Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1909-07-13
The Markets.
NEW YORK STOCK MARKET.
Features of the Days Dealings in All
The Leading Stocks.

New York, July 12-The speculation In
stocks maintained waiting attitude to-
day, but in more confident mood than was
evident last week after the disappointing
response to the favorable crop report.
The professional element had the narrow
market largely to themselves. The argu-
ment which prompted their course might
be formulated in this way Stocks failed
to advance on last weeks good news by
reason of the extent to which previous
buying had anticipated it and the desire
of holders to realize their profits. The
slight reaction thus caused had demon
strated on the other hand that realizing
sales We're not being pushed at the ex-
pense of values, the volume of the mar
ket having decreased to trivial proper
tions and prices fell back. The profess
SIGNALS, therefore, had no inclination to
which hardened prices today came from
uncovered shorts put out last week. Com
mission houses reported slight but APP
preciable increase in buying orders from
outside sources.
These manifestations in the tone of the
market shaped a feeling that the salts
factory prospect for affairs would induce
holders of stocks to cling to them. even
sluegishness of the demand may be at
trituted to the desire for more assured
information on the crop out turn, the
present good promise for the grain crops
| being liable to the vicissitudes of the crit
| zeal period to be passed through in the
| next few weeks. The possibility of cas-
/ udlCleS 10 lne crops OF Sfl1IIS OF the
| day-to-day condition constitutes a haz-
ardOuS position for the speculation and an
| attempt to lift prices to an unstable
height might subject the speculative fab
| ric to damage from any sudden change
| in the crop prospects.
| The extremely cautious action of the
| speculation was well eXemplifed in the
movement of United States Steel. That
| cOupterng serious obstacles to it's pre-
vious record level at 60 rs. It was OBJ
| vious that slight effort would top the
previous record as the amount of stocks
| coming out at the top figure was not con-
| spicuously greater than at other stages
! of the advance. Yet the stock hung sus-
| pended while the activity lessened to
semi-stagnation and no bid at 70 came
| forward for execution.
| News developments were followed with
| languid interest. More gold was taken
in the sterling exchange rate lessened
| the probability of a further outgo Money
| continued easy here, likewise. Chicago
| exchange still ruled at a discount and
quirement on the local banks. The fact
| that gold, nevertheless, continued to go
out is taken to imply degree of cur
rency imitation. However, domestic ex-
ports for June show the continued effect
| of the shrunken wheat and flour move
ment, 6S6,063 bushels of the former having
last year. while the flour outgo of ASS, 73s
| barrels compares with 939, 402 barrels in
June last year.
Copper was marked down at the New
York Metal Exchange today. In London
a bear covering movement was given re-
sponsiblity for a rise in copper securities
The metal also rose in London. Rumors
of a Union Pacific-Illinois Central deal
| again benefited the latter stock and
Reading was the subject of a character
istic upward movement. These and the
rise in United States Steel had sympa-
thetic effect on the whole list
Bonds were steady Total sales mar
value, So, 900. United States AS coupon
declined 1-2 per cent. on call