Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1910-07-27
The Markets
NEW YORK STOCK MARKET.
Features Of tho Days Dealings -"
The Leading Stocks.

New York. July 26.-Forced lauidati.o oa
of stocks while banking and hnahcia ln n
terests refrained from narket values
todaV. So rapid and comprehensive
shrnkage of prices Is witnessed ra an,c
except in periods selling Il TO-DAY by hold
ers through sheer fright at the ,apa rt
melting away of values, but Tor ,he lie, ,,iu
part the selling was done IN colo ro,n siio
and with the systematic determiiia'io"
of surgical operation. ,,hicb
The lack of immediate news, when
might be held to indicate sudden ana VIZ
lent changes in conditions affecting VA
ues, pointed to an accumulation OF in muo
ences to account for the movement. Inc
absence of the usual talk of emparrass
ments on such occasions was taken 10
nrove the selling to come from sources
outside the immediate STOCK inaIhe
Gle and to represent losses from iaiS
resources which amounted TO linpdi r ILL.,
rather than wiping out of fortunes: lhere
was every indication to warrant the as
sumption that some heavy speculative az
counts were in process or CLOSING gu.
while at the same time thorough mousse
cleaning was going on amongst lne le, ~
ers of money on collateral looking to the
wedding out of undesirable loans.
were disreearded The reaction in the
corn market pointed to relief from the
more excessive weather conditions which
were believed YESTERDAY to be tnrea1 Tl1,,
ing the prospects for the harvest. Inc
money market was easy and the rate lot
call loans ran off to the lowest level
touched in several months, whlle lhHu-
ences towards repenishment OF the sup
| ply of bank cash continued actively at
work. That acute apprehension was at
| work was obvious from the SWIFT drop
| in prices to level for which IL WOULD
| be necessary to go far back into the year
| 1908 to find parallel at the Stock In
change. 40,
and Southern Pacific at lo3 VIII oHef Il
graphic suggestion of what occurred in
| the days stock market. Even more sen
sational were movements in stocks which
are not the favorites of the professional
traders operating in and out of the mar.
ket and for which the consequences or
forced liquidation We're. therefore, most
hurtful Missouri Pacific. Southern Rail-
| way preferred. St Louis Southwestern
preferred. Rock Island preferred. Repub-
dries. Westinghouse Electric. Central
Leather and others were forced down
from to over l. points There was seen
in this list the evidence of a conclusion
| that hopes of increased dividends had
slender foundation in face of the. reac-
| tionarv tendency taken on by trade and
business.
The consensus clearly amounts to a. de-
termination by bankers. financierS and
ruling authorities generally infinance to
| retrench resources and to be prepared
| for strain in the coming months There
was some show of relief in the last hour
| of the market by reason of the drastic
purgng process to which the market had
| been subjected. but it was ACCOMPANIED
with signs of exhaustion. After rallying
| one to two points and even more from the
| low points of the day prices sold off
again and the closing tone was much un-
settled.
| Bonds We're weak. Some of the low
grade speculative issues showed losses
| corresponding in violence with those of
stocks Total sales par value. S2.51o.000.
| United States bonds were unchanged on