The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1906-04-27
STOCK MARKET FEATURES
BEARS MAKE VIGOROUS At
TACKS BUT STOCKS RALLIED.

Low Prices--Con. Gas ON a -Four PEI
Gent. Basis-FOur Million More Colt
to Come--GOssip of the Day.
The bears started in yesterday tc
knock down prices, and did force some
good stocks to new low levels.
The declines in such stocks as Great
Northern, Lackawanna, Delaware and
Hudson, General Electric, Illinois Gen.
trail and Northern Pacific proves that
high-grade stocks are being sacrificed
in the present stress of capital require
ments and high money.
There are also good many miscella-
neous stocks and bonds that have been
sold the past week. Commission houses
each had number Of customers who
were inclined to throw over their lines
for what they would bring
The cut in the dividend rate on Con-
solidated Gas to l per cent. quarterly
had been we'll discounted when it be-
came known at midday. Heavy liqui-
dation occurred soon after the market
opened. The stock dropped to 1S1, the
lowest in many years. 1t rallied quick
ly to 1874.
The National City bank and the Han
over National bank received $500, 600
in gold yesterday from London. OF this
the City bank got $1,SOO,OOO, of which
$1,5000O was in coin. The banks paid
in $4,000,0O0 to the sub treasury for ad-
vances made on account of gold im-
ports, Bonds to that amount were re-
leased. Four million new gold was en-
gagged in Paris yesterday afternoon.
1t is believed that the limit of the
dividend reduction in Consolidated Gas,
based on the cut in gas prices. has been
reached, and that the inside liquidation
is over. The professional bear element
are claiming, however, that the stock
at 100 is yet too high for the dividend
rate. Consolidated Gas has $4,000, 900
Of stock.
The market showed better tone in
the last hour, with all-around rallies In
the standard issues.
There was a great outpouring Of
Amalgamated Copper stock during TIE
morning, with sales for the two hours
Of more than 100000 shares. The SELL
ing seemed to represent final throw
ing over of speculative accounts which
had been carried since the price was
around 115 just before the quarterly
dividend was declared. Allowing for
the dividend of LIZ per cent, which
came off, yesterday morning, there
has been a decline of about 10 points.
This is sufficient to shake out most
speculative accounts, which range be-
tween 5 and 10 points.
While it was apparent that a great
deal Of the selling had been liquidated
by actual holders Of securities, it also
was evident that much short selling
had taken place. There was large COW
ering by the bears, who had done this
sort of selling.
Four million dollars new gold was en-
gagged abroad yesterday, mostly in Par
is, The National City bank engaged
$2,000,500, the First National $1,000, 00O
and the Chase National $1,OOO,00O.
The present annual rate of A per cent.
on Consolidated Gas compares with 81
per cent. for 1905, SIX per cent. for 1904,
s per cent. from 1903 to 1901, 6 per cent.
in 1900, 51s per cent. in 1899, per cent,
from 1898 to 1894, per cent. in 1893, and
per cent. In 1899.
The decline in st. Paul gives the pres
ent purchaser an income yield of about
AZ per cent. and possible rights when
the new securities are issued.
That the s per cent. convertible de-
bentures of Consolidated Gas should
hold around 1S7 led some to believe that
the stock would not work much lower.
Such reasoning has sometimes proved
fallacious. These bonds are convertible
next year into stock. The value of the
bonds would seem to depend somewhat
on whether the company has the option
to retire the bonds at that time, and
how long it will be the policy of the
company to continue the per cent.
dividend rate,
The market closed strong and active,
after a dozen leading stocks had brok-
en-, under the low March prices, to the
lowest of the year.