The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1907-01-01
STOCK MARKET FEATURES
PRICES CLOSED UP STRONG FOR
NEW YEAR,

Observation-Disclosures on A. G. psf.
Paul Company Backs DOwn--Small
Stockholders to Have Their Rights.
The gloomy close of the stock market
Christmas eve was reversed yesterday
for New Years eve. Prices closed at
the highest of the day, and the 40 per
cent. price for call money was wholly
ignored, as if matter of no conse-
quence whatever.
The day opened gloomily, with re-
ceding prices and special weakness in
Reading, Union Pacific and the Hill
stocks, the last named group falling 8
and points.
The market certainly had much to
contend with. There was renewed Id
Uidation in Reading, and some weak
accounts were closed out.
But the clearing house sheets went
through all right, and fears on this
score were set at rest.
Money rose to 80 per cent. and then
to 40, and this excited fears, which
were allayed when prices scared. Call
money loaned most of the day at rs per
cent. This demand was due to the
rather eager bidding of a few belated
borrowers, and affected a relatively
small portion of the days business.
Strong bull points are again going
about on Amalgamated Copper. The
stock has certainly acted much better
than others in the latest stock market
slump. Predictions of 10 per cent,
dividend are made.
There was relatively little calling of
loans, Notwithstanding the readiust-
ment necessitated by the efforts to
finance the huge dividend account. This
was explained by the fact that some Of
the largest payments were arranged for
several days ago, when the real strain
of yesterdays operation was felt.
1t was understood that some excel
lent buying Of Reading had taken place
on the latest dip. The stock easily slid
off 21-S points under Saturdays clos
ing, but later much more than recover
ed this loss.
London bought 10000 shares in this
market during the first hour, but later
T3tlbb1tlt5
much as it bought,
The bulls said that the low prices
reached yesterday had established
what the chart readers term double
bottom" and that the market move
ment had confirmed them all the more
in their optimis tic views. ''Look OUT
for big January bulge was their
prediction.
On the whole, the financial markets
Of the day merely reflected that per
plexity which surrounds the whole sit
ration.
st. Paul was at first weak, because of
fears that the new stock issue plan
would be postponed by an injunction
in the interest of owners Of fractional
lots, but when it became generally
known that the company had backed
down the stock rallied and was firm in
the afternoon.
About $190,000000 was released yes
terday in dividend and interest pay
ments.
Shareholders of ST. Paul and messen-
gers representing shareholders crowded
the offices of that company at 80 Broad
street yesterday to make the first pay
ment due on the $10O,O00,000 new stock
.efferedaAa,t par. AS considerable time
was required TO. properly handle each
subscriber, especially those with out
of-town signatures attached, a double
line was formed along both SIDES of the
15O-foot general hallway leading into
the st. Paul offices. Messenger boys al
the far end of the hall sat on the mar
bile floor with their backs to the wall
smoking cigarettes or reading the large
headlines of the penny newspapers.
st. Paul directors changed Their
minds some time after the close Of
business Saturday and agreed to give
shareholders fractional shares on sub
scriptions. and much Of the work tina
was done last week must be gone over
1t was generally believed in Wall stree
Yesterday that the change of heart or
the part of tie St Paul directors wa'
brought about by the threatened sui
Of a woman holding three shares Of thu
stock. An injunction to restrain thu
company from proceeding with the salt
of the new stock would have caused
complications. The closing Of thu
books last Wednesday, twenty-fou
hours after the stock issue was an
nounced and the call for the first pay
ment on December 81, a time wheI
tight money was expected, was decided
upon, it was pointed out yesterday, il
order to defeat the Wisconsin legisla
ture. Yesterdays payment closed tn
contract between the shareholders AM
The company, and the bill to @compe
railroads to submit the details of stool
issues to the Minnesota railroad com
nissioners cannot be passed until mex
month.
Considerable amusement was ex
pressed yesterday over the fact that tn
stockholder who threatened to blocl
the s1OO.OOO,OOO stock issue was a WON
an with three shares. According to tn
terms first offered, the holder OF thre
shares was entitled to three-fourths 0
one share of common and one and one
half shares of preferred, worth $225 pa
value. AS no fractional shares We're al
lowed. the loss of three-fourths of on
share of common and one-half of on
share of preferred would he Sl25 pa
value. or So per cent. Of the tota
rights.
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