The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1907-01-08
STOCK MARKET FEATURES
UNCERTAINTY AS TO MONEY
MARKET HALTS ADVANCE.

MARK EFT HATS ADVANCE.
Renewed Weakness in Union Pacific
Steel Led Instead of Copper-StrOng
Undertone to Market-Strength of
Shannon-Trinity's Gyrations--T3is-
cults Rise-B. r.. Us Move-GOod
Buying of Pennsy.
The stock market yesterday halted in
its upward progress somewhat.
This was due to uncertainty as to the
money market and the revelations in
the Union Pacific investigation.
The shares of Hartman or Standard
Oil affiliations were heavy.
Then, too. call loans worked higher
again, getting as high as 10 per cent
Call loans started at per cent Bank
and trust company funds were in lar
ger supply. On the other hand more
tension was experienced in time loans,
where the asked price of last week was
the bid of yesterday. In London, how
ever, open market discounts fell under
per cent. for the first time in weeks,
compared with the 6 per cent. rate of
the Bank of England
Prices moved uncertainty, and during
most of the day the tendency was
downward. The closing was weak. In
spite of the markets vacillation the
volume Of trading was the largest of
the year, exceeding million shares for
the first time since December 49,
With the lower rates for time money,
borrowers withdrew some of their bids
yesterday and the demand materially
lessened
The advance in Brooklyn Rapid
Transit was another one of the moves
based on forecasts Of a favorable de-
cision in the ten-cent-fare case. The
buying was of a speculative character.
For some years past it has been diff
cult to trace the buying Of Atchison,
though whenever a clique wanted to
put it up it found it convenient to cir
culate the rumor about Pennsylvania
buying into it. During the last extend
4
Standard Oil interests had acquired
very large blocks.
Very good buying occurred in Penn
sylvania above 140. Much confidence is
felt in the administration OF President
MeCrea to produce operating results of
high character. Furthermore, the ac-
tive Interest of H. G, Frick In the prop
erty means that the speculative side
will not be abandoned.
Great Northern directors yesterday
declared the regular quarterly dividend
Of TX per cent, payable February l.
The depreciation in security values In
per losses from $S00,000,000 to $500, 000.-
900 have been made for the United
States In English securities the shrink
age was $350,000,00O, while Frenc he
innate at hand yesterday makes the
depreciation in rentes and government
issues, including Russians. $400,0O000O.
This foots UP to a billion and quarter
dollars in a year of universal prosper
ity.
The setback in Union Pacific was per-
haps natural, in view OF the assertions
that some of New York's prominent
millionaires have been subpoenaed to
testify before the interstate commerce
commission regarding the Union Pacific
affairs.
Whether or not there is any chance
of raising the Atchson to per cent.
basis in April the pool certainly has
the stock well in hand,
London sold $4,000 shares in this
market yesterday, chiefly of Union Pa
cific.
The street opinion seems to be that
stocks will go higher at the end of this
week. Now that the shorts are pretty
we'll eliminated, more buying is needed.
The setback in Amalgamated Copper
was natural after so sharp rise Fri
day and Saturday, as the market leader.
The rise brought great deal of profit
taking yesterday.
The huge speculative machine, as the
Union Pacific Is said to be- and the
juggling with accounts, brighten the old
fashioned investor.
The sharp rise during the last two
business days did much to stimulate in
terest. Besides, the decidedly easier
tone of the money market treasured the
speculative public throughout the coun-
try.
Biscuit is said to be due to the specula-
tive impulse given by the entrance of
the Moores into the property,
The sharp coqnter.moyyements in
were not taken very seriously by Wall
AT the start Copper acted as though
it would have another boom. A house
with Standard Oil connections bought
10000 shares UP to 121. There was,
however, considerable miscellaneous
selling to secure profits that had ac-
cumulated from ia and l15 upward
The Boston copper market continues
strong.
The time for acting on the Amalga-
mated dividend is so far off-being the
third week In January--that there is
room for number of movements in
the stock before then. Reactions are,
therefore, to be expected.
In the Boston market yesterday
Shannon rose to 201a closing at 20H
Trinity fluctuated within narrow
range, and the general list appeared to
return to safety and sanity Trinity
furnished 23.657 shares during the first
half of the day, opening up BIZ at IS,
reaching 81 and receding to S4A.
New York, Jan. 7.-Stockf1olders of
the Northern Pacific Railway company
to-day ratified the action of the board
of directors in announcing an isDue of
sos O0O, 900 of new stock This makes
The total authorized capital stock of the
company S250,000,000