The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1906-05-08

Notable StrenStn~0eVS
to sustain Prices Were Being Mar-
keted--London Trying to Hold aus
Gold--Money Situation Not Good 0ut
Improving.
The stock market was weak and I'M
certain all day until near the GLOSS
when prices braced up. ,.l-,
Reading was one OF the hotaolS
strong stocks Of the day..
It was apparent in Wall street tnat
stocks bought last week to sustain the
market and prevent panic were w
ing fed out, o.to.-
London prices all came lower yesters
day, this giving cue TO the 1harhe1
at the opening. ,,,e,,
and it was plain that foreign houses
were offering stocks freely. ,u,..
London strove TO prevent losing
more gold to New York. The pank o.
England raised the price of par eolG
u per cent, In spite OF this a an aS
block Of $1,500.000 was taken 1or IN
bort, and there is now $1,200,0OO on the
ocean headed this way. -, !. ~
The money situation, will, II IS
thought, right itself in week q SO.
Surprise was expressed at the cool
reception the market gave 70 the eHu-
Ing Of the coal strike. But wall
street had already given that subject
attention.
4 great deal was heard about the
bnnefits which are to accrue to the an
thracite companies by reason. Of inc
labor question being settled Tor seV-
eral years to come, but this failed to
arouse any enthusiasm hat the en-
tire market should be capable OF such
4 collapse as 1t has had unnerved
many persons.
The movement in Reading was pop
ularly explained to be due to a drive
at a large bear operator residing in
Boston, who was alleged TO nave gone
heavily short below 116.
That Reading had dropped from 1874
to 112, and hence might be bargain,
tended to shake confidence rather than
inspire it. Some said that Reading mad
come up not from 112 but from 80 or
90. und that If it could decline to liz
it might continue going down. ThaC
this method of reasoning should APP
peal to the average man was natural,
Authorities had advised buying Oh
stocks on breaks but there seemed TO
be no end Of them.
Foreign bankers report larger In
vestment In American securities In the
past two weeks than for a similar Pc
riod in years, and have drawn great
volume of sterling Bills against them.
Probably many OF these stocks no
bonds so purchased will come on the
market again, as they We're taken re-
cause. temporarily, they looked cheap
and not for permanent investment.
The market was almost entirely pro-
fessional Banking interests We're do
ing little. They did not encourage a
bull market,
presented to the Wisconsin State Rail
road commission a list of reasons why
the railroads should not be compelled
to reduce their passenger fares from
8 to 2 cents mile. Perhaps as a COM
promise the maximum may be put at
21b cents The railroads will resist
any reduction in the courts.
Colorado Fuel and Iron and Missouri
Pacific both furnished evidence OF a
better grade of buying than Of late.
There has not been so monotonous a
day in Wall street for some weeks.
The anthracite trouble being now out
Of the way, the speculative element
was looking for something new on
which to base it's operations
Good-szed blocks of leading shares
were offered whenever the market
seemed to favor absorption. This was
noticeable In the Standard Oil group.
in which Amalgamated Copper, Union
Pacific and st. Paul were soft. The
same was true of United States Steel
The foreign selling in this group was
heavy
Professional operators are not COM
nitted to either the long or the short
side of the market by preference. They
size UP the situation and determine
whether they can help to put stocks
UP or put them down with less diff
Guilty.
When Amalgamated was at 102 yes
terday the supply of the latter seemed
TO be considerable. The stock broke
through that figure, but afterward rail-
lied There were rumors around that
drive would be made in it before
business ended.
Continued on Eighth Page.l