Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1912-02-02
NEW YORK STOCK MARKET.
Features of the Days Dealings in All
the Leading Stocks.

New York. Feb. Although stocks
moved actively, TODAY. and trading was
not large The cccentricities of the mar
ket of late We're cmphasizd, today, by
the entire lack of stability and its rapid
aud perpleXing changes in appearance. At
times stocks rose easily and traders on
the long side appeared to be operating
with confidence. In other periods acute
weakness developed and it appeared az
though there might be Il renewal OF the
steady. compelling pressure which under
mined the leading issues effectively. yes
terday. The market WAS on an upward
swing when the session came to an end
and final prices showed majority OF
gains.
The marked increase in speculative ac-
tiYity during the last two days on which
trading was BY far the heaviest OF the
year. Is stu without an explanation
which finds general acceptance. Traders
argued that the market had been waiting
for some time for United states quarter
~ report and the December statements
of the Hartman roads. and that as there
was little or nothing in either exhibit 10
encourage bullish sentiment the bears
seized the opportunity as suitable one
for d demonstration. II also was said.
without apparent authority, that large in
terests had been quietly liquidating their
holdings of standard stocks in the be
lief that business conditions would be-
come less favorable before there was n
definite turn for the better. Prices were
forced below the low points of yesterday,
anu United states steel toueheu oSs, the
lowest price since last November.
The most pronounced upward move
mentS occurred at the opening, and just
before the close. Bull traders attempted
TO make capital of reports from Wash
ington that the proposed investigation OF
the money trust would be either abandon
ed or postponed. and succeeded in lifting
prices substantially.
There was no apparent change in Sentl-
ment, however, and the chief reason for
such success as attended the efforts OF
the bulls seemed to be short covering
cautious today, fearing that the market
had been oVersold, and there was heavy
covering in some of the leaders
Reading developed exceptional strength
in the late trading and rose 3 points on
the day. St Paul. New York Central,
Smelling. United States Steel and num-
Der of others gained u point or more on
the days movement.
The death of Edward Holley did not
disturb the market seriously. Stocks of
the railroads in which he was most in
market Chesapeake < Ohio the most
prominent in this group. sold off two
points and some OF the others point or
so, but the movement was without in-
flueuce on the general list.
Some of the largest Eastern railroads
made their December reports. today, and
the showing as whole was decidedly
faVora BILE. The New York Central Sys-
TEN was able to report a gain in net
earnings of 81 1913, COO due in greater part
to reduction of operating expenses. Penn
syIvania's gain In net operating revenue
was s1,27o000 and New Ravens $5o6. coo
The bond market was again irregular,
with q yielding tendency for "a time.
Total sales, par value s3,0l5.oo0 United
States bonds We're unchanged on call