The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1907-07-11
late Features OF
The STOCK market
Down Went the Prices Again
as Of Yore.
HIGH CALL MONEY
A Small Rally in the Late
Trading and More Gold
Taken.

trading anu MoIe GOlQ
Taken.
The stock market yesterday didn't
wait for the announcement of the gov
ernment crop report, but began de-
clining at once, following the decline
of the day before
1t was sorry collapse of the boom
and the bears were exultant.
The weakness at one time threatened
a bad break, with selling Of st. Paul,
at an extreme decline, of IL points
at the low level of the day.
On the publication Of the condition
estimate Of SO.2 for corn, which, al
though the lowest July figure since 1903,
was above some of the private esti-
mates, the stock market rallied, with
very general gains. The condition es-
timate for spring wheat was also the
lowest in four years, and for winter
wheat the lowest since 1902 These es-
Inmates had little effect on the commod-
ity markets, wheat closing little
higher.
Had the manipulators of the bull
movement forsecn that there would be
war talk and renewed attacks by
high authorities on corporations, to-
gether with money tightness they
would probably have deferred their at
tempt to boost prices.
The falling off in the estimated yield
of corn was not helpful to bullish feel
ing, although some authorities say the
corn planted acreage this year is much
larger that last.
The old bear pool got at work at once
yesterday and danced a war dance on
prices and the interests who had been
responsible for the advance Of nearly
ter points in the level of prices, had
also withdrawn their support, if they
were not assisting the decline with
heavy offerings in London and at
home.
There were stop loss orders every
where and continuous throwing over Of
securities brought stocks to point in
the last hour where they again APP
preached the bargain figures Of a few
weeks ago.
St. Paul lost nearly points, Reading
5, Union Pacific 8 IL. Amalgamated
Copper 2 IL and Steel common 10.
Compared with the high level of Sat-
urday and Monday shares which were
tipped for an advance Of 80 to 50 points
are down to points. There was a
rally near the closing.
The speculative element was fairly
frightened and did not stand on the
order of its going. 1t threw over its
holdings amid much excitement. There
was much talk about the new program
of the president to bring trusts to book
The suit against the Tobacco company
was regarded as forerunner Of more
against other combinations This
caused much liquidation Of Industrial
issues.
The so-called Lawson specialties-St
Paul and Copper, faded as badly as any
& thing on the list and many criticisms O.
that operator were heard in the finan.
ciaI district. There were suggestions il
some quarters that the following o.
& that Individual had sold out and gont
short Of the market, but they were mys
teriously quiet yesterday.
i The row was mainly produced by thu
tension Of money caused by the syndi
cate payments of about $23, 900, 900 fall
ing due yesterday and the return to tn
treasury Of most of the 100000 o
government deposits called for thi
date. This made all kinds of none!
scarce. Call loans went up to 5 pc
cent. and time money was 1-2 per cent
higher. To aggravate the trouble al
engagement of $1,0o00O0 gold for Pari
was announced.
Lawson and his pool, which is sal
to have consisted of himself, Jaco
Field and two others, with combine
holding of $4,000 shares, would hav
been in pretty pickle had they hel
the bag. The savings bank depositor
who invested had food for reflection.
1t was plain that there was next
no buying power in the market, "A
the same time it looked as if there wer
few persons who cared to sell, and as
liquidation had for the moment run il
course.
The present price Of % cents for eleC
trolytic copper will, it is expected, /
considerably shaded before the end
the year Consumers are now buyin
for the next three months. In Octobe
they will make their contracts for tn
remainder of 1907. It Is predicted ths
they will be able to buy them at
cents. The American Brass compan
bias stood out consistently against II
high prices, but it is claimed that it
now satisfied with the quoted rates.
Interest was taken in adyices fro