Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1903-10-08
MARKET REPORTS.
NEW YORK STOCK MARKET.
Features Of the Days Dealings i- All
the Leading Stocks,

New York. Oct THE stock market
moved in a rather bewildered way. today
but the dealings represented little more
than CROPPING by professional traders
to discern the sentiment of the real hold
ers of stocks. The reduction in the Steel
dividend brought in some heavy selling
orders. but they were all accepted at first
by one house, which was credited with
acting for banking interests connected
with the corporation. Support was ac-
corded the stock especially the preferred
sOnalty of the brokers employed for this
purpose caused a surmise that the market
management OF the stocks had come back
to the hands that were entrusted with the
first lotation. The common stock was
forced down over point at one time and
the general list was heavy after the
opening firmness. The marked weakness
of Amalgamated Copper, which lost more
Than points at one time. had a decided
sympathetic effect on the general list
Traders who sold the stock pointed to the
fact that as an industrial on 2 per cent.
dividend basis it was too high, compared
with United States Steel, now on the same
basis. The accompanying weakness of ST.
Paul gave emphasis to this view of the
market attitude of the Standard Oil par
tN and made the contrast stronger with
the support in evidence for number of
the Morgan stocks. including the Steels.
Erie was also notably firm. notwithstand-
iEg the depl esSiOn amongst the Coalers
as a group. Assertions We're heard that
the coming cold weather demand offers
little prospect of an absorption of the ac-
emulation of anthracite. Erie had the
advantage of it's excellent annual report
and the annual report of Louisville x
Nashville. and the September showing of
New York Central helped to reinforce
confidence as to the general railroad sit
uation. The late strength in Atchisol
which rallied the whole market, seemed
to be based upon the declaration of the
regular quarterly dividend of l per cent !
and to the growing sense of security over
the safety of the corn crop. The INSULT
cheney of dividend considerations to hold
prices of the Industrials was shown in ;
the case of American Car, which fell !
point in spite of the retention Of its |
per cent. quarterly dividend The pre-
ferred stock also fell 8 points with a re-
ingS for the past quarter of 81 3339, lS7 com !
pared with the corresponding quarter of
last year of United States Steel Corpora
ton and the falling off of 1114.2S5 tons
in the untitled orders on hand for the
same period. had depressing effect on
all of the iron and steel industralS, and
indeed upon sentiment as a whole as be-
ing the most conclusive evidence of the
extent to which commercial reaction had
already extended and the danger of it's
still further extension. Money conditions
are growing Enthusiastically easier, and the
demand for commercial paper for New
York account is revlving decidedly. Time
money is decreasing in supply while the
demand a prevailing rates is almost who'll
1y nominal The increasing ease of money
is having its effect in the growth of some
investment demands for railroad bonds of
a good grade. Total sales, par value 3d.
10000 United States rs declined a per
cent. on the last call.