Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1911-01-20
The Markets.
NEW YORK STOCK MARKET.
Features of the Days Dealings In All
The Leading Stocks.

New York. Jan. 70 Liquidation foE
profits, particularly in the more pIoili-
nent speculative issues, exercised d deter
mining influence upon the stock market
today. The movement was accompanied
by al least a partial reversal Of position
on the part of important traders VINO
had accumulated stocks on tn" recent
advance, and the closing Of accounts
from that quarter gave rather bearislI
tone To Tia" day. The movement waS
most pronounced i'll United states Steel.
Reading. Norfolk 4 Western. tehnsNiNa-
MIA New York Central aud Amalgamat-
a passing improvement. particularly III
the CUalers and Western railroads which
placed them as Il Who'll" slightly above
last lignts close. As the selling move
ment gathered volume the market r.
Taxed wherever there was active trading
until material net losses We're general.
While the more speculative issues waie
declining. unsuccessful efforts were made
market grew stronger III the late trading
and closed near the final figures Of yes
terday
Heaviness Of United states steel was
associated with the publication of the
recent address of Chairman Gary of the
Steel Corporation to the gathering OF
steel manufacturers wherein he eXhorted
them 70 maintain prevailing prices
Chairman Gary's address. i'll conjunction
with the reduction i'll salary of the cor
poratlons president. seemed in the minds
OF some to foreshadow further and NOR
general cuts in salaries and wages by
the corporation.
The strength of st Paul WAS the most
nota BILE feature of the railway group, al
though no action WAS taken on the dfNi-
dend rate BY the executive commute
today. Lack of Developments IN conieG-
ton with the recent advance in Nofloik
& Western probably was responsible for
the setback i'll that stock.
y de from the tactics of the probes
SOL tai element, no particular reasons
Were assigned for the markets reaetloi-
AIRY tendency. Maintenance of the Eng
fish ltnk rate provoked some disappolnt-
ment and sentiment was perhaps in'lu-
enced by lack of favorable trade deVei-
opmeIis which were hoped for early III
the wear. Increasing ease of money is no
longer bullish factor it being now gem
orally recognized that this condition Is
largely. if not wholly, due to poor bust
ness. This fact was accentuateo III yes
terday's action of New England cotton
manufacturers in favor of q y per cent.
Curtailment of output. Boston was re-
sponsible for bear rumors touching on
the copper situation ana COMMISSION
shares. The listing of American Smelt-
ing in London was followed by an
abrupt decline here but with subsequent
recovery.
The recent activity i'll various telephone
issues at higher prices was ac9 h ar r9r
banking interest that negotiations are oil
foot for consolidation of many indepen-
dent companies No definite announce
ment respecting this project is likely
pending the outcome of the trust decis-
ions at Washington.
One of the first returns for December
from important railroads. that of tho
Baltimore e Ohio, showed q net decrease
of $338,00o. which is considerably above
the average decrease for the last six
months.
and broad. operations falling much below
the previous day, with an Irregular tone
Total sales, par value. $3.796.0oo United
States government bonds unchanged OIL
call.