The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1907-11-22
Interesting features
OF The STOCK MARKET
Foreigners Continue to Sell,
With $4,000 Shares Out
Yesterday.
CURRENCY PREMIUM LOSES
Reached 81 Just Before Clos
ing-No Gold Engage
ments.

Foreigners continued to sell stocks
here, putting out $4,000 shares yester-
day making perhaps $1,000 shares in
all sold this week on balance. This
represents a par value of s5,O0O,OOo
American stocks were irregular in Lon
don before the New York opening.
The maintenance of the Bank of Eng
land rate at per cent, instead Of adj
vincing to 8, treasured sentiment.
Protection was extended to United
States Steel common around % in the
early trading. The opinion still holds
that James R. Keene is giving support
under orders from the Morgan inter-
ests, Houses like Hooiey Learnard &
Smith and Chisholm & Chapman
bought a considerable quantity,
With the reduction in gross earnings
have come many predictions that divi-
dends will be reduced during the next
six months by leading railroads and
industrial companies. The sharp de-
clines in st. Paul, New York Central,
Atchison, Baltimore and Ohio, and Srie
were attended by predictions of the
character mentioned.
The currency premium just before
the close eased off unexpectedly to 10
per cent. This was accounted for by
statements that the heaviest demand
for weekly payrolis had been filed.
Early in the afternoon the rate was
. IL per cent. Wednesdays highest
rate was 3.
The specialist in Union Pacific earl,
had a buying order of about 1906
shares, which rallied the stock from
dO9 to 10, or y of a point above it;
closing yesterday. Later however, TIL
\ price broke sharply, going just ate
noon under 1903. Among the other buy
Il ers were Hartman e. Co., 5000; Barne,
& Co., 1000, and l. and s. Wormsel
2,OOO,i while the sellers included Lippe
Il & Co., 1000, and Halsted & Hodges. i
All the large stock exchange house
advised their out-of-town correspond
ents today that they could not accep
any orders for the new treasury notes
except on spot cash basis, with suf
flcient allowances for the premium
81 which they would have to pay on cur
rency This made it very difficult 70
Z the firms to do any business in tn
bonds on a when issued basis Yer
4 few of the houses were willing to ris]
their money in that class of business
with the whole note proposition in sucl
"a confused state as it was.
Chicago banks were reported to b,
calling loans containing National Bis
cult stock as collateral because there /.
plo market-that is, not an active mar
ket--for it.
Special weakness was shown by TIL,
n over priced stocks very early in tn
lay. This group included the Erie is
'ues, Missouri, Kansas and Texas
Southern Railway, Rock Island an,
3rooklyn Rapid Transit, all of whicl
reached new low prices Cor the year.
Justafter O'Clock Canadian Pacific
tlantic Coast line and Louisville ant
ashville reached new lows. The res
the list was inclined to rally re.
bverdng IL to before o'clock, tn,
tier in Smelters. Canadian Pacific
so rallied 2. Jersey Central dropped
to 145, new low. Transactions t.
o'clock were 449,S47 shares.
There were no gold engagement
lnounced yesterday. The Majestic
rived with $S,5oO,0OO aboard, 81
at SAB, 800, 900 is the amount of Eu
pean gold so far brought over OIL
e present movement, the full ex
bit of which, including latest en-
gements, is $70,425, 900.
The squirt in stocks early in the aft
noon was accompanied by a repor
BIT the Bank of France had finall
'anged to take S25O0O,COO to $50,
}, 900 Of the United States pc
1t. treasury certificates and sen,
It amount of gold to America l
quite likely that this story wa
q rted with view to frightening tn
rt interest and checking the declin
stocks There was no confirmation
this report UP to the close of bust
S, although it was believed in som
rters that France would take
und amount" of the new certifi
es,