The morning journal-courier. (New Haven, Conn.) 1907-1913, 1908-07-01
WALL STREET NOTES
Prices Sag Off, Following Show
Of Animation in the
Morning,
GAIN IN SOUTHERN RAILWAY
Trust Companies Cut In Rate of In
tercst Allowed Customers May
Help Market.

After a quiet opening stocks devel-
oped little animation during the first
half-hour, with several lots Of 1000
shares Of Union Pacific and Reading,
and one 5,0O0-share lot of Steel COM
mon. But this brought no outside buy
irg, and soon the bear party was again
at work, offering stocks down all
around the room. BY midday some
considerable losses, compared with
yesterdays closing prices. were scored.
Union Pacific. for instance, had sagged
off from LAG IA to 146, and Steel COM
mon down from IS IA to 81 5-s. How
ever, the selling up to midday was
light, as shown by the fact that the
total during the second hour was only
$1,000 shares, for all stocks. Between IL
and o'clock stocks rallied a tride, but
were very dull The stock market was
exceedingly languid all Of the after
noon. During the nine minutes after
2:15 o'clock only 900 shares were dealt
In. Apparently the market had been
sold to a standstill on the setback, and
since nobody appeared to want to buy,
either, brokers stopped executing or.
ders for long periods at time.
Southern Railway earnings for May
made rather remarkable exhibit, be-
cause of the large curtailment In ex-
penses, which more than offset the
gross decrease of 81, 1sS44O, giving a net
Z gain Of s27,693. Northwestern, for the
same month. showed a very large
shrinkage in gross, but expenses were
also greatly reduced, so that the net
showed only a moderate decrease.
In consequence Of the Increasing
plethora Of money several of the trust
companies are notifying their custom
ers this week that the rate Of interest
allowed on their deposits will be re-
duccd about per cent. generally from
2 l-2 or per cent. to 1-2 and per
cent. respectively. 1t is believed that
this reduction In interest will tend to
make meny persons put their money
into first-clase stocks and bonds in
which the return will be much greater.
The decline OF $4,000 In the price Of
Stock Exchange seats to $4,000 at
tracted as much attention as anything
else. Often the price of memberships
goes off during the dull days OF June.
Many were asking whether this fore
Swallowed a still duller period during
the coming summer months.
Indications Of the gradual improve
ment in business conditions are 1 n
creasing daily. Thus, for instance, the
New York Air Brake company is doing
twice as much work now as It did four
months ago. 1t is employing 100 men
now. the bulk of the work being re-
pairing cars, etc, rather than in build
ing new cars. The railroad companies
are evidently getting ready, however
to handle the big crops that are appar-
emily assured.
The weekly weather bulletin Of the
government was considered disappolnt-
ing, particularly the part which indi-
Gated good deal of drought In certain
sections, though there was profuse rain
In the central west. II Is altogether
likely that this induced some selling of
leading stocks.
News developments were mixed but
the favorable generally preponderated.
Advices from the cotton goods trade
indicated a somewhat better demand
and Indications according to leading
interests, that there will be a small
advance in the price Of print goods
within the next fortnight. The re-
sumption OF improvements by the Har-
riman lines, which had been suspended
for a considerable time, also reflected
increased confidence
Trading on the Berlin bourse was ex-
tremely quiet and prices scarcely
changed. Americans were higher on
the advices from New York. Prices on
the Paris bourse opened firm on adj
vices from New York and closed
steady.