Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1911-08-25
NEW YORK STOCK MARKET
Features OF the Days Dealings in All
the Leading Stocks.

New York, Aug. 2t-Another outbreak
of the liquidation which began in the
stock market almost month ago oe-
f "a TO-DAY. New low prices We're made
mans 81. Paul and United States Steel.
The selling again converged largely
around Union Pacific, Southern Paeifi.,
and Steel. and for reasons which were
perhaps more or less clearly defined than
before. Rumors of a crisis in the labor
situation an the southern Pacific were
received with tll-concealed anxiety. al
though that situation as affecting that
property has long been tense. The heavy
offerings of Steel We're regarded as a
logical outcome of the unfavorahle dag
nosis published yesterday by authoritative
trade journals, and received further inn
petus in the shutting down overnight OF
an important independent steel plant IN
Other contributing factors to the days
budget Of bearish news included discon-
certtng developments in Europe with
Paris exhibiting highly nervous stua-
ton, pronounced depression in London.
where further selling of securities was
induced by the state OF continental poll
tiles and home labor troubles weakness
an the Berlin Exchange and an alum
dance of evidence in other ways that in
this country the corporate interests are
proceeding in strict conformity with the
existing trend of events 4 SharD decline
in cotton while hardly a market factor,
served 10 call renewed attention Ia the
Hi-adYised speculation in that commodity.
Tie partial recovery winch enSued after
the sharp slump at midday was followed
by the usual period of dizziness and I'M
certainty which has been an invarahle
concomitant of each successive decline IN
prices. Another setback came in the final
hour. when another feeble recovery, the
list going from weakness TO strength on
light dealings. In which short coverings
we're observed. After that the list devel-
oped a degree Of earnest support especial
~ in Union Pacific and Steel, and for the
first time in the session grew more active
on tho advance, which was not participant
ed in. however by the less speculative
issues notably Pennsylvania. which also
sold under the years low on extensive
offerings The pressure on this stock had
its effect on the balance of the list and
i'm the final operations much of the i'm
proyement was lost, closing prices being
a point or more under yesterday.
Local bankers declined TO express any
opinions regarding the proposed plan OF
Western ananciers TO institute an indie
pendent monetary reform movement in
Oh position to that Of the Aldrich COM
mission II was their belief. however,
tionai feeling. The condition of the Ca
madam banks at the end of July compared
with the preceding month shows rev
noteworthy changes. Liabilities are IN
creasing BY a little less than 10000 coo
reserves are about 81, 10000. and call loans
Increased 1900 D. with the total assets
greater by SAC 1000. The statement OF
the Bank of En- land shows that further
Increase in thai institutions proportion
Of reserves to liabilities with gam OF
over 100000 in gold. The frenc a. n pa
exhibit reports decrease OF s2oe,Voo IN
discounts and a gain of sl.5O9GD IN gold
The bond market was heavy, with totai
sales. par value. So. $4,000 United states
government bonds were unchanged on
call.