Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1909-10-06
The Markets.
NEW YORK STOCK MARKET.
Features Of the Days Dealings in All
The Leading Stocks.

New York, Oct 5-Speculative contin-
gency was Jared today by. the discovery
*ition IN United States Steel. Moreover,
the eau loan market instead or relaxing
as me date of the october money pay
meiIS fccedes rose today higher than
than since early in 1902. The rate touch
ed per cent. There were points of
strGngth still here and there, but the pre-.
vajing tone of stocks was depressed and
uncertain. The constant succession of
new nigh records in United states Steel
mad encouraged a presumption that the
market protection for the price was in
Vlnclbie and that uninterrupted progress
| to par or above was an assured fact
| 1t appears, however. that growing pro-
| portion of the speculative buying in the
recent past has been accompanied by the
prccaution of stopped loss selling or
| der. placed at given points under the
purchase price
| An element amongst the professional
| these orders in large volume at about
| g. and again at 81. BY offering the price
| down to these levels they saw oppor-
tunity for, profit by buying in to cover
| their short sales while the stop loss sell
! ing orders were being executed. The re-
| suit was drop III United States Steel of
over four points from yesterdays hlgh
| level The most disconcertins feature of
| the movement to the bulls was the lack
| of demand for the stock at the most pre-
cipitates stages of the decline; Conces-
sions of half a point were made without
| willing buying orders-a violence III the
consecutive tluctuation unusual IN so ac-
| tive stock as United States Steel and
which the market is so broad ana con-
slant Below 81 the support of the stock
became effective again and the price raj
| lied. Movements for the rest OF the day
We're notably lacking and decision and
| the whole market was greatly unsettled
| in tone with final violent break.
Oracular limitations were set afloat OF
| important developments impending IN the
| financial affairs of the United States Steel
Corporation but they did not avail to re-
cradle liquidation of speculative accounts
must have been effected by the active
selling during the day, but the money
market was not eased correSpondingly.
Foreign exchange rates, which would be
yielding to the gold import level in ordi-
nary seasons, now hold steady in spite
of our tightening money market
| A notable point of strength IN today S
declining market was New York Central.
The rise was attributed to the inminence
of the meeting which is expected to elect
successor to the late E. II: Hartman
on the board of directors. The strength
of the Fries was regarded as sympathet-
jc to an extent The renewed discOur-
agernent over the statistical position of
refined copper and fresh decline IN the
consumptive demand made up part of the
DAYS market material. Call money by
rising to per cent. bellies the assertion
of number of bankers that the rate
|, would not go higher than per cent.
ket closed weak and in some excitement.
Bonds We're irregular Total sales, par
value 81. OS6, 900. United States bonds were
unchanged on call