The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1906-05-18
STOCK MARKET FEATURES
AFTER A STRONG OPENING
PRICES FELL OPE
Bulls and Bears at TIA Spotty Market
--Lackawanna's Dizzy Price-Heavy
Currency Shipments to 'Frisco---Lead
Commons First ENTHUSIASTICALLY.

1t was kaleidoscope market yes
terday. 1t opened we'll and prices of
various stocks were advanced. Then
weakness developed in spots. 1t was
contest between bulls and bears FOR
supremacy.
The hard coal shares did well, Lack
awanna shot up to $780, a jump of 80
points, and Reading and Delaware &
Hudson were strong also.
1t was the popular idea that the coal
stocks We're utilized to give encourage
nlent to the rest of the list and af-
ford good selling basis. Certain in
dustrials have been employed in the
same way.
About $5OOO,OOO was paid back to the
government by New York banks yes
terday for advances madeon gold en-
gagged abroad, The banks sent $2,227 900
to San Francisco through the sub
treasury yesterday. Further heavy
transfers of cash to that center are ex-
pected before the banks of San Fran
cisco open for business.
With Lackawanna above 500 the talk
is now that it can be purchased for
750 1t sold at 437 "a on the May
break, so has a recovery of nearly 100
points in two weeks time. The rise
called attention again to the annual re-
port and to the fact that the company
$2,4OO,00O less than the total capital
stock.
The 5-point break III National Lead
was due partly to disappointment that
the first quarterly dividend in six
years was not at a larger rate, and
partly to the usual profit taking by in
siders, who had bought the stock some
30 or 40 points lower down. They were
selling on the news, knowing that they
would not have better opportunity.
One of Erie's periodic movements oc-
Cured after the street had been filled
with pointers and almost every one
knew that 1t was to be advanced
to 50.'
The operators who did the bidding UP
early in the day had difficulty in Sc.
curing profit on many of their early
purchases,
The softness of Pennsylvania was one
of the unfortunate incidents from the
bull standpoint. 1t sold lower than on
the recent break. The reason given
was the sensational character of the
exposures made on Tuesday In Phila-
delphia.
Interborough- metropolitan was press
ed for sale all day, showing evidence
that the pool in 1t was getting tired of
its task of holding it up. The demand
for this stock from outsiders seemed
exceedingly limited.
The rise in the coalers had all of
the earmarks of former manipulation,
which was designed TO inducethe pub
lie to come into the market The rise
Of last year began with the coalers
and Hill issues, some of them being
bid UP 20 to 50 points, with Lacka-
wanna leading.
The Wabash and Missouri Pacific
statement for the second week of May
show well-sustained railroad traffic.
Another group of traders bid up the
copper stocks Many of the orders APP
peared to come from Boston, possibly
representing short covering, possibly
efforts to help the copper group as a
whole
The easier time money has encour-
aged some bond buying. Bids prices
have stiffened fractionally.
Perhaps the most interesting Incl
dentof the day was the 2-point break
in Pennsylvania on a very few sales
This clearly showed lack of support
by banking interests.