The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1906-06-30
STOCK MARKET FEATURES
ANOTHER DAY or WEAKNESS
AND UNCERTAINTY.

Steel Preferred Attacked and Breaks
Below Par-Hill Stocks Have Striking
DrOp--Prices Of Many Stocks Lowest
of Year--A Short Lived Rally-The
Shadow of Higher Money-The Steel
Companies Business is Great.
Another weak market yesterday. The
opening was near Thursdays closing,
and after sharp decline recovered
well. Following this came another bad
slump, with the declines in the Hill
stocks heavy, while United States Steel
preferred broke below par for the first
time in many moons.
Before the market opened there was
hopefulness that the worst was over,
because congress is about to adjourn
and because there had been run Of
serious liquidation.
On the other hand it was noted that
rallies We're feeble and that higher
money was in sight.
The latter argument had most weight
and once more the bears jumped upon
the stocks. The United States Steels
were picked out for assault and Steel
preferred fell to 80 1-S, and the COM
mon to 81. Northern Pacific and
Great Northern were also attacked and
slumped or points each,
There was very little holding power
to the market. Prices went off easily
when once the money rate began to adj
vanee.
Reports that some Of the leading OPP
orators and pools had been ordered or
advised to tighten their loads was
generally believed. The extreme weak
ness in the Steel shares was attended
with the throwing over of good many
margined accounts which had been
successfully carried over the trying pc
Rod succeeding the San Francisco fire.
With the break in Steel preferred to
about SO and in Pennsylvania to 1876 liz,
the market grew very nervous in the
last half hour. There was renewed Ii
quotation and aggressive bear action.
1t was easy to guess that Union Pa
ciic is selling its Great Northern and
Northern Pacific as rapidly as it can.
This has been a supposition of the for
mer company that good deal of its
Hill stock had been disposed of in the
open market. AT one time Union Pa
cific had $4,000, 900 Northern Pacific
stock, this being later changed into
subsidiary stocks.
On four sales Inter-Met, sold down
from IS to SO after it had opened at
3S 5-S. The short covering forced by
manipulation had given it about a five
point rally, but advantage of this was
taken by the insiders to put out more
stock. The preferred was also under
pressure. The bonds declined 1 IL
points TO IS, where they yield IA per
Gems.
The disturbed condition of Russia
perhaps checked purchase by bankers
who realize that things may get very
much worse in the near future. 1t is
probable the knowledge that Secretary
Shaw would withdraw $10,O00,000 from
the depository banks around July 10 did
NehhoO W LelhC III StlAA anu "
provide for some future firmness of
money which they did not count on.
This last fact was probably one of the
reasons for selling stocks yesterday.
The tone of market letters yesterday
was made more cheerful by Thursday S
rally. Most of them advised purchas-
es. One house that has been bearish in
an exaggerated form for six months
said 1t believed stocks had been liqui-
dated.
In spite of the engagement of $500 900
gold in London, and the prospects of
heavy shipments to New York next
week, the stock market yesterday ruled
weak. with very heavy SLING at the
Gloss.
1t is estimated that the covering of
short stock Thursday amounted to a
quarter of million shares. Two hous-
es took up 100, 900 shares between them.
Even with this reduction the loan de-
partment yesterday indicated a liberal
outstanding interest. 1t was increased