Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1909-05-31
UncertaintyPf Prominent Fea-
ture Of Stock Market.
Last Weeks, Deals LargIy Those
Of individual Holdings.
opevators as Z Rule Awaiting Com
mr.. Ing Of New Tariff Law.

New York, May 30.-There was con-
siderable variety and much uncertain
ty in the stock market movement last
week with perceptible tendency t.
return to a fixed level in the price
average. The tendency is perceptible
IN a larger retrospect, the average
price of the most representative stocks
having changed but little from that OF
the early part of May. The specula-
tive attitude is one of waiting and this
disposition was intensified by the
three-day holiday interval in prospect
at the end of the week.
The narrowness of the public inter-
est in the market was evidenced in
numerous ways. Once or twice during
the week there was liquidation of what
looked like large individual accounts
in few stocks. The rapid yielding Of
the prices of the securities thus affect
ed indicated the Indifference of the
demand which had to be cOntended
with. On the other hand in the inter-
walls of these liquidating episodes a
very little demand was effective in
lifting prices rapidly. thus indicatin:
the small floating supply of stocks in
the market
Efforts to analyZe the cause lying
behind these manifestations gave large
importance to the extent of the opera
tons by market pools and elaborate
speculative organizations which have
figured in the advance in prices for
many months past The objective
point of these organized operations
has been the awakened public demand
canIrritiaC tho the
restoration of trade and industry to
the activity attained before the panic
of 1907 or even beyond that. Men Of
recognized judgment and authority in
the financial world have voiced the
conviction without reserve that the
coming era of trade and Industrial
activity and accompanying prosperity
was the rise to new high levels.
The estimation accepted for some
time past in Wall Street for the prob
able enactment of the new tariff law
were for the first Of June. or there
,abouts The approach of that date
with the debate on the tariff measure
dragging out to an underlined future.
leaves the speculation in a suspended
state. The public demand for securi
ties which was relied upon to carry
through the speculative cycle has come
into force in only moderate degree.
The growth of business revival and the
sustained ease of money market con-
ditiOns are relied upon to hold the
market until the general demand for
securities shall be awakened again.
Meantime there is a continuous
flOatation of new securities going on,
stimulated by the abundance OF bank
Ing resources left unemployed by the
moderator requirements as yet of the
mercantile demands. Railroad and in
dustrial corporations both figure in
this new financing Some of ii gives
rise to conjecture of plans to launch
into new fields of combination AMI
consolidation of industrial enterprises
Proposed combinations and absorp-
lions of minor railroad systems figure
largely in the speculative activities Of
stock market pools in the stocks con-
cerned. The conspicuous strength of
the steel group owed as much to
rumorS OF merging of the independent
companies with the object of harmon
izing relations with the United States
Steel Corporation as to the returns of
trade betterment.
Speculative sentiment has not been
free from anxiety over the crops and
the desire to await the government re-
port of condition as of June | of the
grain crops constitutes 4 leading re-
pressive influence on the market