Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1909-04-08
The Markets.
NEW YORK STOCK MARKET.
Features of the Days Dealings in Al
The Leading Stocks.

New York, May THE speculative ele-
ment regarded the days stock market as
slow. The sales for the day in themselves
indicate a deep cut in the volume OF the
market from the recently prevailing aver
age. Then although the reactionary ten,
oency of yesterday was arrested ana
some progress towards recovery erected.
the renewed advance lacked vigor and
breadth. The speculative element had an
explanation for the halt that they Them
selves and large operatives in general
We're diSinclined TO offer extensive new
commitments with three-Gay closed IN
terval facing them at the end of the week
!ith the Easter holidays. In spite OF the
apse into dullness the undertone OF the
speculation was strong. Events of an
unfavorable nature were disregarded or
treated with no other apparent feeling
than relief that they We're disposed OF.
The government estimate of the April
condition of the winter wheat crop must
be classed as such an event. al
though its significance was obscur-
cially in the wheat. market itself
1t is evident that dependence must
oe placed on the further Improvement OF
the winter wheat crop and on an extra
.ield of the spring crop to make up an
average yield of that important cereal
or the reckoning of the years production
Of wealth. While the 81 per cent. dets-
ioration in the condition estimates since
the December estimate by the govern
ment is considerably less than the aver
ge winter decline in past years, it is
borne in mind that the December condl-
ion was low. as the crop entered the Win
.er at a disadvantage. The estimated
.iald on the basis of the April l condi-
ion is, in fact, less than the actual har-
vest of any winter wheat crop since 1904.
iopeS of Improvement in the crop before
maturity. while not without precedent for
| warrant, are necessarily affected by the
rule of a decline in the promised yield
efore the harvesting.
The grain carrying railroad stocks were
Inclined to be heavy, although the lines
INNING through the winter wheat belt
Uttered no more than the Northwestern
roup. The anthracite group supplied the
onspicuous example of strength among
@ railroads. This was attributed to the
lief that these companies will win con-
ssions from the miners in the conten-
or over the renewal of the wage agree
ent, which is to be the subject of re-
ewed conference tomorrow. Publication
the anthracite tonnage for March
bowed a record for that month of ship
{ preparation of the companies for any
lbor contest. Delaware, Lackawanna &
Western sold at 600 for the first time in
IS history. That stock had the special
eneft of rumors of an intended extra
contribution to stockholders for which
here was no authentic confirmation.
Outside of the coalers the strong stocks
ere found amongst industrials and such
linOr railroad stocks as are classified
18th the specialties Specific news to ac-
cunt for these movements was lacking
nd they were attributed in part, at
east. to professional manipulation for
ympathetic effect in sustaining prices
n the general list. Atchison was only
slightly affected by the keeping of the
iviGend at the old rate, although specu-
alive rumors We're in circulation at one
line of an intention to use the rates
.ordon sold some stocks in this market.
specially United States Steel.
Reports from the steel trade continued
omewhat discouraging but the demand
"hich has sprung up for structural steel
t the prices is considered an important
'uguly of construction and improvement
N a large scale in many cities. LondonS
cling of stocks helped to stiffen the for
ign exchange rate and kept alive dis
ussion of a possible resumption of gold
xports. The extreme ease of the money
arket leaves the subject will little in
crest.
Bonds were firm. Total sales, par value,
5.S7S,0oo. United States bonds were UNI
hanged on call.