Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1909-02-19
MARKET REPORTS
NEW YORK STOCK MARKET.
Features Of the Days Dealings In A.
The Leading Stocks.

New York. Feb. 1S.-The stagnation that
las prevailed in the stock market was
changed today into an active selling
movement, without any counter balance
prices was the consequence The whole
market hinged on the developments in
the steel trade. While no formal an
nouncement was made during the session
of the Stock Exchange. it was generally
known that conferences were going on
amongst officials of the United States
Steel Corporation which were likely to
issue in changes in the schedule of prices
which has been determinedly held by the
corporation. The notable effect on senti-
ment produced by this development owed
its Importance to its abrupt reversal from
the supposed determination of the cor
poration to hold to it's former policy Tho
impression has been caused that the lead.
ing interests We're so entrenChed in now
er and control in the trade that they wer.,
in n position to avoid the concessions
usually made necessary by q severe con-
traction of demand. The unsettlins effect
Of falling prices, it was supposed were f.
be eEaded and an early revival of trade
activity was looked forward to to set
the wheels of the industry going Renort :
that the independent steel companies
were making concessions and We're get
ting what business was going We're met
by depreclatoly comments on the small
proportion Of such business to the capac-
ity of the trade at large and its lack of
significance IS Il reflection of trade con-
ditions.
\ different view of the situation seems
to have been adopted sometime yester-
day. The stock market promptly took up
the burden of this reversal of policy and
began to discount an expected cut in steel
prices. The position was complicated bv
the fact that the market prices of the
stocks Of the United States Steel Corpora
ton had been held up by the main force
as well as the prices of its product. Since
the common stock was allotted to the
corporations employees at 50 there has
been a widespread assumption that ade-
quate support would be given in the mar
kct to prevent the price falling below
that point. The belief that the position so
long maintained by the leading steel in
terest was about to be abandoned under
mined the whole market. 1t was supple
mented as q factor by the fears that the
state of +. H. Harriman's health was not
such as to enable him to carry out the
projects which have been a main incen-
tive to speculative confidence on the part
of Il large element in the market 1t was
q notable fact. at the same time, that
other stocks involved in Mr.. Harriman's
supposed plans were amongst those which
showed some degree of resistance to the
prevailing depression.
There was show of firnness, Also
amongst the copper mining and refining
stocks. in spite of a further marking
down in tie price of copper metal in New
York and London The progress of the
dispute over freight differentials between
Boston and seaboard trunk line terminals
to the south had some disturbing effect
The extent of the declines invited some
large buying around the low levels by
the bears in the taking of their profits on
the short side This rallied prices and
considerably reduced the extreme de-
clines, but the course was downwards
again at the closing.
Bonds We're easy. Total sales, par val
ue, ST. ~h United States bonds were
unchanged on call.
New York, Feb. lS.-Wiliam H. Lamp
recht. board member OF the New York
Stock Exchange for the firm of Lamp
recht Brothers & Co.. stock brokers' of
Cleveland. Ohio, was today suspended by
the Stock Exchange. The failure of the
Lanprecht firm which had branch of
fees in New York. Pittsburg Youngs-
town. ohio, and Akron, Ohio, was an
uOunced ~ days ago.