The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1907-07-27
PACIFIC STOCKS STRONG

Sterling Strong-More Gold
Imports Probable-Banks
Gain Over So, 900, 900.
Features of the stock market yester-
day were some progress towards
! higher price level periods of decided
strength and a large amount Of profit
taking
Despite the realizing and some bear
Hfives the bulls We're encouraged by
The days events. The market observ-
ID the selling well and speculative in
terest seemed to be spreading into 9TH
sr stocks.
There was an utter absence Of en-
j thusism but the market though dull
1 held we'll,
American stocks furnished most Of
Il the activity at London, where there
j was considerable depression, caused by
the further decline in consols, which
sold yesterday within 9-16 point Of the
years low record.
There was a great deal Of purely
I bearish activity, and the pronounced
weakness in New York Central Erie,
4 and Southern Railway was attributed
lin large measure to manipulation from
this quarter
Copper shares abroad closed lower as
they did at Paris, on trade develop
ments, and the apparent indisposition
of large consumers to buy heavily at
current quotations. The London price
4 of the metal closed 81 per ton below
yesterday.
A few stocks, notably Reading, Unit
led States Steel, and Brooklyn Rapid
Transit, we're bid up during the first
hour, but their advance did not create
much enthusiasm.
The strength in sterling exchange,
was significant, in view of the fact
that France again appeared as bid
der for gold, renewing it's offer Of in
terest in transit. No gold was engag-
ed but the movements abroad plainly
Indicated that shipment might be
called for on Monday, should the Paris
bid prove ineffective for the South AT
Ecan arrivals at London.
At the lower levels reached toward
midday there did not seem to be much
real pressure to sell, and by all indi-
cations the markets technical position
had been considerably improved by the
decline.
III The banks apparently end the week
with a net gain Of So, 100000 cash, de-
rived chiefly from excess payments by
the government. This inflow ought to
hdd $2,000,000 or $3,000,000 to the sur
plus unless the loan account shows a
much greater expansion than the elk
81 cited upbidding in the stock market
was thought to entail.
LAS the Baltimore and Ohio annual
Btatement shows that deducting divi-
lends at per cent. on the preferred
stock and per cent. on the common
Btock, a surplus is left of $5,941,376,
boual to an additional 3.S per cent. on
he $152, 604, 100 common stock. The net
EARNINGS Of the entire B. and 0, system
Rre S29,520898, gain of $354,09S.
The rally in steel was due to the coll
apse of the miners strike. The corpo-
alton has won great moral victory
n this instance, and strengthened itself
Eith its employees. 1t is doubtful if ii
will again have to contend with a sim
lar trouble.
Copper was offered down on rumors
t the bad state of H. H. Rogers
health His condition is not at al
farming and he has gone to his ole
lome to rest a bit.
The trading element turned on the
market on the idea that the big bull in
erests has accomplished all it could a
his time and that it would be well tt
low up and see how the figures of thu
United STATES Steel corporation were t,
Ee taken.
Speaking of Southern Pacific man!
made the suggestion that MI' AdFFl
nan could be depended on "for anothe
lrprise," If past experience counts fol
nything.
Those who sold Southern Pacific yes
srday were taking 10-point profit OF
urthases made within week In thu
So from 50 to 80. 100000 shares changed
ands There was undoubtedly sons
distribution. 1t is not believed, how
ver that the selling from 81 down ha
cen by the insiders.
A break of / IA cents in wheat ant
bout half that amount in corn showed
much more cheerful feeling in th'
rain trade. Some of the late buying o
ocks were on the Improvement il
leather news,
The result Of this Strengthening o
,eculative conditions by the clearing
it Of numerous weak holdings on 'stol
ders" and b0 the extension Of tn