Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1909-05-21
The Markets.
NEW YORK STOCK MARKET.
Features Of the Days Dealings In All
The Leading Stocks.

New York, May 20-The raction In tho
late stock market today had no other ex-
plaDation than the seeming exhaustion
of the power of the upward movement.
The morning dealings showed an fmlta-
ton and great strength. prices OF some
of the favorite speculative issues risins
to record figures. United States Steel had
never sold at 60 before, nor had South
ern Pacific ever sold at 124a until today.
Readings rise to 1899 placed It at the
highest price since January OF 1906, ana
Union Pacific got back to the highest lev
ell Of the present year. Best prices Tor
the present year was touched, In fact. by
a number of important stocks. Inc naiI
tC this prosperous course Of the market
came after the action on the Hartman
dividends was announced, although Mr..
Hartman stated before entering the
board room that the rates probably would
The heavy selling of Union Pacific and
Southern Pacific which followed the dec
laration of dividends at unchanged rates
was attributed to disappointment over the
failure to advance the dividends. Rumors
Of an intention to advance the dividends
on these two stocks have been circulated
months Iao1a s.''e Apparently serious hopes were
entertained that the Southern Pacihc
would increase it's dividend to help along
| the marketing of the convertible bonds OF
the company recently fioated; The weak
ness of the Hartman stocks, however
was no greater than that in Chesapeake
& Ohio after the declaration of the l per
/
thus fulfilling a long standing expecta-
J ton of the placing of the stock on a 4
per cent. basis Its price has been ad-
vanced many times on recurrent rumors
that this action was imminent, but it
ran off today with the fulfllment of the
predictions. The like movement in these
| two cases with contrasting influences in
operation showed plainly that another
cause was at work in both. Speculative
profit-taking was a principal factor in
the reaction. The selling Of United States
Steel at 60 seemed TO be taken as signal
for such proft-taking on very large
scale.
In the early stages of the present cam
pagn for the rise Of United States Steel
apparent recklessness, that it would not
| eliminate until it had touched GO. The
price predicted has been advanced from
| time to time since then, but evidently the
suspicion was widespread that the full
filling of the first prediction might mark
| the objective of the campaign. The in
crease in the Atlantic Line dividend was
of some benefit to that stock and to 9TH
| ers in the Southern group, but their adj
vances were not all held Actual condi
| tons bearing on values were not much
| changed and the speculative position rul-
ed the price movement.
| Reports from the steel trade were of
| very bright prospects and of increasing
orders for all lines of finished product
| Copper rose in price at the local Metal
| Exchange. London was a considerable
buyer of stocks in this market. although
| the origin of these buying orders was a
matter of some doubt. There was some
ground for supposing that large orders
| in the market yesterday and early today
was designed to safeguard prices against
any possible shock caused by the sudden
death yesterday of H. H. Rogers. These
| supporting orders may have been with
drawn with the demonstration of the fact
that they were not needed to protect the
market on that account.
| Bonds were irregular. Total sales par
| value, $5,082, 900. United States As regis
tered declined per cent on call