The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1906-05-04
STOCK MARKET FEATURES
A FETERISH DAY WITH BREAK
TN COPPER AT CLOSE.

Prices Swayed Back and Forth--Wail
street Trying to Get Its Behring's
Bears Finally Whacked Copper--A
Better FeeIing-Gossip of the Day.
1t was feyerish market yesterday,
with Wall street endeavoring to get its
bearings after the decentralization of the
day before.
Prices swayed backward and forward
and this was the case most Of the day
Amalgamated Copper gained half a.
point or SO over its high Of the day be-
fore, but at about the middle of the aft
ernoon the bears started in to hammer
this stock and about twenty minutes
before the close hammered in full force,
big blocks of the stock coming out.
They finally succeeded in driving down
the price to 81. The high of the day
was l01 ".
with this abuse prices Of various 9TH
err stocks fell off little, but there was
no decentralization, and II seemed 10 pc
the opinion that forced liquidation was
about over in the market Tor the pres
ent.
Bearish work was most conspicuous
in Reading, Amalgamated Copper, Met
ropolitan, Steel common, Shelters and
Union Pacific
At the opening the share list was in
f1uenced by the fact that the street had
escaped any serious financial disaster in
Wednesdays decline.
Reading was driven down several
points, but rallied well.
A is xNroa I1a So
ord Oil issues that were under greatest
pressure yesterday This was due to
the forthcoming report of Commission
er Garfield which Is supposed to deal
drastically with the rebate policy OF the
greatest Of trusts.
better feeling prevailed, because
the bulk Of the speculative accounts Of
a dangerous character have either been
eliminated or transferred to stronger
hands, and because money conditions
are easing up owing to the recent big
liquidation and because good stocks are
at figure where the income return on
the investment Is good
The immediate cause of the late
break in stocks was expectation that
President Roosevelt would send mes
sage to congress to-day dealing In
very drastic way with the Standard Oil
company. There was heavy selling by
many prominent firms particularly by
one whose head is In Washington.
A good bank statement is looked for
tomorrow!
Upwards Of 5000, 900 more gold was
engaged for New York abroad yester-
day, and currency shipments westward
were somewhat smaller
Street gossip claimed that III. G.
Frick, who made a great deal of money
in Reading and liquidated around $50,
had bought large amount OF IT on
Wednesdays break.
Half the total business was in Anal
gamated Copper, Reading and Union
Pacific.
wall street banks having large trust
company deposits had to surrender sew
eral million in cash yesterday for the
companies to hold as reserve. Alto
gether fully $5,000000 was taken out Of
the banks in this way. Some of the
largest companies asked for gold GER
tificates of $4,000 and $4,000 denomina-
tions.
Some observers felt that tn emarket
might be heavy and so lower vet under
orderly liquidation. But a recurrence
Of Wednesdays smash was not believed
possible.
Standard Oil, which closed at 500 on
wednesday, rose to Clio asked yester-
day, but little was done in it, Near
the close 1t was offered down to 600,
with sos bid.
Foreign houses were again buyers of
stocks.
Hooley, Learned & Co. were large
buyers of the general list when the
market showed signs of breaking again
during the morning. They supported
Reading.
savin & CO. were announced as one
of the big sellers of Amalgamated, and
Brown another
Many leading brokers said yesterday
that on Wednesday and the day before
they had executed more small buying
orders for lots of ten, twenty fifty or
100 shares In standard issues than they
had done within three years; that this
represented Investment absorption such
as occurs after any long extended de-
cline These stocks included, besides
Onion Pacific, St. Paul, Reading, New
York Centrab Pennsylvania, and the
like, a great many lots of United States
steel, Copper and other industrials.
They have also bought great many
broken lots Of bonds yielding 4 to per
cent. interest.