The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1907-11-21
Interesting features
OF The STOCK MARKET
Some Stocks Driven to a New
Low Level in the Early
Hours.
THE NEW TREASURY NOTES
Questions as to Their Availa-
bility-Cause of the De-
cline in Louisville.

cline in Louisville.
During much Of the first hour yester-
day stocks were under pressure in the
New York market. St. Paul, ~Louis
vile, American Smelling. Steel com
mon, and New York Air Brake were
especially heavy. In the bond division
Atchison convertible IS were the weak
feature, with a decline of nearly two
points during the morning, to a new low
level The force of the liquidation APP
peared to have spent itself before mid
day for the time being, and there was
a sharp rally, with Union Pacific lead
ing, at an extreme gain by noon of
1853 points, compared with the early
low price. United States Steel pre-
ferred at that time was l Is up. The
midday recovery was due to a report
from Washington that already the
treasury department had received sub
scriptions for more than SO,OO0,O00 CT
the new per cent. certificates, and an
over subscription Of the S50,o00000
Panama canal bonds was expected. The
advance in the premium on currency
had no effect on stocks at midday.
All the large New York stock ex-
change houses received special dis
patches from out-of-town points yes
terday asking definite information re-
specting the availability Of the new
treasury notes as a basis for circula-
ton and to secure government deposits.
There was the utmost confusion of
ideas as to how the operation would
work out with banks who had to buy
the ready cash to pay their subscrip-
tons with. The feeling prevailed that
some definite statement by the treasury
as to the ability Of the banks to keep
the purchased money as a government
deposit should be made.
The stock market turned very weak
In the last hour, with some extreme
losses of four to five points, but at
the very close there was a small rally.
louisville and Nashville, Atlantic Coast
y Line, st. Paul, Erie, and others reached
new low figures for the year in the late
decline. Coincident with which call
money went to Is per cent shortly be-
4 fore the close. 1t had loaned as low
as per cent. during the morning.
a Inc decline in Louisville was due to
fears in some quarters that postpone
ment of the Atlantic Coast Line divi-
Z dend might in some way interfere with
the payment of the next Louisville div
= idend. The latter company is controll-
led by the Atlantic Coast Line, through
Ownership of most Of the Louisville
stock. The current dividend on Louis
willie is per cent, the last payment
having been made on August u. Hence
ne next payment is not due until Feb
AIRY.
Rise in the currency premium to 8
par cent, which was three-fourths
higher than the rate at which q large
a plume of business was done late last
light was in direct response, to the
eavy orders received by the money
rokers from banks who wanted the
! 81 Psh to buy the bonds with. These
emands really made it more difficult
pr the Wall street banks to satisfy
heir out-of-town correspondents yes
erday and some harsh criticisms were
pdulged in.
London was a moderate seller of
ocks yesterday, putting out probably
900 shares chiefly United States
teel and the Pacific issues. senti-
ent was reported as somewhat de-
Tessed on the other side because Of
e poor response to the Treasury de-
rtment's plan for relieving the fin-
lcial situation, American stocks
pre- irregular in London before the
cal opening.
rhe most important news of yester-
y afternoon had to do with the very
finite negotiations entered into by
81 international bankers who were en-
ged with the movement to get $50,
900 gold from the Bank Of France.
though the negotiations were no
npleted the view prevailed that the
air would be successful, and that a
ge block Of the new notes would b.
pn shipped to Paris as the collatera,
heavy advances Of foreign gold.
Indications pointed to liquidation OF
hison convertible IS by persons who
not care to pay any more INSTALL
81 nts When the above issue was of.
bd to shareholders only about SIS.
900 were taken. Banking Interests
med a syndicate TO take the remain
The popular view was that some
the syndicate holdings have beer
ing into the market this week. The
: vertible As have declined in sympa-
with the 5s
he decline in Atchison convertible
S hid 4 per cent. bonds was the early
ure of yesterdays market, just a.
break in Rock Island issues was the
er of interest yesterday. The prin-
selling was of the SIS, Of which
poo, 900 were authorized and $26, 000,.
offered to stockholders last JULY
par payable at the rate of 80 pei
on subscription, 35 per cent. be
en- January 5 and January 10, 1908
IS per cent. between June and
TO- 1908. They sold at a small
W mum at the time of issue, but yes
ay declined from "a 1-2 to 80, anC
by had dropped during the FIRST
to 80 1-2 on large transactions, es.
shing a new low record.
e break CT several points in Allan
cast line stock was directly due t.
postponement of the regular divi.
by the directors at Tuesday