Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1909-05-25
The Markets.
NEW YORK STOCK MARKET.
Features Of the Days Dealings In All
The Leading Stocks.

New York, May 24.-The speculative
movement in stocks was hampered today
scare of moderate proportions. The char
acter of some Of the assertions made by
professional crop experts regarding con-
ditions in Kansas; Missouri , and oklaho-
although highly relished by the bull
party in wheat, as witnessed by the soar
ing of the price of wheat to new high
levels. The incident served to bring into
prominence the Importance to be attach
ed to the crop outcome to insure the
prosperous course Of events which Is SO
confidently foreshadowed in the recent
action of the stock market: 1t was
reminder also of the possibility of work
ing up crop scare of much portentious
showing, which might serve to upset an
entered upon during this crucial period
of the growth of the crops.
This was the only cause discernible for
the check to the speculation. which start
movement in progress on Saturday. The
promise of the improvement in the bank
ing position was held to be fulfilled by
the complexion of the Saturday bank
appreciably easier and the course of the
international exchanges seemed to lessen
the probability of further exports of gold
from New York to Paris. The sterling
exchange rate has risen at Paris and re-
coded in New York sufficiently to wipe
out the margin of profit on gold to Paris
from here.
Conditions were considered suspicious
for the further new bond issues which
confront the market including a coming
sale Of $40. 900, 900 of New York City per
cent. announced during the day. London
was buyer of stocks in this market
and better views prevailed of probable
foreign demand for new bond issues. Lon
don also helped the early strength in the
copper induStrials, the metal advancing
| in price in that market and a lively spec
ulaton in copper mining shares was an
accompaniment.
The early efforts to get prices up were
furthered by some rumors favorable to
| individual securities or groups. The con
spicuous strength of Northern Pacific
and Great Northern preferred was trace
able to rumors Of an intention to raise
| the Chicago, Burlington & Quincy divi-
dend to a 10 per cent rate. The bulk of
such a distribution would go to two Hill
companies through the Burlington stock
| in their treasures. against which per
cent collateral bonds are outstanding.
| There was a movement in a group of the
| independent steel industrials which
pointed to a common cause, in this case
| a report of an intended combination, or
close in the working of those companies
together United States Steel itself was
strong, touching a new high record,
| A favorable impression was made by
| the determination of Fall River manufac-
| turers to forego their privilege of reduc-
| ing wages under a sliding scale arrange
| ment, the action being received as an evil
| dence of confidence in the outlook. The
| successive departure of many men prom
| trent in financial affairs for prolonged
| absences is taken to foreshadow period
| of quietude in the working out of finan-
cial projects. The smart rise in the Fries
| at the end of the day was taken to indi-
| cate an early announcement of financing.
This helped to pull up prices elsewhere
and leaves net prices little changed.
| Bonds were irregular. Total sales, par
value $346S.000 United States bonds were
unchanged on call.