Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1909-05-20
The Markets.
NEW YORK STOCK MARKET.
Features Of the Days Dealings In All
The Leading Stocks.

New York. May 19.-The stock market
has rarely met the death OF capitalist
of foremost prominence with as little dls-
turbance as was caused s q 3y the Re,s suddea
was concluded from this that there was
little ground for the anxiety progressed
for several days past that the specula-
tive position had become unstable and
vulnerable From passive resistance to
depression the tone passed to positive
strength The demonstration of resist
ing power could not well nave mad otner
consequence, since the fear. Of over-spec-
ulation and a topheavy condition OF val
ues which might lead to violent relapse
is case of accident had been the sole
unfavorable factor which could be point
ed out in the situation.
Prices have suffered more serious set.
backs often on rumors Of Mr.. Rogers
death or serious. illness than happened
today following his death. Mr.. Rogers
has represented to the Wall Street sup
position, as much as any one man. the
central figure of the vaguely defined
STANDARD Oil group" which is the most
potent of all dimly apprehended forces
which work concealed from view and
supposedly armed with the most complete
knowledge of conditions and control over
their regulation. The sudden removal of
such a force may have disastrous con-
sequences to speculative position, as
in the case of the sudden death of eX-
Governor Flower in the crisis of an ex
cessive speculation in which he had been
the controlling figure. Even where there
is known to be no heavy speculative COM
mitments in the stock market decided de-
preston is sometimes caused by the
death of a man of the vast property in
terests and administrative activity of Mr..
Rogers.
The extreme effect today was measured
by decline of IL in the price of shares
of Amalgamated Copper. OF which COM
pany he was president. and of "a in Con-
he was a director. The reason for this
inperturbality quickly came to be un--
derstood in the general withdrawal of
Mr.. Rogers from Stock Exchange opera
with his pet project of the Virginian
| Railway diverted all his attention. Fur
thermore. it was believed that the state
of his health since an attack in 1907 had
| induced his retirement from many former
activities and the placing of his affairs
| in order to guard against the event of
today.
The impression of the strong underlying
condition of the stock market position
was not the less strong account of
these explanations of the resistance
| shown Factors of encouragement in the
| outlook which have been in allegiance for
several days, came into play again. Unit
ed States Steel, of which Mr.. Rogers was
a director. was conspicuously strong, ris-
| ing through it's previous record price of
| $50 to 500. Chesapeake &, Ohio at so also
| touched a price never reached before by
| that stock. The movement in steel was
attributed to the restoration of wages by
the Independent steel companies and the
| differences drawn from that action as to
the returning profits of the industry even
! at the lowered prices at which the re-
| cent heavy orders have been booked.
News from the copper trade continued
very encouraging and a buoyant rise in
| ccppers was in progress in the London
market when the decline in Amalgamated
Copper on account of the death of the
president of the company checked the ad-
vance. Crop news was considered favor
able, in spite of the rise in the price of
| wheat. The further outgo of gold to
France had no influence Currency con-
tinues to arrive in such volume from the
| interior as to serve as an effective off
set
| Bonds were irregular Total sales, par
| value, S4.772, 900. United States bonds
were unchanged on call.