The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1907-08-08
LATE features Of
The STOCK MARKET
CONTINUED from Eleventh Page.)

I'LL OLUUn lIlflilALI
CONTINUED from Eleventh Page)
purchases by the arbitage houses ag-
gregating about $4,000 shares of stocks.
These purchases, together with some
local covering of short contracts, car
ried more active railway issues up
ward in the first hour of business on
an average of about one point.
Call money tout he'd per cent. yes
terday for the first time since July H..
1t closed at 5 per cent.
One of the anomalies of the market
situation as regards PETERBOROUGH
Metropolitan is the payment of 5
per cent dividend, calling for $2,273,-
900 year, on the stock of company
not earning the dividend, requiring a
large amount of new capital for i'm
provements and burdened with an
| enormous deficit. The drop in the
common to about IL simply means
the practical elimination of water
from the stock. The common was
given as bonus, but it has voting pow
er, and. according to the plans of the
| promoters, was to be the big specula-
tive feature of the Inter-Met stock
| outfit.
| The decline in Amalgamated Cop
| per seemed almost to have been tinTed
| to start on the announcement of an
other cut in the price of the metal on
the local exchange shortly before mid
| day. Along with this incident was
/ AO,A INr,tf hi
price of copper could hardly help go
competition and unwillingness of cer-
tain producers to conform to any fixed
schedule Of prices.
The total gross earnings Of the
Rock Island system for 190607 were
SIP, 900, 900, a gain of $4,000, 600
The net gain Was over $4,000, 900
Rock Island now stands third in the
list of largest revenue producers
Pennsylvania is first and Southern Pa
cific second
Buying of stocks in quantity began
with great suddenness in the last hall
hour, it apparently originated with
bear operators who sold during the
past two days and earlier yesterday
This demand continued on very
large scale up to the minute Of clos.
ing, and recovery of half the earlier
loss was the result in several stocks.
On the break here London bought
stocks. The purchases amounted tC
$4,000 shares. The demand was
chiefly for Steel and the Hill stocks
The 10 point break in Sugar Re
fining, with what appeared to be {
good deal of short selling, was ac.
companied by report that in action!
which might be- brought against the
company, or which were pending, thu
company might be" fined anywhere
from $S,000,000 to $50, 900, 600 Prob
ably few persons took any stock ii
this suggestion.
| Amalgamated Copper broke to Il
ga compared with rs IL, the low
lprice in March; American Smetini
and Refining to 101 1-2, against 10
Ia in March, and American Suga
Refining to ia against ia rs il
March. marlborough Metropolitan
common and preferred, reached new
low prices for the year. as there is al
Investigation on, and Brooklyn Rapit
Transit will next be under fire TIL
common sold as low as IL 1-2, drol
of l ga points, compared with Tues
days closing, and the preferred as 10y
as 3s, drop of 8 points. 1t was in tn
industrial shares and in the local trac
ton stocks that the weakness started
At first the railroad shares held u
rather better than the rest of the list
and 1t was evident that strong supper
had been extended to such issues a
Union Pacific, Southern Pacific, Read
ing and st. Paul, The volume of sell
ling, however, became so great as t
break through all supports, and 500
the railroad, shares were tumblin
badly with the rest Of the list. Unto
Pacific, which closed Tuesday at IS
Ia sold to 100 Ia. Southern Pacifl
tumbled to SO IL against SO rs Tues
! day; Reading went to 90 "a agains
9S ga Tuesday. st. Paul fell to IL
1-2 against 126 10 Tuesday TIL
was the same as the pdiee in Marc
for st. Paul. United States Steel CON
mon got to 80 Ia, compared with 3
, IL Tuesday In March this stock sol
, at 81 SS.
The smash in the market was bi
leurnriee m Wall street which Will