Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1910-02-04
The Markets:
NEW YORK STOCK MARKET.
Features Of the Days Dealings In All
The Leading Stocks.

New York, Feb. aggregate dealings
for the day of 1612,000 shares and in
roads on prices of one to eight points
for practically all the active stocks, Of
fer evidence of a liquidation in the stock
market sufficiently drastic and general
to call for some other explanation than
temporary vagaries of speculative senti-
ment or merely technical conditions in
the stock market itself. The speculative
sentiment itself was plunged in gloom
and was inclined to give forebodings of
ditions which were reflected i'm the days
market. Such Il state of the speculative
mind considered in connection with other
points in the situation is calculated to
suggest a elimination of movement
rather than it's inception The extent to
which the previous decline had already
run. its duration and the technical results
involved, are some of the points which
events promising a reversal to follow.
That all is not as we'll with the finance
industry was assumed when prices of
| stocks We're 10 to 40 points higher than
were touched on the decline today is borne
in upon the mind with conviction. That
all is as threatening of coming evil as
was assumed in the speculative gloom
that penetrated the stock market atmoS-
phere today need not to be taken for
granted.
The opinion that overlap practically all
others and tinged the whole was that
commercial recession and industrial reac
ton were to be read in the action of the
securities market. This opinion is not of
overnight growth and has been gather
ing adherentS for several weeks past. 1t
began with evidence of a lull in the
freight movement over the railroads with
some renewed accumulation of surplus
freight cars and gained force with reports
of the falling off in orders for iron and
decline in the price Of that basic commod-
itY. The extremely high price to which
, commodities in general attained the
widespread discussion of the high cost of
LIT, md afrit inc h Dl
prices with resultant decrease of con-
sumptive demand have given force to
the topic.
In the mood of the stock market today,
sharp attention was given to the express
sion of academic and professional views
that would ordinarily escape the atten-
ton of operators in stocks. The econom-
ic tendency of expanded gold production
and price imitation to bring on financial
crises were the views that attracted at
tention. Another factor was the authority
given to views publicly stated by duali-
fled legal testimony supposed to repre-
sent the views of large organizations of
capital of the harm to follow from the
proposed enforcement of the Sherman
antitrust law. The word panic found
frequent repetition i'm these various pic
lures of the future and the result was
decidedly disturbing to the nerves of the
stock market element There was that
with the arrest to the upward course of
prices of commodities there would neces-
sarily follow process of defation which
would arrest the course of prosperous ac-
tivities all through the channels of com
merce.
This weeks failure of an important firm
of dealers in bonds was the text also for
unfavorable views. That evidence of the
fogged condition of the bond market and
of the length of time in which old issues
had chung to the hands of underwriters
Embossed a variety of conclusions
The market had an effective rally of one
to three points in the final hour and the
closing tone strong and well sustain
ed at the recovery, but the inviting profits
on the days decline offered to the bears
obviously supplied much of the induce
ment for this buying
Bonds were weak, but with no sign of
the demoralized tone of stocks. The-~ales.
par value. totalled s3,923OOO. United
States rs declined and the As ! per cent.
on call.