The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1906-06-26
STOCK MARKET FEATURES
CONTRIBUTIONS OF THE WEAK
AND WEARY STAGE.

avn " AS<AAOA ~ 50 -
Tnter-Met. Has Another Severe Drop
Drive at AmaIgamated COpper--It
Fell to 9sA--The Markets UNDER
pinning Was WeaE1--stOp Orders
Reached--Foreign Markets Heavy
Big Short Interest.
It was another dismal day for the
bulls in Wall street yesterday. STOCKS
opened weak, had a slight rally then
grew dull and in the afternoon tine
bears confidently attacked the market
and successfully
The continued apathy of the public,
the pending Investigations of corpora
tions and other things tended to help
the bears.
Feeble efforts to rally the list were
made, but amounted to nothing.
The market was in the midst Of a
good recovery at midday when Inter-
borough Metropolitan suddenly broke
through 40 and finally touched IS S-S.
This naturally gave new disturbing
cause, and was followed by a general
reaction down to new low levels.
The lowest prices of the day We're
made in the last hour, when the weak
features were Analgamated Copper and
London sold $4,000 shares in this mar
ket, buying nothing. Foreign traders
are reported as entirely apathetic to-
wards our stocks, being disappointed
because Of the successive declines,
when they were assured earlier In the
month that a considerable rise was
under way,
The most favorable element was the
decline in sterling exchange to the gold
importing point. 1t goes without say
ing that bankers here will bring in
gold from Europe just as soon as
money rates begin to advance, after
the first Of July.
But little support was offered in
Reading, which gave an impression
that the pool was inclined to leave it
to take its natural course. The last
serious operations of this clique seem
to have been connected with the rum
ming up of the stock above lat.
Brokers who sounded the situation
and had an expression from customers
as to why they were selling stocks said
that the leading influence was expecta-
ton Of higher money rates from July
/ to July 15 1t is not unlikely that
time money in that interval will reach
6 per cent for six months accommo-
dations, and call money at even high
er rates.
Liquidation in stocks during the
greater part of the day was on some
what smaller scale than of late, an5
early in the afternoon it appeared t.
have gone to standstill. Wall stree
drew different differences from this
Dizziness ODD the decline, to the average
trader, means that the market is ready
for a rally But often this does no
come true,
Nearly every day for the past weel
some one or two stocks has touched
the low point of this decline. Yesterda,
there were numerous instances o
shares reaching new low ground.
There was no semblance of a peg ii
sInter.- Met" at 40. The call on tn
pool for their subscriptions seemed t.
be the cause assigned for the decline.
In the case of B. r. 4. the reaction
under N represented more speculativ
liquidation growing out of the prospect
of competition, reduced fares and larg
changes to comply with municipal or
dinances.
Wall street heard rumors that on
party in Inter Met. wanted dividend
to be impending. The other crowd, tn
view, The Belmont interests were re
ported strongly in favor of continuin
dividends.
1t is supposed that good deal G
1nterborough-Metr had bee
carried on margin by somebody, moi
withstanding the unwillingness of brok
ers to. do much in 1t. AS the price dc
cIined the aversion in 1t probably In
creased.
The weakness Of Amalgamated wa
generally attributed to the fact that
is known as a STANDARD Oil stock,
and would suffer under a general ant
Standard Oil campaign conducted
the administration.
All foreign markets were heavy, wit
another sharp break In Kaff1r shares {
London, where preparations for til
stock exchange statement added to II
concern of traders, who looked for
nancial troubles as result of the dra'
tic liquidation in mining issues.
There is undoubtedly a big short il
terest in the market, and stocks ma
therefore get sharp rally.