The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1907-07-09
late features OF
THE STOCK MARKET
Profit Taking and Small
Reactions.
CLOSING TONE FIRM
Money Conditions the Fly in
the Ointment at Present.

the Ointment at Present.
The stock market yesterday was
strong at first and then reacted under
profit taking and money conditions.
There are rather earnest efforts by
the spectators to keep the stock mark
ct active long enough to admit of some
rather extensive profit-taking in the is
sues that benefited chiefly by last
weeks advance. The performance was
labored, and did not show up as good
results as followed the movement a few
days ago.
Profits running from $40 to SIS share
were not to be ignored, however much
tipsters might argue that stocks would
increase 80 to 30 points more in value.
This was the attitude Of foreign hold
ers. 1t made weak markets abroad,
which reacted on New York at the
opening.
The activity in Amalgamated Copper
and ST. Paul recalled the sensational
advertisements in the morning newspa-
pers, but the movement did not great
ly interest the public.
The advance in the past four weeks
has lifted the average of the market
about points and given to stocks that
were selling under legitimate values a
fair price.
London sold some 10000 shares here,
Union Pacific being rather generally
sold here and on the other side.
Fresh gold engagements for Paris
and the arrangements Of the banks to
surrender S3oOOO000 government depos-
its on wednesday, with the provisions
made to meet during the week large in
stallments on various new capital is
sues, were The governing factors in the
money market,
1t must be remembered, however,
that the banks are gaining heavily
from the treasury on the bond redemp-
ton payments, and that the assistance
from this quarter may go far to offset
the other government Withdrawals.
Probably the government crop report,
due tomorrow afternoon received more
consideration than any other single
matter. The question of most interest
is conceded to be the condition of corn,
about which there are many conflicting
opinions. If this cereal should be
shown to have a lower condition than
predicted it would be most disappoint-
ing, but the general opinion is that
the showing will be good.
The drop In Western Union placed it
at new low record price for the year
and the lowest in many years. Only
q few lots Of it came out, but these
were offered at considerable concession
from the asked price. 1t is realized
that the company is losing heavily
from the strike, which, added to last
years poor results was considered
quite unfavorable.
Since July 1, the date of the forth
coming government report, corn has
made very rapid progress, having I'M
proved in condition, according to some
8 to 5 per cent over the condition on
July 1. Unquestionably this considera-
ton will be borne in mind when the
monthly report is issued. The weak
ness of corn Yesterday was regarded
as indicative of liquidation on expec-
tation of a good government statement
It was notable that with such a pro-
nounced gain in prices, there had been
so little pressure of stocks for sale. If
the idea of the pool had been to dis
tribute securities they would have been
selling Union Pacific above 140, Read
ing above 10S, Copper above 80, Smell
tiers above 100, Steel above 3S and st.
Paul above 1875.
The fairly easy rates for money yes
terday did not reflect any uneasiness
among bankers as to possible scarcity
of money after July 10.
ST Paul was made the market fea-
ture this morning. 1t sold at price
that buyers of last April could accept
and close out their account at a small
nroft There was no gossip afioat re-
garding the strength of the stock.
The backwardness of the Hartman
stocks, and United States Steel all the
morning had a chilling effect It was
these stocks that were chiefly sold for
foreign account.
Foreigners look upon our money
Dosition as much too weak to attempt
bull market and are not inclined to
follow 1t beyond a few points.
From the volume of transactions in
Amalgamated Copper within a range of
point. between 80 10 and SO IL, the
conclusion seemed to be warranted that
the men, who put this stock up, after
loud protestations of their intentions,
were getting out. The directors Will
meet next week to act on the quarter
lv dividend. Talk Of an increase of
dividend is about due.
Chesapeake & Ohio weakened a lit