Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1909-12-03
The Markets.
NEW YORK STOCK MARKET.
Features of the Days Dealings in All
The Leading Stocks.

New York. Dec. 2.-Speculative atten-
| ton was diverted from the main current
| of affairs in the stock market To-Day IN
some bye channels having to do with spe-
| cial developments concerning railroad
| properties and their relations. The sepa-
| ration of the Rock Island and the st,
Louis & San Francisco systems has
given ground, from the first, FOR suppo-
Sitions of readjustments to folloW Which
might involve momentous consequences
to the existing balance Of relations ana
control amongst railroad properties. To-
days announcement from the l-ehigh
Valley Of the coming entry into its d.
rectorate Of the dominant powers in the
Rock Island Co. afforded light IN one dl-
rection which the readjuStment was TAX
ing The Inference to be drawn from
this proved so confusing, however, that
a state of bewlderment was tn" most
salient feature of the sentiment 50 far
as it was disclosed by speculative opef-
ations in the market.
This confusion was increased because
the new forces in Lehigh Valley We're at
some pains to disclaim any interest on
the Wabash Railroad, which has been
influenced for several Gays by an as
sumption that ii was to come into the
plans for the direction Of Lehigh valley
This idea was not entirely relnquished
in spite of the disclaimers. which lacked
full official authority. The suppositions
regarding the new deal pointed, as an
alternative. to the Delaware, l.ackawanna
& Western an Eastern outlet for the
This alternative did not weaken the effect
of the Lehish Valley transaction, owing
to the close banking relations between
lie new forces in Lehigh Valley and the
I.ackawanna element in the old Lehigh
Valley control While the sale of old
holdings in Lehigh Valley by the Lake
Shore, the Central Railroad of New Jer-
sey. the Reading and the Erie, have been
reported from time to time, no such ru-
mors have been heard regarding the
| Lacka wanna holdings of that stock,
which are assumed, therefore, TO be in
friendlv relations with the new hold
ings now to be represented on the board
The reports of plans for extension of
the Western Maryland recognized prop
erty revived the conjecture of possible
completion Of its linking with the Wa
/ he project for an ocean outlet for the
Gould system, supposed at one time to
have been abandoned. At the same time
q wide field for SurmiSe was offered by
The possible re-casting of relations to
follow acquisition of the st. Louis e. San
Francisco as an adjunct TO the Hawley
holdings. From this was inferred Il pos
sible resale of the Missouri, Kansas &
Texas, lately acquired by the same rap
idly growing power in the railroad world.
The main lines of the days topic which
are thus indicated sufficiently show the
possible scope of speculative ingenuity
in suggesting variation and extension for
it. The joint effect, however, was not
stimulating to the market. Considerable
erect mas Deen lett ALREADY from Inc pre-
liminary operations in connection with
these developments, and it is evidently
feared that the consequence of the actual
accomplishment would be reactionary;
The serious effects OF the railroad
switchmen's strike in the Northwest and
the fear of its spread had a depressing
effect. There came report from Wash
ington that national bank holdings in
railroad securities We're to be scrutiniZed
under the suggestion that speculative in
terest in the stock market, especially by
the great New York banks. played too
large a part in their conduct. The stock
market felt nervous over this suggestion.
Bonds We're steady. Total sales, par
value. S., 257 900. United States bonds We're
unchanged on call.