The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1907-07-18

steady. Arbitrage brokers bought few
thousand shares on balance,
The copper stocks hung fire at the
opening, not responding to the general
n advance. They are probably and natur-
ally waiting to see what Mr.. Rogers
does with the Amalgamated dividend
I to-day. No one expects an increase,
but, again, no one is willing to bet as to
! which way the Rogers feline will jump.
The banks renewed their call loans
yesterday at 8 per cent, and the spec
\ ulation for the rise in stocks was help
4 ed by the all-around ease of money
Il In well Informed quarters it was said
4 that the sharp advance in Union Paci-
fic was based upon some preliminary
4 figures for the annual statement which
in some way became public. Those fig
ures showed that the company earned
4 SAT 100000 in the fiscal year just closed;
! that the fixed charges are $11500, 600,
Il and dividends on the preferred stock,
y 81, oOO ,OOO leaving an available surplus
for dividends equal to IS per cent. The
report containing these figures is to be
made public some time between now
n and the middle of August.
The lowest prices of the day We're
made in the last hours, United States
Steel being especially weak.
In the first part of the last hour the
room was bearsh on the weakness in
Steel, Copper and Smelters.
The average loss of all stocks dealt
lin yesterday was % cents. Since De-
cember 81 the loss amounted to $1754.
la. A. Housman bought 5000 Union
Pacific, j. w. Davis bought 5000, A. H.
Caspery 5000, and Marshall, SPEAKER &
III co bought 1900; Chisholm & Pouch
s bought 1000 Reading. Morse sold 1900;
d. Meyer, jr., sold 5000 Union Pacific.
A market expert pointed out yester-
day afternoon that while Union Pa
cific had completely dominated the mar
ket since Monday, the Sth inst, it is
the only stock that has really gained
any ground in the last ten days. Most
+ other stocks are lower. The inference
+ drawn from this was that either other
X Stocks had been sold under cover of the
strength in Union Pacific, or that the
Il Union Pacific crowd alone is aggressive
on the bull side But it should not be
forgotten that the strongest aggrega-
: zion Of capitalists in the world is be-
hind Union Pacific.
A private cable from London said
= that the copper market had had a
sharp rally, spots advancing eS and
futures 911O,O,
Around the noon hour the market
4 was heavy, the Steel stocks being weak
and affecting the rest of the list, Two
br three brokers', however, advised
their customers that they would rath-
Br buy than sell at the prevailing
prices.
Some traders profess to believe that
United States Steel common will be put
bn a per cent. basis, while others are
9earish on the stock at 81.
Some brokers insisted that there was
good deal of bullish manipulation in
Bt. Paul and Union Pacific early in the
Bay, but then, that is as popular a way
bf explaining an unwelcome advance
S it is to attribute decline to any
hing but the real reason.
After opening from 144 to IA 1-S some
ferings of Union Pacific were encoun-
cred. but the stock was readily alb
orbed and then the price advanced to
"A ga, when there was enough profit
aking to force the price back below
A.
Of Union Pacific a broker advised his
ouse as follows: 1.-THE buying has been
o conspicuous as to arouse my sus-
1 icion However, / do not care to ad-
Use any one to sell for fear that they
night lose their stock. Traders have
aiken the short side for the moment,
tut are ready to jump at the first sign
a further rally"