Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1911-08-11
NEW YORK STOCK MARKET.
Features of the Days Dealings in All
the Leading Stocks.

/ New York, Aug 10-The government
crop report, issued yesterday, and which
is admittedly poor, taking its figures at
their face value was used as a weapon
for another attack on the stock market
points In the active list with materially
sreater losses elsewhere. The decline
while often precipitate and clearly be
tekening further liquidation, some. of ii
doubtless enforced was not of the demon
alizing character which has attended sew
eral recent movements, Quoted prices
simply fell away according to the pres
sure of offerings. each successive rale-
of a point being the signal for another
selling movement, which left the list low
AS a matter of fact all impartial judges
of condition agreed that the government
report represents a condition much wors
than actually exists TO-DAY ana that the
damage save in certain commodities is
far less than yesterdays estimates In
dictate: that practically all food stuffs.
corn excepted are better now than on
Aug l. on which date the renort was
compiled That being the case, 1t is puerto
to point to agricultural conditions as the
chief cause OF the markets severe re-
versal Prices have yielded with more or
less steadinsss for almost a fortnight,
losses in some standard stocks during
that period extended to Is points 1t is
inst as unreasonable to asCrbe the de-
cline 70 the misfortunes of some over
extended butts The causes probably lie
decrer and tho political situation as rep
resented in the activities of the tederaI
s-ovcrn ment coupled with financial and
naIitieal conditions abroad, may properly
he regarded a s the more potent factor IN
the case IT is becoming increasingly
evident that large quantities of securities
have been dispos d of by the so-calla "a
subs antial interests out of sheer chaErin
mr. disappointment with the course 81
public events The attitude of thesa IN
tor ste at this time appears to be one u
Indifference to the fate of the market
ON a continuance of the present move
nept il is argued. will ere long result III
. level which must attract OUTSIDE ouSls
of an investment character In tact the
market will soon reach the point OF D.
ing erer-so}a IS it was probably over
bought few weeks ago,
In the last hour the list made very gen
oral recoverics from the low point on
what appeared TO be steady ABSORPTION
torethar with extensive short coverings
The huving showed more d@i6eratlnh
than any similar movement and ndlch'-
cd that the market had reached polnt
Of equilibrium Rallies ran from a luu
point to net gains. with special nrnlIlass
+ in United states Steel, Great Nor'hs,rh
nreferred Northern Pacific lnloh ~
6ific. southern Pacific and Readlng II
qrpntar part Of tho gain was helu at w
close which was steady
London bought about 9a'Vn shafes ",
balance here. chiefly Union Paclhc ana
Ivnited states steel Financial AFFAIRS "
the British metropolis were in a state oe
;ndecision the labor strike adding 10 we
general unsettlement. r.
Tho bond list was weak thronghouts
tai sales par value. $2,946W0 unteo
states government bonds were unchahseo
on call.