The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1906-05-01
STOCK MARKET FEATURES
NO PANIC APPEARED AND
PRICES RALLIED.

| 0Mu MISUNDERSTANDING
Lawson's illumination the Market
Kept AmprovIng-StrOng Support Ev-
idently Extended by Banking Inter-
ests-GOssip of the Day.
Yesterdays market was far from
panicky, and instead Of panic the
market steadily improved all day and
closed at about the highest prices Of
the day.
The shorts evidently did some cover
ing.
Compared with the low prices reach
ed on Saturday there were recoveries
of to 4 points all through the list Of
prominent stocks Amalgamated Con-
per, which sold at 1OO% on SATURDAY..
rose to 1914. Union Pacific advanced
to l471s, against 144A on Saturday.
Smelling, which fell to 144% on satur-
day, went up to 1497. Anaconda Min
ing, which was 245ls on Saturday, rose
to 252. And there We're others.
The fact that Lawson, of Boston. was
again shouting panic was really one Of
the influences that helped to steady tbe
market 1t was the general opinion
that he was long Of stocks when the
san FRANCISCO disaster occurred, and
| that he was now on the short side.
The technical condition of the market
led IN thp no I14t Frl,c,.r
of liquidation and the market was over
sold.
Some of the shorts in Consolidated
Gas were worried late in the afternoon.
when the stock climbed up about 8
points from its recent low level.
The fact that the hints that big in
surance companies or other big cor
porations We're in trouble were not YER
flied helped sentiment
1t was recalled also that in the glurnp
Of 1903 labor troubles were paralyzing
business. The bears held, however.
that the prospects Of coal strike were
not helpful to bullish sentiment.
The bullish interview of John w.
Gates and his statement THAI be was
buying stocks on a scale down carried
some weight.
The stocks which collapsed most
heavily during the past week showed
the sharpest gains yesterday. These
included Gas, Great Northern, Northern
Pacific, Smelling, Northwest Anaconda
and Reading.
Some of the substantial railroad
stocks yield about one-half per cent.
more income now than at prices Of TWO
weeks ago This undoubtedly attracts
some investment buying.
Covering of shorts was undoubtedly
the main influence in yesterdays ad-
vance of prices, and 1t grew rather more
general before the day was over.
The recovery in Ice Securities to 60
represented renewal Of pool inanipu-
lation.
Leading banking interests agreed on
Sunday to lend their support to the
market This became known to the
bear cliques, and soon after the open
ing yesterday 1t was clear that they
were making haste to save themselves.
although they had put out large lines
of short contracts and had been count
ing on the market dripping atill lower
yesterday.
With the money outlook so uncertain,
and the volume Of stocks subject to liq-
uidation in case further break should
occur so large, brokers were not very
optimistic. On the other hand, the gem
eral situation appears to be sound.
The entire appearance of the market
was professional and banking interests
did not appear to be buying any more
than they had to in order to support
the market.
There was great relief felt yesterday
morning announcement was made that
all clearing house sheets had gone
through" without trouble. From this
time dated the heaviest of the short
covering.
On the rise the market became dull,
and it was apparent that few persons
cared to follow it up. 1t is doubtful il
any considerable buying of long stocks
on the part of the Outside public" oc-
Cured yesterday.
The United States Steel stocks finally
overcame the pressure against them,
which was pronounced in the first hour,
and rallied we'll.
BY the time the new nav reducing
the price of gas from 81 to so cents per
thousand cubic feet goes into effect to-
day the Consolidated Gas company viii
have rearranged between $4,000 and go
600 of the prepayment meters by which
gas is obtained by the deposit Of money
In advance. All of these meters win
have been made to conform to the new
law by the adoption Of small crown
wheel in the mechanism of the meter.
This arrangement at the side Of the me-
ter permits it to be adjusted so that 1t
will permit any prescribed amount Of
gas to be obtained. at any set figure.