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Show 33 I I Financial Currents of the Week . MONDAY The news of Importance of the day ln tho financial circles was the sale by Kuhn. Loob & Co, to Phelps, Dodge Sz Co. of the Rock Island preferred stock which was purchased from tho Pearson syndicate in July at a time when demoralization threatened the stock market. mar-ket. The reception of the secondary transaction bv the stock market was ln marked contrast with tho electrifying effect ef-fect of tho announcement of tho first. A comparison of market prices then and now may account ror the difference In the sentimental errect. Rock Island preferred touched 54. while It rose to 6Cfi, a rise from Saturday's closing price of 31, thus leaving a narrow margin mar-gin for tho expression of improvement. Prices ln the general list are correspondingly correspond-ingly highor than when the Rock Island deal acted as an arrest to threatened demoralization. TUESDAY Tho election in Maine was the principal news event which the stock speculation had to digest. The fact that prices advanced on jecelpt of the news led to the Inference that the result had no displeasing Inlluencc on holders of securities. se-curities. The Maine election was construed con-strued as a symptom of disorganization of the political forces moving for control con-trol and restriction of corporation powers pow-ers This construction followed rather than preceded tho upward movement of prlccB. Politics aH a disturbing1 element seemed to be demonstrated to bo unreliable. unre-liable. WEDNESDAY The stock market had to bear the burden of profit taking on the rise of yesterday, and was artectod accordingly. So ronsldernhlo a movement move-ment after thr. prolonged period of apathy apa-thy and llsUcssness was nol 10 bu neglected neg-lected by the long-suffering professional profession-al operators Politics continued to occupy oc-cupy a large share or attention, but there wn3 a disposition among some of the larger financial powers to defeat thc-e.vploltation thc-e.vploltation of tho stock market ns, a field for the expressions of opinions on political prospects. The subsidence of anxiety over tho banking position of the country provided a substuntful aub-stratum aub-stratum for tho confidonco that is growing grow-ing up. This was manifest in the reception re-ception accorded the news of the rejection rejec-tion of the London conference of foreign bankers and the validation plan tor American colton shipments. THURSDAY The principal factor at work liv?hc stock market was the reversal re-versal of speculative operations for the advance attempted earlier In the week and which huve not met with encouraging encourag-ing response by attracting and substantial substan-tial demand from outside sources. There grew up some uneasiness over tho condition of tho stool industry, which had the effect of giving positive forco to tho reaction. Price concessions were yioldod grudgingly and thcro wero signs of resistance and Individual points of strength in the market, but the whole market gave way .in: closed docldctlly weak. FRIDAY Hesitation and uncertainty uncertain-ty were written on the faco of the market The imdortono was hoavv and somev,'hu.t weak, but at other times there was evldi-nce of resisting power and signs of support which implied a protective inlluencc. Tho transactions In Pulled States Steel were more than double those In any other ono security, and when doall'ii'p in RndlrT. nni I'mIm Pacific were added there was not. much left of tho rest of the maiT.ci. Tho groat preponderance 01 u;e operations m L. .muti Slates Steel gave thai stock a large svm-pnlhotlc svm-pnlhotlc effect on tho general market. There was Insistent tall: also of an open cut In prlres of sreel 'products. SATURDAY Opening dealings In stocks today wore steady and prices showed an advancing tendency. Now York Central rose 11 and Union Paclfio and Baltimore & Ohio subMantlal fractions. frac-tions. Evnnsvlllo & Torre Maulw rose 2. Iniorborough-MotronoMlin preform! lost nnd Delaware Sz Hudson . Selling orders or-ders eamo into the marktM after Union Pacific hud crossed 165 urO tlm active .slocks turned downward. sQdon Pacific lost all of its gain and Amalgamated Copper Cop-per and American Smelting receded to below ycslcrday'c close. .S'libsunuonlly the market stiffened. Wabash preferred. Consolidated Cas and Tonnesf.ee Copper ruse 1. American Tobacco and National Enameling lost 1. |