
Shannon Copper stock rose to Is IA
yesterday.
Adrian H. Joline of New York city
was elected president of the Missouri,
Kansas & Texas Railway company yes
terday, succeeding f. n. F1nney, resign
ed. James n Wallace, president of
the Central Trust company, and j. G..
Metcalfe were elected directors and
members of the executive committee to
fill vacancies. Mr.. Joline for the past
year has been chairman of the board
OF directors, as well as counsel for the
Kansas & Texas.