The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1907-07-12
late features OF
The STOCK MARKET
Much Irregularity and I'm
certainty.
SMALL NET LOSSES
: NET LOSSES
Confidence Again Hurt-Call
and Time Money Higher.

0VA4ANN41OS - S1Ct4AA = ~ 1900
and Time Money Higher.
Despite more cheerful markets
abroad with better feeling in London
our stock market was vaciIlating and
irregular though not positively weak.
The market naturally felt the blow
the boom had got the day before and
followers Of the Boston prophet were
looking dubious and woe-begone.
The market was entirely professional
and Wall street was mixed-up, uncer-
tain which way to turn.
In its uncertainty the market veered
this way and that and the volume of
dealings shrank perceptibly,
Some thought an Improvement was
due as the market had weathered the
storm Of Wednesday, but the chance of
a bad bank statement Saturday doomed
up ominously in view of the draughts
on the money market this week.
The banks had already lost nearly
100000 900 to the treasury, so that, even
with a probable heavy loan reduction,
the surplus reserves Of only $S50000
may be turned into deficit of some
size. This condition should only be
temporary, for the heavy cash drain is
due to transfers Of government money
on depost with the banks, which should
be fairly well balanced by the funds
released from redemption of the As Of
1907.
Before the close time money rates
were advanced fractionally, some FIVE
and six months loans being negotiat-
ed on a fiat s per cent. basis. sterl ne
sold here a trifle below Wednesds
price on the higher tendency Of mon
ey, and the evident Discrimination Of
some leaders to enlarge their lines Of
long-term loans. This movement re-
Elected the belief that the small sub
scriptions for the current bond offer
ings would force one Of the corpora
tions to test the markets soon again
with the idea of floating short term
loan. Call money loaned at 1-2 pei
cent, and the general market closed
rather heavy, with prices in general
off from the best of the day.
The fiat failure of the Union Pacific
subscriptions from shareholders to the
new bonds and the fact that only one
third Of the Atchison 5 per cent. new
convertibles are taken didn't help the
bulls any
The figures of the foreign banks show
closely their uniform desire for loan
contraction and the strengthening Of
their gold reserves.
Of course, technically, the market
may have a rally without notice as the
demand for stocks in the loan GROVE
yesterday showed an oyersold eondi-
ton. Certain interests, it was believed
were still borrowing much stock, no.
tably Union Pacific, Copper, Reading
a Qilu Oll1ICu 9ttblCS ~ NoS LAY
general belief that it was these persons
4 that attacked Reading and Smelling
q yesterday morning, with view to de-
4 pressing the issues of which they were
1 chiefly short.
1t came out yesterday that the las
n $1,000,000 gold exported was arranged
for ten days ago and that 1t was helt
here and loaned out on call during tn
settlement period. After the govern
ment payments are finished and cal
loans get down to A or S per cent. NOR
gold will probably be exported,
The stagnation into which stock
drifted during the midday and earl
i in the afternoon, with total Of onl
5000 shares between and 2 o'clocl
was considered a good thing, pendin
the Strengthening out Of the none
market and some other problems. SEES
sation of liquidation was regarded a
Teassuring.
On the first sale in several days Cor
solidated Gas dropped 1-2 points. Thi
was due to the action of the attorney
general in trying to take away some {
the franchises of the company.
Stocks closed weak, with what lool
ed like renewed attack by the bear pal
ty. The offering down at the close
a favorite device, designed to indu(
liquidation the following day,
1t looks from the attacks by the co
poration counsel and the state author
ties on Consolidated Gas as If the r
port Of Referee Masten that the s
cent law was unconstitutional had doi
more harm than good to the concern
tsirring up retaliatory litigation.
Baltimore & Ohio officials denied We
terday afternoon that new 100000
note issue to reimburse it for the CT
cago Terminal Transfer system wou
be issued
To those optimistically inclined t
opportunity to pick up cheap stocks a
hang on and wait for a RICH mark
is alluring. For instance, IN inveS
ment of $loo0o might be made, VIII
the market is weak. about as follow