The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1906-07-03
STOCK MARKET FEATURES
ANOTHER TUMBLE IN Prices
WITH WEAK CLOSING.

to s Per Cent.--Long Time Money to
51a and 5M Per Cent.--The $3O,O00,OOO
Issue of Panama Canal Bonds-AlI
Citizens to Have Chance to Sub
scribe for Them--The Terms for Sub
scrlptlons.
The stock market had another sick
day yesterday and stocks fell easily
again New low levels for the year
We're made.
The main unsettling influence was the
strength shown by the money market.
On call the rate got to s per cent, while
on time, for periods carrying the bor-
rover ever J january ! ! IscAts there was
especial stiffness displayed, six and sew
en- months money commanding 5 IL to
8 "a per cent.
II was predicted that the $3O,O00,o0O
issue Of Panama canal bonds would alb
sorb great deal of money and affect
the money market adversely.
| Extreme weakness was shown by
Pennsylvania stock, which fell to 122 3-4
Its lowest price since 1904
Liquidation was again apparent yes
terday.
The banks were busy financing $751;
100000 Of July dividend disbursements,
and TO pay back to the United States
treasury $10O0O,OO0 deposited in March.
Together with this was the issue Of the
$30O00,000 Panama canal bonds, toWhich
the banks will be the heaviest subscrib-
ers.
London was also busy financing her
July interest payments Of $110, 100000
/ The early market acted as II it want
ed to rise, and did make a start that
/ way, but then came the renewed weak
ness of Pennsy and Reading.
Southern Pacific and Baltimore and
Ohio, which have resisted the general
pressure. were under great pressure
and gave way.
| Amalgamated Copper was one Of the
steadiest stocks on the list, despite Its
idyosyncracies.
| 1t was plain that large market inter
ests We're letting so Of stocks ana as
sisting the pools to unload.
| The selling Of Penusyl was due to
some alarm ca the part Of investors II
the stock.
In the late break new low records
were reached for this movement, some
Of them being bottom prices for the
lyear, as in the case Of United States
Steel common, which sold down to 81 rs
shortly after ais o'clock. New York
Central in the same time got down tt
127 ga. Pennsylvania down to 122 IL
and st. Paul 1877 ga.
Banks called loans to help finance the
July dividend money.
| Selling by fire insurance companies OF
lhigh-priced shares seemed to be in evil
dence again yesterday. This probably
included such issues as New York Cen.
trail, Pennsylvania, Baltimore and Ohio
and the grangers, aud would account
for the sharp breaks in all of them.
The bears found food for discussion
in the fact that or IL per cent
stocks and 1-2 and 5 34 time money
didn't agree well. They cited New York
Central as a case In point, and thef
proceeded to jump on it, knocking Il
down to 12S. New York Central was
compared with Atchison preferred 9
solid dividend stock which pays pei
cent. and sells now under par. But al
the same, Atchison preferred is pegget
forever to pay no more than 5, whereas
there are times when 200 is talked fol
New York Central
Erie's May earnings showed well
With the coal strike on, the gress de
clined only $4,000, while net increased
$68,0OO.
The new issue of Panama canal boad'
offered by Secretary Shaw is authorized
by act of congress. and the bonds vii
bear interest at the rate Of per cent
and will be dated August /, 1906, In
terest will be payable quarterly. The!
will be redeemable at the pleasure Q
the government after ten years from
date of issue, and will be payable thirt,
wears from date. The bonds will be ex
Iempt from taxes or duties OF the Unlte'
States and will be available to nationa
banks as security for circulation. TIL
bonds will not be sold for less thai
par; all citizens will have equal op
nortunity to subscribe for them, an
the bids for them must be submitted t
the department on or before July Y
1906
The new bonds will be issued In de
nominations Of $40, $t00 and 81, 900 o
coupon bonds, and Of $40, 500, $1,000 an
$40 600 of registered bonds. They Wi
be redeemable in United States go
coin, at the pleasure of the Unite
States, after ten years from the date 0
their issue, and will be payable thirt
years from such date.
Bids for the bonds must be submltte
on or before July 20 next.
II Secretary Shaw further says: IN
bids should state the amount of bond
desired by the subscriber, the price h
is willing 70 pay and the place where n
desires to make payment, whether a
the treasury of the United States or q
the oce of some one of the assistan
| treasures at New York, Baltimore
Philadelphia, Boston, Chicago st Lou
lis, Cincinnati, New Orleans or ga
Francisco. All bids should be address
| ed to the secretary of the treasury, d
/ vision of loans and currency, and tn
II envelopes enclosing them should
\ plainly marked-"Bids for Panama Ca
4 nal Bonds"
Upon receipt and classification Of tn
Il bids hereby invited the successful bic
| ders will be advised of the acceptanC
of their bids, and they will be instruct