The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1906-06-29
STOCK MARKET FEATURES
ANOTHER BAD BREAK FOL
LOWED By GOOD RALLY.

No Bad News, Simply Liquidation and
Bear Drives--Failure of Small
Trader--The Continued Weakness of
Pennsy-smaH Stockholders Letting
GO-Big Operator Reported in a Heap
of TroubIe---Other Gossip Of the Day.
Stocks had another bad turn or two
again yesterday, and the bears draVe
down prices again easily. There was
no bad news to recount for the declines.
The only bear fodder was the pro-
mitigation by Secretary Ely of the New
York Stock Exchange, of ruling that
under the amended state stock tax law
the taxation on sales of stock would be
two cents for eachtshare, irrespective OF
the par value.
In the afternoon the market rallied
very rapidly, with stocks up three to
five points from the lowest. st. Paul
led the RISE and both St. Paul and
Amalgamated rose about four points
from this lowest of the day.
The only reason for the drop was the
prevalent feeling of distrust occasioned
by the attacks on corporations, trusts,
etc. This gave the bears their courage.
A. c. p. touched IS, going lower than
it did just after the San Francisco ca
lamity.
Pennsylvania railroad stock also
reached a new low record for the year,
selling at 1877 S-S against Wednesdays
closing st. Paul fell to 1863 rs against
III IL Wednesday; Union Pacific to
al 7-8 against 142 ga; Missouri Pacific
to SO IL against 81 IL; Reading to
T22 IA against 1875, and United States
Steel common to "a SIS against 50 3-S.
United States Steel preferred fell to
par as against 101 ga, Wednesday S
final quotation.
The only financial casualty announced
was that Of w. S. Perry, a small trader
on the Consolidated Stock Exchange,
who had been caught long of the mar
ket. Under the rules he has twenty
four hours to settle before his failure
can be finally announced.
AS the morning advanced, on cover
ing of short contracts, firmer tone de-
veloped, and prices bounded, in num-
Der of instances, well above Wednes-
days final figures. This improvement
continued in the early afternoon, when
some one of the best figures of the day
were shown.
The decision Of the Stock Exchange to
enforce the stock transfer tax of two
cents on every share did much to d.
vert interest from Reading, Anaconda
and Pennsylvania yesterday-those be-
ing of less than one hundred dollars
par value
The early adjournment of congress
impending gold imports, good crop talk
etc, helped sentiment, but the public
was yet wofully absent from the mar
ket as buyers. The principal buying
was by banking interests.
1t was reported late in the Afternoon
that negotiations were pending for 8
large amount of gold for imports from
Europe, but this lacked confirmation,
The legislative pressure against cor
porations is being reflected in much
more liquidation of industrial than Of
railroad shares. The average decline
in them the past few weeks is eigh
points, and six in the other group
Pools find very limited demand fol-
their specialties.
The absence of the much predicted
attack on the Copper combination wa
construed by many as due to the fac
that the Boston man had been able tt
accomplish his end without it, and hi
\ fcr frytI Halta
The popular view was that his friends
were covering their shorts on Wednes
days break
The greatest losses in the curren
decline are those of the pools. 1t is un
derstood that number of the chqueE
trying to support certain industrial
specialties are having hard time of 1t
They are paying high rates of interes
to foreign bankers for money accommo
dations, and in some cases are being
forced to liquidate through inability t.
extend their loans.
Said the Evening Post: There wa
much discussion to-day in regard t
the large operator who was alleged Il
have been caught heavily long and wa
forced to liquidate for what he coulC
get for his holdings. 1t was alleged
that he was long of fully 100000 or 200,
900 shares. The popular view was tina
he was q. man who has made some sue
eessful deals in railroad properties, bu
this was not confirmed. The fact
seemed to point to man identified
with the uptown hotel Clique. Some o
these operators Swing from $4,000 t.
100 900 shares, or even more. The mai
in question appears to have been car
rving $1,000 shares in London, most o
which cost him very much more thai
current prices. AS stocks declined, h,
had difficulty, so it was alleged, in Sc
curing sufficient margin to fortify him
self. 1t was reported that he had to b
ehelped" by friends to-day. This il
the sort of story that Wall street loks
to discuss, though it may not be true.
The level at which great many div
idend-paying stocks sold yesterday at
traeted some good outside hhylne
Commission houses had quite mum
Der of out-of-town calls giving buyini
orders where stocks seemed to be over
sold. But the trouble with most of TIL
buying is that it is only for turn.
Chicago Subway fell five points o.
the Curb, to 40 1-2, on a report fror
Chicago that hitch had occurred i
the finance plan.