The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1907-07-17
ERRATIC MOVEfEN
IN STOCK MARKET
Union Pacific Used to SuS-
tain a Dropping
List.
COPPER PRICES CUT
The List Sells Off Toward
Noon and Then Re
covers.
COPPER PRICES CUT

81
The prospects are that Union Pacific
Vim be the market leader throughout
he summer. 1t is understood that the
hartman interests are pleased over
he interstate commerce commissions
eport and are ready to begin cam
aign in Union on the basis Of 19o6-'o7
#esults, which will be shown in full at
#lext months meeting. Since he re-
&urned from Europe, James Stillman
md his friends have been steady buy
rs.
Mr.. Fill had not been in New York
! hours before stories of another
#melon" began to circulate. 1t Is
Thought, Of course, that something
$aust be done soon about distributing
he Burlington securities. There Is
#lso a feeling that a system which
*hows an increase in gross for the
|scal year Of over $2o,0o0,O0o can af-
#8brd to give a larger percentage Of
Earnings to shareholders.
4 The dividend on steel common will
Ia acted on in two weeks. From the
Mharacter Of the buying it is regarded
q fairly probable, as this column has
maintained for month past, that the
Eividend will be increased. 1t was
Barned that the First National bank
Il eople have been accommodating the
lock on the idea that a 8 per cent.
hte will DO put into effect this month
else a A per cent. rate in October.
AT the opening Amalgamated Copper
Eas offered down without resistance to
"A 5-S. This drop Of more than a point
Expressed a fear that consumers would
ot buy until the metal sold consider
bly lower. 1t also followed a decline
copper shares abroad on which Lon
. on dumped about 10000 Amalgamated
this market. After this had been
bsorbed the stock went above 3d.
g Practically all the 10000 or 10000
lares sold by arbitrage houses con-
gted Of Union Pacific and Ainalga-
lated Copper. Europe is taking very
81 title interest in our securities except
here they offer high rate Of inter-
it with good investment guarantees,
Brokers coming from the floor in the
8 orning said that the only speculative
terest was in Union Pacific. About
per cent, Of the traders were around
D post devoted to this stock, e. r.
lapman & Co. bought 100000 Bishop,
almbeer & Co, 5000; Van Emburg &
= tterbury, 10000; A. A, Housman &
b, 5000 and dozen others from
boo to 5000 shares. London sold 10000
rough Probst, Wetzler & Co. J.. r.
illiston & Co., Levy & Co. and Halle
stieglitz bought 10000 Amalgamated
the rise to 80. Ealstead & Hodges
,ught 5000 Steel Moore & Schley
ld Herzfeld & Stern bought Northern
hcife =. M. Amory & Son bid up
Paul.
Several times Union Pacific has sold
: 14S, but there it has met profit-tak-
sales. Those who believe in double
ps say that the stock ought to get
rough this price soon, and when it
pes the shorts will cover.
"a canvass of Wall street brought
t the fact that in most brokers' Of
les a majority of traders We're bear
~ and thought the rise in stocks
ID been overdone. This was reflected
a rather large borrowing demand
stocks on the exchange. The ia
rite argument in explanation of this
ew Of the market was that the ex-
edingly scant supply Of money at this
nter does not admit of any extended
ward movement in stocks. To this,
ose who favored higher prices, re-
ed that if the outside public came
to the market to any extent, even at
rate Of only a few thousand shares
day, it would tend to put UP prices
degrees, and this without expand
the loan account to any extent
ople who buy stocks outright have
occasion to secure loans on them
,m brokers with which to carry
em.
Reports that Morgan interests had
ught 100000 Shelters from the Gug-
Rheims in March excited much COM
int. 1t is regarded as bull argu-
mt on the stock by those who have
arded the Guggenheim position
newhat extended. The low price OF
letters in the panic was 1O4 Ia. The
ok taken in private was secured al
10 what extent the outside public is
the market or has been in it, it is
ieult to make out, but it would APP
pr that the buying since July 10, the
of the sharpest break, has beer
y light. This is a sufficient answer
the suggestion that on any SHARP
zzzsz back investors Will come in in con
cradle numbers. 1t worked the 9th.
way this time. Many persons, see
the abrupt fall in prices, feared