Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1910-01-15
The Markets.
NEW YORK STOCK MARKET.
Features Of tho Days Dealings in All
The Leading Stocks.

New York, Jan. 14.-The resumption of
liquidation in the stock market today set
conjecture to work for some deeper cause
to explain it than the more superficial
influences which have been given respon-
sibility and which are passing away with
out relieving the market from depression.
Yesterdays action of the Stock Exchange
governors was considered to have def
nitely disposed of the Rock Island episode
and the securities of that company today
were sustaining forces for prices, so far
as they exercised any influence The re, re-,
ports of the accession of large foreign
interest to d share in the control of the
property seemed to have an encouraging
effect on it's stockholders as well as
alarming those short of the stock and
the two Rock Island stocks led the short
lived advance with which the dealings
opened. This was in continuance OF the
strong rally of the latter part of yest ,a5
day and the demand from uncovered
shorts obviously had much to do with IT.
The call money market also passed from
a condition of relative to positive ease,
but this proved powerless to check the
unloading of stocks or to stimulate any
new demand.
The liquidation of stocks continued to
put back funds into the money market,
which is in course of replenishment as
well, from various other sources. 'InlS
persistent liquidation is deemed lmpor,
tant and as coming from influential
sources having in view prolonged OUT
look as well as retrospect. Continuous
and persistent accumulation OF STOCKS
went on for many months during the rs
ing prices of last year and there IS reason on
much of this speculation was planned
for the opening weeks OF the new year
when easing money markets ana rein
vestment of yearly profits were looked to
for the inspiration of a general demand
for stocks. Besides this hoped for in
fluence to assist the liquidation the pc
riod for it was fixed by consideration of
the need for transfer of resources into
various other channels to provide Tor the
need for new capital, which, 1t was fore
seen, would converge upon th me-, money Ior
subscriptions coming due for new stock
and bond issues prove the accuracy of
this forecast and explain much OF the
liquidation.
ing precipitation today and declines of
one to three points had become general
by the middle of the afternoon. In the
Hartman Pacifics. st. Paul and few
ing through of prices to lower levels
than had been touched on previous reac-
tions was the signal for the uncovering
of fresh stop-loss orders and for bring
ing new burdens on the market Wash
ington prospects were said to be a prin-
cipal motive for the throwing over of
stocks. The widespread activities of the
government in the field of corporation
regulation and the prospect of early de-
cisions by the supreme court which, it
was feared, might present even graver
conditions, Were made the staple of argu-
ments by the sellers of stocks.
The stock market showed no rallying
power, lowest prices of the day being
reached in the last hour with an even
greater outpouring of stocks. The Har-
| riman issues, st. Paul. United States
Steel, Great Northern and Northern Pa
| cific were especially weak and appar-
emily without support. The closing was
very feverish with practically no recov-
| cry from the low.
Bonds were irregular. Total sales, par
value. s4770.o0O United States bonds were
| irregular.