Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1909-12-17

The: Markets.
NEW YORK STOCK MARKET.
Features Of the Days Dealings In All
The Leading Stocks.

New York, Dec. 16-Difficulty was found
in throwing off the letharglc tendency
which crept into the speculation In stocks
today. The movement In prices was matt
ing and irregular and there were long
pauses in activity when many stocks prac-
tically dropped out OF the tfadlns. one
encouragement met by the trader VINO
follows the sudden movements which nave
been developing in many obscure stocks
is the sudden lapse of such securities into
a dormant state From sembiance OF
great activity and breadth In the market,
with transactions in blocks up TO IVoO
shares there will suddenly intervene
withdrawal of all orders. A speculative
holder of small block on inquiry will
learn that no bid stands in the market
for his stocks for several points down.
Forced sales under such circumstances
cause wild decreases in value and give an
impression of holloWness of the market
and of manipulative origin for the short
lived activity.
The principal interest of the traders to-
day was in attempting to draw deductions
from the action of Reading as to- the
general speculative position. Yesterdays
dividend increase did not induce sufficient
new demand to lift the price. Adherents
of the bull position derived considerable
satisfaction, in fact, from the lightnesss
of the pressure to realize on the good
news. The increase in the dividend has
been so long anticipated and the price
lifted so high that a violent reaction mas
been dreaded in some quarters when the
September, Reading had risen to 1879 in
anticipation of a dividend increase and
has not been as high since. In January
of 1906 when the stock was newly placed
on the per cent. basis which it has held
ever since, the price was run up to 1854 on
the expectation of an early additional in
crease.
In view of the prolonged speculative use
which has been made of the higher divi-
dend expectation for Reading, the reac-
tionary force in the stock today must be
regarded as extremely moderate. Its in
fuence for depression on the general list
therefore, was slight or even in negative
way favorable. A more positive factor
towards sympathetic strength was the de-
mand for the high price Western railroad
stocks. especially Southern and Union Pa
crease in the Southern Pacific dividend
| in February was the ground for this
movement. The demand in the general
| list, however. was scantv. the firmness of
| tone finding it's explanation rather in the
small offerings for sale than in an active
absorption.
The news of the absorption of indepen-
dent telephone companies by the banking
house which has transacted recent financ-
| ing for the American Telephone Co.
strengthened the impression of the unin-
terrupted progress of consolidation of
corporate interests which is in progress
The increase in the Louisville & Nashville
dividend set up an uncertain fluttering in
the price of that stock similar to the ac-
| ton of Reading and in contrast to the
sustained strength in Southern Pacific
| where the dividend action is in the ru-
NOR stage yet.
| Bonds We're steady. Total sales, par
value. SO, S62 900. United States bonds were
unchanged on call.