The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1907-07-26
ATE features OF
the STOCK MARKET
Prices Fall Off After Higher
Opening.
BUT CLOSE STRONG
there Was Heavy Profit
Taking, But it Was Well
Absorbed.

There was much realizing of profits
Bsterday and prices sagged off, but
lie offerings were well taken and the
ose was strong, prices having rallied
Bain.
The bears efforts to break the mar
t were conferred on the steels and the
n lies. But the attack was a failure.
#The leading incident of the day was
Ne meeting Of the executive commit
Ia of the Southern Pacific railroad.
hen Wall street was given to be-
Ntve, by statements credited to e. H.
hartman that the common stock of
lie company would be placed on 6
+ r cent. dividend basis, action on the
AZ yident was deferred to next week
N after having confidently advanced
n e stock from rs ga a week ago to
1-2 Wednesday, on expectations that
annual rate of or Z per cent
build be announced yesterday after
on it was with considerable sur
Use that Wall Street learned that it
- build have to wait another week be-
Re learning whether the present 5
r cent. rate or a higher return would
announced for the stock With the
nouncement Of the postponement Of
#tion on the dividend after the morn
BIS meeting, the stock promptly
Pakened, selling off to SO, from go 3-S,
high price earlier in the day At
the meeting, E. H. Hartman said
g ht per cent. per annum would be
ough for the Southern Pacific stock
+ lders.
= The general belief was that the stock
brket had discontinued the declara-
bn Of an increased Southern Pacific
vidend. In any event, many of the
= Pders took the selling side and put
< short contracts.
. The market sagged off during most
the afternoon, showing manifest
= bns of liquidation throughout the list
rs was particularly evident in such
ues as United States Steel common,
X lie, New York Central, and the like,
lich have been less subject to mani
s ation than the so-called Hartman
Rndard Oil group.
In anticipation of yesterdays meet
1F to 81
lrkets of Europe and this country
% ened excited. In London Union Pa
c was 2 points higher and Southern
cific a point up. The sharp rise in
former was probably due to the
hnical state of the market for that
ok.
notable feature of the trading this
eek has been the western buying
uses with connections in Chicago
Ne taken up good deal of stock,
ON this it is gathered that crop con-
q ions are not a subject of anxiety.
reactionary movement fully as vio-
It as that here occurred in London,
ere curb prices were IL to 2
nts under the earlier ones. Paris was
Bettled by a break in copper shares.
ir Brake stock was held up around
on the alleged offer of stockholders
50 for their shares.
oney rates were still easy The
ks have gained $S,37O,OOO from the
sury. The statement of the Bank
England showed a gain of per cent
'eserve ON a gain of $2,5OOOOO in bull
and reduction of $4,225,O0O in
u.s. The Bank of France gained ST.
100 in gold.
transactions yesterday were consid-
bly above recent totals. By noon
were nearly 100000 shares. But
activity was in a few stocks Out
he sales in the first two hours about
4. er cent. was in Union and Southern
ic and Reading. Steel and Anal
ated Copper made up another II
cent.
lrt of the 2 per cent. dividend which
e off Amalgamated Copper yester-
was recovered at the start, but
the stock showed net loss of q
t. The % cent figure on electrolytit
not satisfy consumers. The "Iror
stated yesterday that there would
ably be little demand until tht
/ was offered at 20 cents.
ere was a slight recovery just be-
the close, led by Hartman issues
this was more in the nature OF
S covering than anything else
e was not much public buying
ton stocks were strong at the
postponement of the date for de-
hg the preferred dividend Of the
until the end of next month
the street more cause to believe
a change might be made. MI
49,. an will be back by that time
E is no reason to believe, however
the dividends will be altered.