Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1909-06-03
Market Reports
NEW YORK STOCK MARKET.
Features Of the Days Dealings in All
Tho Leading Stocks.

New York, June "A check came to
the advancing tendency Of prices today.
although the action Of the market was
still mixed. Here and there prices con-
tinued to rise. but in other quarters there
was a sharp backset. Reading especially
was under quite severe pressure and the
in that stock was of notable sympathet-
ic effect on the whole list. Another CEN
ter of strong sentimental influence was
United States Steel. in which the recent
persistent and prolonged advance gave
way to reaction of point. Its up
ward rush to 67a in the final hour had a
strong restorative influence on the whole
list. The volatile extreme of the latter
stages of its rise had caused fear of a
probable elimination.
Foreign securities markets seemed to
wake up today, for the first time, to the
Importance of the listing of the United
and this topic was the sensation of the
Paris, Berlin and, in some degree, the
London markets. There was lacking any
detailed description of the process to be
followed in the Paris operation. but the
Intervention of a syndicate or trust to act
as holding company in France for Il
block Of United States Steel and to issue
against this holding it's own certificates.
such certificates serving as the medium
of operations in the Paris market rather
than the corporation shares themselves.
Aside from the strong sentimental in
important new departure. this method of
operating in the new field would have in
volved an important accumulation Of the
actual holdings of the stock. The with
drawal from the floating supply of this
stock of so considerable an amount as is
belle we'd to be involved in the syndicate
holding would go far to explain the eX-
traordinary strength which the stock has
displayed When the stock started up
wards to new high level late in the day
its strong sentimental influence was ex-
erted in the recovery in the whole Inst.
The uncertain tone of the market was
aggravated by the heavy tone developed
in the bond market and the fear thus
engendered that the market was becOm-
ing surfeited with new issues: The ac-
ton of the Atchison issues in face of the
announcement of the new Atchison con-
vertible bond issues was regarded as
rather suggestive. The stock and the
the subscription privilege at 104 for the
new bonds represents valuable rights for
the stock based on the ruling price for
the older convertible issues. For some
on advantageous terms has been taken
as a reason for advancing the price of
the stock affected. 1t was feared that
the .Atchison Response might mark the
attention was paid to crop news and es-
Inmates of private experts coming to
hand were taken as foreshadowing a
poor showing in the government report of
condition, looked for next week.
The weekly bulletin of the weather bu-
reau was not calculated to allay this ap-
prehension, indicating a persistence of
some of the unfavorable climatic condi-
tions. Further reduction in freight
charges on import traffic by the trunk
line railways was dislked, as threaten
ing spread of this dispute in other de-
partments of traffic. The marking up of
the price of copper did not prevent the
copper industrials from figuring conspic-
uously in the early reactionary move
million dollars in gold for export to
France was not much needed. the pleth-
eric condition of the local money mar
ket being as much feared as it is APP
proved.
Bonds were heavy. Total sales. par
value, $4,6S00O0. United States bonds were
unchanged on call