Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1909-04-22
Market Reports
NEW YORK STOCK MARKET.
Features Of tho Days Dealings in Az
The Leading Stocks.

New York, April 21.-Extreme confu-
sion of the speculative temper was caus-
during the earlier part of today, and the
result was declining participation IN
the dealings by the professional traders
and the adoption OF a waiting atlltude
to see what sthe mysterious movements
might portend. Suspicion of manipulatlve
purposes in some of the most obvious
movements increased the feeling of doubt
and uncertainty. Alternating declines
and advances kept the market in such
waverng state as is rarely witnessed
Some of the early selling of stocks was
reported as coming openly from sources
that have been credited with the leader
ship of the advancing movement me
suspicious trading element saw in this
selling a device of the bulls to take the
market away from the bears and to
force the latter to sell short at low fig-
ures, with the malign purpose of forcing
them to cover at corresponding loss. Inc
bears instead of taking courage from tins
therefore took alarm and bought TO cover
their short contracts. Az the perlods
when prices were advancing there was
equally suspicious scrutiny of the sell
ingS and signs that long stock was com
ing out would be followed by quick reac-
tons The task of detecting motives of
such assumed subtilty proved so puzzling
as to lead to no definite conclusions and
simply repressed the activity of the mar
ket.
Two items of the days news were of
positive influence and these were of con-
trary effect. Announcement of plans for
a summer trip abroad by E. IT, Hartman
and the modified restrictions on the Erie
bond issue by the New York Public Ser
vice Commission were unexpected devel-
opments. The rumOrs regarding Mr.. Har-
| riman's health which were given renew
| ing of shares in the companies with
which he is most closely associated. The
effect on Union Pacific was pronounced
and the special weakness of New York
| ~ ole two HI n
expectations that have been formed of
the effects to be looked for from Mr.. Har-
| riman's future activities in the manage
ment of that railroad. The relaxed re-
quirements on the Erie to be complied
| with to secureA permission for the pro-
posed bond issue We're considered suffi-
Gent to insure the success of the pro-
posed financial plan. The Erie stocks re
sponded and there was some sympathetic
effect in other portions Of the list. A
| special source of speculative confusion
was the erratic fluctuations in Reading
This stock might have decided the wa
vering course of the market at anv time.
but its constant shiftings lefe the balance
of the list undecided
| There was considerable comment on the
| taking of gold here for shipment to Hol-
land, which is very unusual proceeding.
| exchange operations with Holland being
| conducted usually through the medium of
London banks 1t was inferred from this
| gold movement that Dutch investors in
| American securities had been sending
| home their holdings to market IN New
York. attracted by the high level of ex-
| listing prices. The incident made de-
cided impression on speculative senti-
ment owing to the substantial character
abroad to the Dutch financial insight A
| decline in the sterling exchange rate at
| Paris was towards the point calling for
| gold exports from New York but the
| sterling exchange rate here made a COM
| pensatory decline. Weather conditions
| bore more favorably on crop prospects
| and anxiety was less acute over the fate
of the winter wheat crop. The numerous
| variations during the day resulted in
| only small net changes at the end of the
| dav.
Bonds were irregular Total sales. par
value S.12000. United States bonds We're
| unchanged on call.