Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1909-06-24
The Markets.
NEW YORK STOCK MARKET.
Features of the Days Dealings in All
The Leading Stocks.

New York, June 23.-The intense dull
ness of today's stock market served to
obscure the Importance of the price
movements, which We're remarkable in
several cases. The general firmness was
influenced by sympathy with the notable
strength in these special stocks, but
in the position. Principal of these was
the building up of a short interest which
proved to possess little determination in
maintaining their position with signs Of
resistance to the downward course of
prices. Covering Of shorts made up an
important part of the days demand The
conclusion of the London stock market
settlement with no casualties as a result
of the heavy declines since the preceding
settlement removed a cause of apprehen-
sion and brought in some important buy
ing of stocks here from that source The
copper induStriaS We're affected by large
covering of shorts in London. which in
duced a sharp upward reaction from the
severe depression from which they have
suffered in that market, Some sympa-
thetic effect was produced on copper in
dustries in New York although they We're
lasgard in comparison with the general
upward tendency.
The movement that attracted most no.
Union Pacific preferred, which moved up
to a record price and one out of line
with its investment return compared with
the current money market. Rumors of
an intention to retire the stock We're
given to account for its rise. 1t is sup
posed that the purpose to retire the
stock would be to avoid the embarrass-
ment of claims from the preferred stock
holders to share in distribution of in
vestment holdings of the company of
other shares. Such distribution was I'M
der official discussion at one time when
legged violation of the interstate COM
merce law in holding those shares. The
company has no explicit right reserved
to retire the preferred stock at a fixed
a vI,it n
Pacific preferred, and it was assumed
therefore, that a plan must be attractive
to preferred stock holders to induce their
acceptance.
The days rumors had to do with sup
posed offer of one share of Union Pa
|cifc common stock for two shares of the
preferred or an exchange of a convertible
bond for the preferred stock with rights
|of conversion into common stock preSum-
ably at a price above the current market
quotation. There was nothing like official
confirmation or countenance for these ru-
nors, but they We're extremely effective
with Union Pacific and revived consider
alton of various other deal rumors. This
was of effect in advancing Wabash pre-
ferred. Reading. New. York Central. At
Gibson and others which have been the
|sCbject of deal rumOrS.
American Wooden preferred declined
sharply in reported sale of additional
preferred stock by the company. Third
az enue suffered again from the supposed
vicis STUDIES of the reorganization plan.
The pronounced dizziness which has de-
veloped in the demand for copper was re-
81 crsible for the backwardness of the
stocks of copper companies. Little at
tertion was paid to the engagement of a
million dollars of gold for shipment to
South America and the maintenance of
exchange rates near the level of profit
or shipments to London.
Bonds were firm. Total sales, par val
ue $3.359.0OO. United States bonds were
unchanged on call