Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1909-07-08
The Markets.
NEW YORK STOCK MARKET.
Features Of the Days Dealings In Al
Tho Leading Stocks.

New York, July I'm it's general APP
pearance the stock market today was
trading was somewhat larger. The weak
ness which developed early was more
positive manifestation of a price tendency
than has occurred since the prolonged
holiday. The latter market showed some
effects of relief afforded by this liquida-
ton and some advantage from the SYM
pathetic effect of strong points. The re-
covery was supposed to come from the
trading class of operators who had
bought sparingly in the anticipation that
speculation would revive this week with
July settlements and other influences of
restraint on last weeks market. The
houses which did this selling and the
concentrated form it took gave an i'm,
sources. It's sentimental effect there was
considered London Joined in this sell
ing. especially of United States Steel. The
persistent heaviness of that stock has a
dep1essin effect on the whole list.
Foreigners showed some renewal of cas-
Eess over the copper trade situation. Inc
price of copper warrants EEL Sharply IN
marked down at the Metal Exchange in
New York. Reports of rapidly expanding
activity by the electrical equipment COM
pauies with corresponding demand for
copper did not prevent weak tone in the
copper induStrials.
There were a number of stocks regard
ing which speculative predictions have
failed leading to re-selling by disappointed
buyers This was true of Wabash pre-.
ferred which has been the subject of
reports diligently circulated of coming
passing of control to a stronger compa-
nv, with a guarantee of dividend. United
MATES Steel suffers in the same way from
the long drawn out claims in behalf of
the project for listing on the Paris
Bourse. Sharp upturn in the wheat mar
ket following reports of heavy rain in
the region where harvesting is in pro-
gress. suggested a fear that the expected
good effect of tomorroWs government
crop report would be neutralized in that
way.
The principal sustaining factor in the
market was the steady accumulation of
Southern Pacific and an effective demand
| for one or two of the corn carrying rail-
roads, notably Atchison and Rock Island.
i The brilliant prospects reported for the
| corn crop and which is expected to show
in the government crop report tomorrow
helped this group and other influences
supplemented it. London sent buying or
ders for Southern Pacific that were con-
sidered significant, as were the purchases
of calls on the stock in that market which
were being made for New York account
| The stock bettered it's previous record
price by at 1859 Both Southern Pacific
and Atchison were subjects of new ru-
mors of an intended dividend increase
Rock Island had an advantage from the
| sale of $4,000 of the bonds of its subsid-
iary company, the ST Louis & San Fran
cisco, to a French syndicate which was
announced yesterday. The money market
remained easy in tone. Foreign exchange
rates were also lower and no gold ship
ment to France announced as having been
expected.
Bonds were irregular. Total sales, par
value. S. $40 OOO United States bonds were
unchanged on call