The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1906-05-22

One of the DuIIest Days of the Year
A Long Dull Spell Predicted
Pennsy's Weakness - Lacawanna's
Strength-st. PauI--PaciAc COast-L.
& NJ, Etc.
Yesterdays stock market was very
dull one. The total transactions Of the
day was only 100000 shares.
Some theorists predicted a long dull
period ahead for the market.
AS there was nothing doing" some
enthusiastic bulls started Lackawanna
on skyscraping trip again and ran it
up to $40; but only 500 shares of the
stock We're traded in.
Though long dull time is predicted,
the bears may succeed in making
things lively in some unexpected way
and when least looked for. 1t is "al-
ways the unexpected that happens"-in
Wall street.
A feature of note Of the day was the
further decline in money rates. Call
loans were made under 3 per cent. This
compares with an open market discount
in London and Berlin Of 3A and 2% in
Paris, Another thing was the demand
by San Francisco for $1,100,00 of cur
fency, which makes a total disburse-
ment for the western account of about
$34 100000.
A small break in st. Paul stock, dur
ing the forenoon, ON the report that
the company was about to borrow
heavily on notes, was the only inter-
esting change. The report was not
confirmed during the day; but that the
company is in the money market is al
together probable. This early loss was
recovered
Unusual activity was shown by Paci-
FIG Coast stock. Field s, Co. bid it up
and took 5000 shares. II was mostly
all supplied by one house. A we'll
known operator in the street claims to
have bid Of 100 for 1000 shares He
says that four transcontinentaI roads
are seeking control of the property.
The banks appear to be gaining cash
steadily and predictions are made that
this weeks showing will be much bet
ter than that of last week. Trade re-
ports were. suspicious. On the other
hand, efforts were made to have it APP
pear that the rise in cereals meant di-
unfinished crops this season.
Louisville and Nashvilles second
week Of May gross earnings increased
$13O755. The total gain for the year is
$3,0S5,00
Distillers was opened at new high
record price. 1t sold at 651a, compared
with 81 Saturdays closing, and then
lost a point. Washington houses had
advices that the free alcohol bill will
pass the senate to-day. This viii end
the fight in congress. Almost immedi
ately the Distillers management will go
ahead with plans to expand their bust
ness. 1t is known that they are in
very good shape to manufacture the
new product.
The heaviness Of Pennsylvania HAD d
bad effect on the general list. There
was a complete absence of pool sup
port, the task of holding it up being
apparently larger than anybody relish
ed.
Pennsylvania completed a 10-point
decline since the earthquake when 1t
sold at 1911 Y yesterday. The graft"
exposures have been reflected in a A.
point loss and tn etalk of increased
borrowing.
GOOD rains are necessary over the
greater part Of the central west and
southwest to maintain the pres9h-
promise Of the grain crops There have
been scattered showers of late, and al
though the crops are not suffering Sc
riously, they are at a stage where they
will deteriorate rapidly unless rains
come in the near future.
The rumor on which Locomotive is
being manipulated is that General Elec-
trio interests will purchase it, and that
a 1 per cent. quarterly dividend viii be
declared in July.