The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1906-11-29
STOCK MARKET FEATURES
STRENGTH IN PRICES FOL
LOWED By. WEAKNESS,

Present-PnrrOt StrOng-ManhattaI
StOck-ShannOn-The GossiD.
The stock market yesterday was q
dull one, strong in the morning and
somewhat weak in the afternoon.
One or two point gains were made
in the actives before the change came
The decline was due to rise in call
money to IL per cent.
Trading was light owing to the prox-
unity of the holiday.
There was reported also a loss of 49,
OSS,O0O by the banks to the sub-treas-
ury.
The December interest and dividend
payment will be nearly 100000, 00O a
sum that few years ago would be CON
sidered large for July or January. Con-
sequently stock exchange borrowers
will probably have to pay stiff rates to
carry collateral into the first part of
next month.
No change In the rate of the Bank of
England is anticipated
The fact of the presidents message
next week did not add any bullish feel
ing.
1t was stated that drive was under
consideration by the bears Talk of
Ito point break was heard. Lon
don operators cabled that to point
Break would help the situation.
The rise in New York Central, which
was among the sharpest in the morn
ing, revealed a moderate short inter-
est, The bidding UP seemed to have
been dueto desire to induce share
holders to pay another installment on
the new stock Some large lots of the
rights came out around IL to 6.
Estimates of $3OOOO,OOO net earnings
by the Amalgamated Copper company
this year, amounting to about 20 per
cent, on the stock, have served to in,
spire some bullsh comment Amalgam-
ated has been very dull for the past
two months. Some talk is heard of
Is per cent. dividend rate for Anacon-
da next month
The sale of $4,000 shares of Manhat-
tan stock probably brought as much as
was generally anticipated. The price
was sold up a point on the exchange
to 145, before the public sale occurred
Some 80 900 were secured by two firms
. at al IA, or a little above that figure
after a first sale Of 500 shares at 143. 1t
4 was generally supposed that most of the
stock went to the syndicate formed to
nbuy it in at a fair price.
The last sale of Manhattan listed
A OF hofora nyos a h,,+
gthe price fell to correspond with those
]. sold at auction. There was some feel
ling that movement would be made to
distribute stock and that, as a per
scent. guaranteed ISSUE it ought to sell
Rr0und 160
Y Very favorable discussion has re-
tcently been INDUCED in concerning
.iSouthern Railway common. Yesterday
Jt was learned that pool had been
Horned and was operating through
l5London
Il Northern Pacific went through the
movements that usually follow sharp
rise. 1t yielded two points by midday
Wander waht looked like liquidation by
he clicque which bid it up.
q Mr.. Hill will be in New York again
& day The Northern Pacific directors
Twill probably meet Friday. 1t is I'M
Eerstood that the distribution, amount
Sag to SO 1-3 per cent, will be ordered
VERY soon.
The rise in Brooklyn Rapid Transit
swas accompanied by the time-worn ru-
',inors about more friendly relations be-
tween the company and the city off,
~. oto
eaused a small short interest to cover
up, then the stock became dull.
One view was held regarding Union |
Pacific report that the good was squeez-
ed out of every item to make the earn
Ings on the common stock as large as
possible
That there was nothing In all the
Ftories concerning Missouri, Kansas & !
TeXas stock being bought for control |
by Mr.. Hill or anybody else, seemed |
apparent from the way in which the
common acted yesterday. 1t sold down
from 40 Ia to Al SIS by early in the
afternoon, causing scrambleof traders
b get out.
MIR. Hills statement that 147 per cent.
had been paid in dividends this year TO
ireat Northern shareholders assumes
hat the ore certificates are worth 100
Tennesse Coal and IrDn was unusual
y active and strong. 1t was heavily
raded in around 165. The stock closed
tuesday at 161 10, with sales of only
90 shares. To-day's movement led to
urther reports Of combinations, and a
#evival of pool activity.
The Railway Steel Springs insiders, it
Tas said, have been selling the prefer
ed, now quoted at par and paying 7
er cent, and buying the common, on
ne beQef that the dividend will be
fised from 4 to per cent. within
nor; time. Orders up to the company's |
opacity have been booked through |
ert year.
Great Northern certificates closed at |
IL, gain of points for the day.
rading in the issue was active |
throughout the day.
Directors OF the Lackawanna yester-
hy declared an extra dividend of 10 I
FIR cent. on the company's $26, 200, 900
outstanding capital stock. An extra d- +,
s dend Of 10 per cent was declared at |
s Is time last year and in 1904, In Wall 1
rect the extra Lackawanna dividends /
e fclared in December are called Christ !
as presents.
= This stock was very active at the !
Pening and quickly sold above 80. The
lying was from the members of the /