The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1906-06-28
STOCK MARKET FEATURES
ANOTHER TUMBLE IN PRICES
WITH WEAK CLOSING.

The Drop Was Preceded by Rally-st'
paul was the Weakest 0ne-Went
Down POints-various Other shares
Dropped Heavily--Considerab Liqu
tdation Enormous New Orders for
steel.
The stock market, after a hesitating
rally, due to covering by the. Shorts
went off again. led by St. Paul on the
downward tumble.
Many stocks sold at the lowest OF the
season, and support seemed to be lack
ms.
The most active stocks have now mad
a IN mr. IL per cent. reaction from the
recent highest level
disappointing thing is the feeble
ness of the reactions after the slumps'
The weak spots in the market were
st. Paul. which dropped nearly SIX
points from the morning price; Inter
borough metropolitan, which fell 4
more Reading and Union Pacific,
which both lost three points; Amalga-
mated Copper and Anaconda and Steel
shares.
The stoppage of work on the Read
ing and some other mines July l, owing
to oyer-production, hurt these stocks.
The Jersey Central and the Lehigh
Valley, both made a poor showing for
the month.
So much has been made of the ST.
Paul coast financiering that any sug-
gestion Of hitch leads to heavy spec
ulative selling. The bull account Is al
most entirely built up on expectation
rights to stockholders. Early informa-
ton to-day was that the loan would
be made in Paris.
Chicago Subway declined on the curb
from 81 IL to 40 IL. Pool liquidation
was ascribed as the reason for the
break in both stocks.
The increase in the Anaconda divi-
dend naturally gave some ground for
the talk that Amalgamated would be
placed on an per cent. basis next
month. 1t was this sort of gossip that
made the stock sell above par. Jacob
Field was buyer Of ten thousand
shares.
1t was reported that certain operators
were called on to put up more margin
and to furnish better collateral. THIS
they did not appear able to do and in
consequence their holdings were thrown
over. Another cause Of the break was
the expectation that the Boston opera
tor who has been attacking Wall street
would make a sensational announce
1nent regarding the Copper combina-
ton to-day.
The effect on industrials of Steel pre-
ferred selling only a few points above
par, and Amalgamated Copper on bet
ter than a per cent. basis, is ex-
pressed in the price of some of the 4,
S and 6 per cent. industrial bonds. They
have declined so that they yield as
much as IL per cent, in some cases.
The situation in respect to such bonds
is illustrated in the proposed offering
of a new issue Of 5 per cent. bonds at
80.
The steady decline in Interborough-
Metropolitan common stock had de-
pressing effect on Wall street, from
the standpoint of pool liquidation
Stocks opened with general advances
A1nalgamated Copper coming out about
a point higher, with fair selling all the
way from 100 to 100 IL. 1t closed yes
tcrday at 995S. Soon however, prices
sold off quite sharply, under the lead of
Interborough-M metropolitan.
After selling at 3S Inter-Met. common
broke three points to So. There was
heavy uncovering Of stop loss orders.
Each point decline brought out plenty
of them. The weakness suggested eff
forts to market stock which was re-
leased by the syndicate dissolution. No
attempt was made at support.
The sharp break In st. Paul caught a
great many margined accounts, which
had been built UP on the idea that the
directors were about to bring out new
financial plan for the completion Of the
Pacific coast extension.
The Iron Age will to-day state that
the orders flowing in for steel are enor-
NOUS.
The increase in the Ontario and
Western dividend of per cent, against
1 10 per cent. paid year ago, was
without effect on the stock. 1t had
been fully discounted.
Sterling broke again here, but no
gold was engaged in Europe owing
partly to the dearth of supplies in Lon
don and the apparent ease in money
here.
IL -. L. annr,nlt