Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1910-01-12
he Markets.
NEW YORK STOCK MARKET.
Features Of the Days Dealings In All
The Leading Stocks.

New York. Jan. 1.-THE dropping tone
of the stock market persisted To-Day IN
Spite of a few points of resistance TO tne
prevailing downward tendency. Encour-
agement seemed to be lacking for taxing
the initiative on the buying slue anu
when the periodical selling movenien.aa
died down the market fell into neglect anu
showed little rallying power some Oh tne
seyerest declines were effected on con-
paratively light sales. especially III ny
class of stocks that it usually m1s for,
but of which may have been pushed aor-
ward recently in speculative auVdHces'
Apparently the rumors whicn Weie IA
strumental in bringing about sscn "t
yances fell into discredit and etIorts 10
,narlet small lines of stocks developed an
insignificant demand. x,,.o,;,
In the Wabash Pittsburg and wheeling
and Lake Erie group the c9ii ,ada,, dis; tl
appointment with the reported terms od
Reorganization and combination OF me
two properties by exchange OF preseiil sc
curties for new, coupieu n M,s Man
seemed to cause dissatisfaction 10 recent
speculative buyers of the Wapash Sto |,ff
as WELL and they were lnc!lhed 70 run vi
sharply in consequence. In other olrec-
tinns there was a persistent selling pres
smre. mostly unexplained, but which serv-
ed TO discourage accumulation OF stocks
or efforts to bid prices up WINE s t tpis
t;pued In seeking an explanation or tHlS
selling rumor turned back to the ROCK
island market episode ana the results
which are to follow from the investlga-
ton by the Stock Exchange authorities.
II is expected that disciplinary acton
will be taken. 1t was alleged that much
of the important selling today ana 1or
several days past was traGeap nrde re
which were responsible for the convulsive
3l-point jump in Rock Island on the Mon,
day after Christmas. which was followed
nv an entire relapse, all within ID miii-
ites. The evidence of retirement from
the market of large commitments IN thls
connection is of additional sentimental
effect on the tone by reason of the large
share attributed to the same interests III
the general market campaign for some
time past.
The beginning of the fortnightly stock
market settlement in London revealed a
considera BILE extension of the account in
Americans which was supposed to be due
to transfer of speculative holdings from
New York to London. The carry-over
rate was called stiff in consequence.
The New York call loan market is still
reluctant to yield to the effects of the
usual factors of relaxation after the turn
of the year. Deferred requirements of
syndicates in underwriting securities or
in financing the needs of corporations
are given as explanation for the nnsea :
soma BILE behavior of the money market 1t
is observable also that large number of
enterprises are being undertaken hroug l
the country in connection with which
bonds and stock issues are offered hero
and elsewhere without appearing in the
Stock Exchange dealings at all. Varions
combinations of light and traction and
telegraph companies and irrigation pro-
iects are examples of the demands of thi 5
sort on the common supplies of the money
market.
The reports of a conference at Wash
ington between government officials and
officials of the Union Pacific and South
ern Pacific gave rise to conjectures of u
possible compromise of the governments
suit against these companies under the
antitrust law and We're the cause Of
some resistance by these stocks to the
prevailing depression.
Bonds were irregular. Total sales, pa!
value, $3,45S, OOO United States bonds were
unchanged on call