Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1909-10-20

NEW YORK STOCK MARKET.
Features of the Days Dealings in All
The Leading Stocks.

New York, Oct 19-The salient fact dis
cernable in the stock market of today
was the decrease of speculative interest
Doubtless the primary cause OF this is
the narrowing resources OF the money
market, although the immediate tone of
money is easier in New York than was
the case last week or the week before
Apparently the speculative element is not
sanguine in it's hope that this relief Is TO
be free from interruption between now
and the end of the year. The tone of the
diminished speculation today was greatly
unsettled, was witnessed by the nm
ceasing and irregular fluctuations of
prices
The hesitating tone gave rise to much
surmise as to the cause and the sur
misses constituted the principal news of
the day. Some of them were in the form
of disturbing rumors which had their
origin ostensibly in London and which
pointed to over-eXtended position on the
part of bond houses which subscribed for
some of the bond issues which are known
to have proved slow of sale as a conse-
quence of the general dullness of the in
veStment demand for that class of securi-
ties. The rising interest rates for money
are not calculated to stimulate the bond
market. The specific rumors, however,
were not found to have any basis in fact.
London was a seller Of stocks in this mar
ket to the accompaniment of some of
these disturbing rumors. There was sell
ing on q large scale from sources nearer
nome anu WHICH pIoNS Gu IilISIilciililS do "
the character of some of the preceding
buying which had been relied upon as
coming from well Informed and powerful
capitalists whose leadership it might be
assumed was safe to follow.
In some of the profit-taking sales today
there was suspected a closing out of in
dividual speculative accounts running up
to the hundred thousand share mark OF
a purely professional kind. Operations on
that scale by board room traders created
sentiment of distrust of some of the
motives and alleged information on which
the previous accumulation had been bas-
ed. This feeling was emphasized by the
approach of the quarterly meeting of the
United States steel Corporation and the
doubt of the kind of stock market re-
Spouse which may be made to even the
most favorable outcome of that meeting
in view of the price attitude of the stock
and the iubilant assertions of coming
events that have accompanied it. feat
ure of the situation that aroused much
conjecture was the strength of the Tor
eiSn exchange market, Whlch maze 1ur-
Their advance today with the continued
demand for remittance This movement
suggested the eXigency of foreign lenders
of money for repayment of maturing IN
debtedness and the effect this might have
home market in connection with the fur
Their movement of crops and the eXpan-
sion of business activity
There was a disposition to dwell good
zeal on the Legislative outlooh DIS coH-
tanning possibilities of disturbance to the
stock market upon the assembling of Con-
gress. The points of strength in the mar
llet were sporadic and they developed
from time to time in an eccentric manner
that made an explanation puzzling. Vio-
lent advances of small transactions in
the express stocks We're due to the ad-
vance in the dividend rate on United
States Express. Rumors persisted of a
coming combination of copper interests
with some effect on copper securities. The
sustaining influence of these movements
was only temporary and prices ran off
again. closing at about the lowest.
Bonds We're easy. Total sales. par val
ne. $3370,000. United States bonds were
unchanged on call