The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1907-01-05
STOCK MARKET FEATURES
BULLS HAPPIER YESTERDAY
THAN EOR WEEKS.

First Real Indications of Higher Prices
for Some Time--Amalgamated Copper
Lifted About Four Points--Nipissing
Rises Rapidly Association Pacific NO
Laggard--Strength of AtchisOn.
TIE stock market broke out Of its
dizziness yesterday and much huliish-
ness was displayed.
1t was a good all round recovery
and bears rushed to cover
Sentiment was much more cheerful,
not only here but in the foreign mark
ets
Undoubtedly there has been oversel-
ing of stocks during the period when
pool liquidation and absence OF SUP
stantial support gave the bear chques
their advantage IA quick rally was to
be expected just as soon as the money
situation shovel definite signs OF inn
provement, as it did yesterday, the re-
newal rate dropping to 6 per cent.
Amalgamated Copper was naturally
leader 1t had made but little re-
Spouse to its dividend increase to 8 per
cent, and rise was expected as soon
as conditions favored, especially as
copper metal has risen from Is cents
pound last spring to "a cents to-day.
The point rise in Nipissing the pat
few days and the Is pound advance In
Trinity stock in Boston are illustrative
of the copper situation.
The market closed strong and in
good motion, with Copper at the high
est in five years, selling at 100.
The short interest did some lively
covering in a few shares, but the ma
jor part Of the advance was due to
new buying for turn by the soecu-
lative element.
London was a moderate buyer here,
but the foreign contingent soon took
profits, the trading being entirely Of
an arbitrage nature.
The scarcity of stocks that always
appears when the market suddenly
becomes strong, after a week spehwas
a factor in bidding up orices.
The foreign exchange market made
further efforts yesterday to adjust it.
self to the changed money conditions
here and abroad
The opinion among brokerage houses
was that the market ought to do bet-
ter for a while simply because it had
been weak so LONG and that the ease
In money furnished the proper incen-
tive
For the first time since Tuesday, No
vember ~, call money yesterday fall
ed to go ab1ut per cent.
The market had to take a great deal
of Amalgamated at 116 ga and 116 7-8
before 1t jumped across III. The stock
was we'll absorbed,
The late news from Chicago report
ing the possibility Of a general railroad
strike had no effect on the market.
The price Of 100 for Amalgamated
Copper yesterday is the highest for the
stock since 1901.
That $4,000 shares Of Union Pacific
changed hands on Thursday within a
range Of ga points, between III ia
and 17S was assumed on the market
to mean that insiders were supporting
it and taking most of what came onto
the market. If anybody had wanted
to sell 75.O00 shares the price would,
under ordinary circumstances, have
broken violently. Both long and short
sales were well taken.
The best buying IN the Hill Securl
ties these days is in the Great North
ern ore certificates, These are regard
people and worth purchasing at any
time they sell under 30.
The significant thing about the trad
ing of St Paul was the small amount
that came out on the sharp rally of
IA points to $50 IA. 1t totaled on
on $500 shares, indicating apparently,
that the floating supply in the street is
small.
The renewal rate Of 1-2 per cent.
for demand loans was the lowest re-
newal basis accepted by the New York
banks since November n last. and
while loans were made for per cent
most Of the fresh accommodation was
arranged at IL and per cent This
decline influenced Tower range for
time loans. which were made on a
basis of per cent, for sixty days. as
against IL per cent. on Thursday.
While the Union Pacific Southern
Pacific investigation was under way
Wall street was reading the Novem-
her exports of these roads and discuss
ing the extraordinary character of that
of Southern Pacific, This road showed
gross gain Of $16O6O19, the largest
Increase ever made by any company
except the Pennsylvania. The remark
able feature was that net was S1.219,-
900 higher than last year. Union Pa
cific also saved most Of the gross tn
crease of $53T 900. 1t was operated at
81 per cent. and Southern Pacific at g..
The two features of the curb were
another sharp rise in Nipissing to
Is is, or about 95 per cent. of the par
CONTINUED on Twelfth Page.)