The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1906-05-09
STOCK MARKET FEATURES
ANOTHER DAY OF IMPROVING
PRICES.

handsome Recovery from Recent Low
LeveI-Money Situation Le1s Strain
ed---Gossip of the Day.
Stocks rose higher in price again
yesterday, this being the fourth day OF
recovery from the recent low level.
Prices now range about half way be-
tween the recent slump prices and their
high range before the San Francisco
disaster
Union Pacific, Amalgamated and q
rev other active stocks have now re-
covered ten points from the low level,
and Reading twenty points.
Bull manipulators took hold yester-
day and worked UP prices
The public has not yet been beguiled
by the revival of old reports meant
to benefit certain shares while the
advance in prices has withdrawn the
investment. class. who were satiiied
to buy at last weeks prices, from the
market John w. Gates was credited
with active work on the bull side.
When Reading crossed 1870 it was said
that there was big amount of stock
for sale. This carried it down again
close to 1919, but early in the afternoon
1t rose to the highest. price of the
day.
A theory advanced was that the bull
operations which were nipped in the
bud by the San Francisco disaster were
being resumed.
no facts during most Of the day, about
a settlement of the lake strike, but
the labor troubles in the structural
steel and building trade are not yet
in satisfactory shape.
london houses sold moderately on
balance, with operations abroad re-
stricted by the settlement.
So far this week, the banks have
gained $4,317OOO on their transactions
with the treasury. In the same time
last week they lost $4,5S7,OO0
The short interest did not cover on
anything like the scale of Friday and
Monday. Brokers advised their Gus
toners to be careful about following
the market up until it had another re-
action.
Some of the recovery this week is
based on an expected favorable gov
eminent crop report, to be issued to-
morrow.
The market was taken up by groups
yesterday, with Reading the early fea-
ture, followed by Union Pacific, Smelt-
ing, Copper, Anaconda, st. Paul, and
some of the lower priced specialties.
This is an old device, and often works
very well for the bulls.
The March statement of Union Pa
cio was disappointing, with a net
gain of only $49,22S on a gross in
crease of $327111,
If there was much selling of long
stocks by leading interests yesterday
the market took 1t very well.
The leadership of Union Pacific,
Steel and Copper helped general senti-
ment more than did the rise in Reading
and Shelters.
The gain by the banks from the
treasury has nothing to do with the
gold arrivals, since they represent cash
that has to be turned into the treas
ury as soon as 1t comes into the pos
session of the banks here. The banks
paid $1,500,000 into the treasury to-
day for new gold arrived.
The rise in high priced issues like
Lackawanna, Delaware and Hudson,
Northwestern and Great Northern pre-
ferred was due to confident buying
after last weeks liquidation by specu-
lators.
AS to easier money the announcement
was made that the Bank of France will
release $15, 900 gold to New York
This will bring the total imports to
about $60,OO0,O0O, if no more is taken
The drain on the Bank of England
and the open bullion market in Lon
don is past.