The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1907-07-19
|OWER MONEY RATES

Trading-Copper's Divi-
dend 5 p. c. Straight.
Yesterdays stock market showed
me animation dispite the torrid heat
Id made fair recovery from the re-
,tion of the day before, with much
rength displayed in the Hill stocks
i'd Union Pacific.
The tone throughout was more cheer
i and reassuring.
The support yesterday was better,
I'd, although the movement was mar
w, the market was less subject to
Lch periods of depression, as caused
much unsettlement on previous days.
The important incident in the inan-
b. situation was the decline in money
ties In time loans this amounted to
4 per cent. 1t is impossible now to
nd at 8 per cent, and loans maturing
October command only 5 per cent.
by by day there has been a gradual
cession in the rate of brokers' loans,
that they are now down to about
Er cent.
Interest again converged upon the
|ther excited movement of Union Pa
tic, which figured largely in the days
bding without any news development
explain the performance.
|This monetary situation points lit
toward an improvement in invest
ent conditions. Investors are a trife
b conservative and are placing their
|nds where they draw IL to 5 IL
4 cent interest and where the princi-
\ has fair chance Of appreciation in
Hue,
Several syndicates, viz, that Offering
be Westinghouse Electric notes, an
4 her acting as the agen.s for The
Alosapeake and Ohio bonds, and a
bird the distributors Of $6000,00O Chi
ago Traction 5 per cent. bonds, have
Slnounced within a few days that they
slve disposed of their holdings. Dealers
short term notes say that a revival
interest in this interest bearing form
4 security has appeared.
discounts were easier at Paris, where
Hbrldon remittanees were a shade low
Investmant stocks at London were
lightly depressed by the issue Of the
100000 Manchurian loan and the I'M
svorable results achieved at the recent
dian offering. The tone at Paris was
trifle heavy, and at Berlin prices sold
"A on the iron and steel situation. Our
( ocks in London We're depressed early
the day, but closed fairly steady.
be closing here was strong, with
Hnalgamated Copper an active feature
the days declaration of straight
per cent yearly dividend by the di-
"~lOIS u klidl company.
After the Copper dividend announce
lent drive was made at Union Paci-
United States Steel, and other is
Hes, as was the case before the close
&sterday, and losses Of 10 to 3-l point
re scored. But little stock came cut,
III before 2:S0 o'clock another "dl Y
K as II progress. In the last half hou"
Hocks were bid up quite sharply, soEle
thu gains being a point r more.
As - the outlook the best opi.lii n
{ one that obtains with nearly all
z nservative investment houses and
biased students of the situation, is
at it offers excellent opportunities for
Y rchase for a long pull"
There were announcements making
better market feeling. One was that
m Oyster Bay that tariff reform
uld not be attempted until after the
Esidential election. Another was that
Chairman Knapp, of the interstate
nmerce commission, that its duties
the Hartman investigation were
4 sr and that it was not in its province
start the prosecution of any one.
Mae Brewers remarks on railroads
y We the impression that he might vote
: linst the 2-cent rate in some of the
ties.
Tany of the traders were willing to
Union Pacific if they thought lead
interests wished to put up stock
it they felt able to do so. But bank
interests did nothing yesterday to
cal their intentions,
he deadlock between buyers and
ducers of pig iron and the strike OF
laborers on the Lake Superior ore
ks were given as the cause for the
elton in Steel common. But it is
re- than likely that the chief reason
the feeling that no increase in the
dend would be made.
rop news was regarded as highly en-
raging. An estimate of cotton con-
ons yesterday placed the conditions
lbove 70, or an Improvement of more
n per cent over the government
mate of six weeks ago. The large
4 b by the banks from the sub-treas-
bringing the total since Friday III
nearly $4,0O0,000, had reassuring
ct.