Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1909-04-29
The Markets.
NEW YORK STOCK MARKET.
Features Of the Days Dealings in Al
The Leading Stocks.

New York April 2s.-There was q strik-
ing change in the tone of the stock mar
ket today from that of yesterday. Prices
moved upwards aggressively and in many
instances rapidly. The demand was large
and widely distributed and me upward
movement embraced the list quite sener-
ally Buying was congeSted, however,
in some of the stocks that are the Ia
vorites with the traders and are most
influential in their sympathetic eftect on
speculative sentiment Reading, the I1ar-
riman stocks and United States steer
were the leaders of the movement ana no
more effective leaders are to he found y,
the list. The advance apparntlN ptZZied
the professional trading element ana thp
board room sentiment was suspicious ana
expressed its suspicion IN putting out
short lines Of stock on all advances. AZ
the same time bears who have been sell
ing short for several days past i'll the en-
pectation that a rise in money rates
would depress prices. were driven to cover
and helped on the advance. The origin
of the buying or the motive Tor II was
not discernable. the days news offering
nothing to change strikingly the position
of affairs. The board room element eN-
planned the movement as being due 10 Il
scarcity in the floating supply of stocks.
which is only another way of saying that
owners We're holding for higher prices
\ The United States Steel statement OF
earnings for the past quarter was Of ia
vorable effect and that stock was con
spicuOuS in the days strength. me
quarters earnings were nearly million
dollars in excess of the estimates current
yesterday in the stock market. Inc IAN
ing off in tonnage of untitled orders on
hand was discussed with some diSsatlS-
faction in view of the frequent reports
of rush of new business attracted by the
reduction i'm prices. 1t was inferred that
the orders on hand must have been WORK
ed off pretty thoroughly before the cut
in prices was resorted to as an incentive
for new orders. There seemed to be more
Importance attached marketwise TO the
reports of an advance in prices of several
grades of finished steel The evidence or
a turning point in the steel situation
from receding values to rise seemed 70
appeal to sentiment as highly significant
of the improvement in the trade condl-
tions.
Foreign buying in this market was an
influential element in the DAYS market.
The change of SoVereignS in turkey was
taken more account of TODAY than yester-
day Continental centers bought stocks
in London on account of the Turkish sit
uaton, and the effect was passed on to
the New York market There was brisk
movement in the Gould group of stocks
in concert. and this was taken to indicate
an organized market SUPPORT for those
stocks based on suppositions that the
plan for financing the needs of those
tured. Reading was more responsive than
yesterday to the prospect of an agree
ment between anthracite operators and
miners over wages. The Rock Island
group was helped by the favorable show
ing of earnings for March. United States
Steel sold within small fraction of the
highest price of the present year. Time
money was called distinctly easier. lend
ers accepting borrowers bids in contrast
to their insistence on their own asking
rates yesterday. The gains of the day
We're scarcely at all impaired by the late
protit-taking movement.
Bonds We're strong Total sales, par
value. S 9es.0oO United states bonds were
UNCHANGED on call