The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1907-08-08

ill-advised market movement to adj
vance prices late in June. The mar
ket commitments now holding over
from that period, besides the embar-
rassments of the money and capital
agitation, which were foreseen, have
been overtaken by the bad effect on
sentiment through the renewed hos
tility against corporations. The stock
market was disposed at first to view
with disquiet the news Of the enor-
nous fine levied on the Standard Oil
company, but the daily announcement
OF new measures in pursuit of other
corporations finally has got on the
nerves of Wall street The disposi-
ton to sell has increased the out
come, being the spasm of liquidation
to-day. The bear element had grown
cautious after the considerable de-
cline that has occurred this week,
and especially after the small dis
turbances in the early London mar
ket to-day.
American securities were pro-
nounced a bright spot in the London
market and there was some buying
for foreign account here. The result
was show of strength in the early
part of the day and some demand
| from the shorts to cover. This APP
| peared later to have been a device on
| the part of the more influential bear
| leaders to shake off a weak following.
The market proved to be honevcomb-
! ed with stop-loss orders, refutiug the
| common supposition of its sold-out
condition.
Gossip of several days past was re-
vived in full force of the scaling
down or closing out of speculative ac-
| counts following recent return
from Europe, The stocks most
acutely affected We're Union Pacific
and Reading. The copper group also
was violently depressed The subject
most talked of was the progress of
the agitation against corporations.
| Stocks OF companies supposed to be
| Vulnerable to such proceedings as
We're brought against the Standard
Oil company were conspicuously
weak. The industrials as a group
were greater sufferers than the rail-
roads, The copper group, Sugar and
some of the railway equipment stocks,
| including General Electric, sold at low
| prices for the year.
In the railroad list this was true
! only Oh the southern group, although
! other prominent stocks approached
the level of the March panic The
late rise in call money to 6 per cent.
reflected the increasing pressure on
resources there, and time loans were
strong and the demand active Dis
counts were also higher both in Lon
don and Paris, and sterling exchange
| at Paris declined, the movement
| tending towards the point of attrac-
| ton for gold from New York
The fall in New York exchange in
| Chicago to so cents discount was the
index Of another source Of pressure
on the New York money resources.
Copper was again weak in London
! and helped to upset the securities
market Last prices represented rail-
lies on short covering of / to points.
and the fact that such net declines
remain as is in Union Pacific, is
in American Smelling, SIS in Anal
4 gamated Copper, 10 in Sugar and
between and 8 points in Reading.
St Paul and the Hill stocks is evil
dence of the violence of the DAVIS de-
cline. The closing tone was unset
tied and irregular, with not all the
rally held.
Bonds were easy. Total sales mar
value 81, 900.
United States tours declined 1-2 per
cent on call.