Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1909-04-14
The Markets.
NEW YORK STOCK MARKET.
Features Of the Days Dealings in Az
The Leading Stocks.

New York, April 13.-There was a wa
vering tendency in the stock market to-
day which changed it's recent semblance
of stability. The resumption Of activi-
ties abroad after the Easter holiday In
terval was partly responsible for this,
the selling of stocks here for foreign ac-
count arguing some distrust OF TINS mar
kets rate of advance. An element IN the
home speculation that feels the same
distrust is not lacking and its activities
were joined to the depressing influence
from abroad to affect the market. rms
element urges the lack of news bearing
on events 10 account for the rising ten
dency of prices and points out features
in the trade and crop situation that are
claimed as making for decline rather than
advance. The plethoric condition OF the
money market is alleged to be solely re-
sponsible for the freedom with which
speculative purchases of stocks are made,
and it is pointed out that the speculative
activity is common to stocks, wheat and
cotton although causes which raise the
price of those articles might be regarded
as making against values of railroad
stocks.
Sole reliance on cheap money to lift
prices of stocks is feared as leading to
imitation of values. The other party to
the speculation urges that cheap money
is an inevitable after.e1fect OF the man
ciaI crisis of 1907. which is as certain to
stimulate renewed employment of capital
in business as are cuts in prices to cause
renewal of cOnsumptiVe demand While
| the low money TdleS are dCCeplcu, liCIC-
fore as result of present stagnation of
mercantile demand, the condition there
| is claimed as promising betterment and
| therefore calling for speculative antici-
patton. Foreign markets were reported
| to be disquieted to some extent by the
disturbances in Constantinople and trad
ers in the home market sold stocks in the
late dealings on the assumption that
there may be further uneasiness abroad
on that account in future.
A feature of the situation is the re-
newed activity in the bond market, which
is a reflection, also, of the abundant state
the sales of municipal bonds effected dur
ing March were larger for that class,
than for any month of record. This evil
dence of the abundance of capital and
calculated to incite a revival of enter
prise and are claimed by the advocates
of higher prices as a substantial factor
in favor of that course. Some of the OPP
erations for lower prices today came
from spectators who had sold their hold
ings yesterday to meet the new demand
from outside sources and, having, realized
their profits in that way, hoped to see
lower prices at which to rebuy. The mar
ket was not lacking in points of strength
and at times during the day the show of
frmness attended generally through the
list.
A conspicuous feature was Denver &,
Rio Grande regarding which rumors cir
culated of an active interest by f. II.
hartman III us dHdiIS. lie CIOult group
as whole had some benefit by sympa-
thy from this movement. On the other
hand some of the other stocks which
have been foremost in the recent rise
We're pressed for sale to take profits. and
this radiated depressing influence
through the list. United States Realty
suffered from the keeping of the dividend
| unchanged, as there had been some ru-
mors of an intended advance. Quotations
for copper We're raised at the New York
Metal Exchange and in London. The
market closed under considerable pres
sure and with prices running off.
Bonds We're irregular. Total sales. par
value. 6542, 600 United States bonds we're
unchanged on call.