Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1909-09-16
The Markets.
NEW YORK STOCK MARKET.
Features of the Days Dealings in Al
Tho Leading Stocks.

New York, Sept. 15.-The speculation in
stocks today gave greater evidence of
vitality and Of naturalness than for a
Long Tune past; operations were not con-
leven, as has been the case often, to three
tstocks-Union Pacific. Reading and United
States Steel. Those three stocks were by
no means obscure in the days transac-
items but they did not absorb 50 per cent.
of the aggregate dealings, as they have
done on more than one occasion recent
ly. The demand branched out into new
quarters and shifted rapidly from one
lstock or group of stocks to another. News
Ito account for these movements was not
Forthcoming always or even generally,
and conjecture was Obliged to fall back
on some general explanation which would
apply either to business prospects or to
opportunity for speculation or both.
| OF the former class was the interpreta-
| ton placed by the financial community
upon President Tafts speech in Boston
! at the outset of his long speech-making
tour of the West. The Chief Magistrate
endorsement of the plan for the establish
means of solving the currency problem
had a good effect on sentiment in the fl
nancal district. So had the cheerful be-
lief expressed that we are zone the eve of
another great business expansion and era
| of prosperity" Even the nsistence on
| the need of further reforms of business
methods and the danger of lapse in old
abuses was read in the light of the quail
iication. Nothing revolutionary. nothing
disturbing to legitimate business is need
ed rather than in the light of the main
icOntentiOn.
good augury of the effects of the
| coming trip was drawn by the financial
community from the texture of this pre-
| llminary address. Considerable specula-
| tive activity seems to have been prompt
ed by this consideration. Industrious use
was made also of the rumors of an ap-
iproachment between the two great bank
! ing groups usually designated as the
Standard Oil and Morgan groups. The
| concrete facts on which these rumors
We're based sifted down to the election
OF j.. +. Morgan, Jr., as a director of
| the National City Bank, Standard Oil
institution, and of James Stillman, chair
man of the board of that bank. as a di-
rector of the Cleveland. Cincinnati, Chica-
go & st. Louis Railway, one of the Nor
gan-Vanderblt railroads.
| OF material influence on the days mar
ket was the report from Pttsburg of the
visit to the steel works there of a French
banker who. it was assumed, was secur-
ing information to pave the way to list
ing United States Steel on the Paris
Bourse. The ground for this assumption
was the discreet refusal of the French
banker to say anything on the subject.
The air of mystery rather added than
! detracted from the attraction of the re-
port. 1t was the most influential factor
in carrying United States Steel to its new
record level on enormous dealings. Read
ing also touched a new record price on
the belief that some plan for segregation
of it's coal company assets was maturing
The further tightening of the money
market had not the slightest effect in
checking the speculation. Most of the
days call loans were made at per cent. :;
but the rate did not rise above that
Rates for time loans, however. We're ad-
vanced fraction for the various ma
turtles and the demand for very strong
Bonds were firm. Total sales, par val
ue $4O50, 900. United States bonds were
unchanged on call