The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1906-12-05
STOCK MARKET FEATURES
Continued from Seventh Page.)

Continued from Seventh Page.)
winch holds a majority Of the stocks,
was not getting it's fair share of profit
from the deal. New York Central rose
Pip points on the news, but fell back
a point or so late in the day.
| The weakness of American Smelling
was naturally associated in the minds
of some with the course of the Gug-
genheim interests in abandoning the
Nipissing project. They are the head
and front of the Smelling company.
The increased income to the New
York Central from larger dividends on
Lake Shore and Michigan Central will
be only ga to per cent. on the $l79,-
900, 900 of stock. Consequently, If the
dividend is raised to per cent, the
remaining fraction will have to come
from the New York Centrals own
earnings.
The nervousness of the curb market,
with new low records for this move
ment in Nipissing, Cumberland Ely
Nevada Consolidated and others, prob
ably influenced many to curtail their
operations on the exchange
The interest was centered in New
York Central Chicago and Northwest
ern, Erie and Delaware and Hudson.
Yesterdays 2O-cent discount rate for
New York exchange at Chicago is the
lowest quotation at which it has ruled
since November /.
Large offerings of long stock and a
tendency to sell it short since there has
been no recovery from the beginning of
the decline at 27 carried Nipissing off
to IA SIS. Flower & Co. were the lar
gest sellers. Since the decline started
100000 shares have changed hands. The
depreciation from the market price of a
month ago is nearly $2S,OOOOOO.
Opinion yesterday veered to the view
that money would continue high for
some time to come, and the market will
be subject to sharp flurries, The Won
der was, according to the popular view,
that stocks showed any firmness at all
yesterday.
Some shrewd curb brokers, who cap
tured puts" at S25 share on Nipis-
sing, are rejoicing over big profits. Tie
privileges, which were for month,
were offered In quantity about two
weeks ago at $3.50 per 100 shares
The market sold off midway of the
afternoon, losses of to IL points be-
| ing scored in the space Of half an hour
shortly before 2 o'clock. Anaconda,
| Smelling, Reading and Union Pacific
led the reaction.
Very definite statements were made
yesterday that the Guggenheims were
influenced in their policy toward Nipls-
sing by the advice Of Kuhn, Loeb & Co.
and bankers with whom they are asso-
ciated.
The. advance in American Sugar was
apparently scheduled to begin when the
decline began elsewhere-that is, in the
early afternoon, 1t had already risen a
point thereafter it rose more rapidly
as the other stocks grew weaker.
C. B. Macdonald bought 10000 Penn
sylvania and advanced the stock above
40 The rise was based on profits on
Chesapeake and Ohio stock, said to be
as high as 80 per cent. and on the Oc-
tober statement of earnings.
Nipissing's record on the curb yester-
day was; Opening Is, high II IL, low
1853, close Is IL; net change, plus 3-S,
The total sales were 100000 shares,
against 100000 on Monday, Yesterdays
How price was made at about noon, the
high price about an hour after the mar
ket opened.