Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1908-07-06
MARKET STAGNANT,
Business Is Dull Just Now With the
Traders In Securities.

New York, July 5.-It is necessary
to go back to the records of years in
which previous Presidential elections
have occurred to find any parallel for
the stagnation in which the securities
market lay last week. The dWindng
volume of activity fell by Friday to
total of only 1000 shares, Last week
the pendency of the holiday at the end
Of the week was an additional influence
in contracting the dealings the more
50 as some of the stock exchange
members felt themselves aggrevied
over the refusal of the governors to
grant petition to grant to close the
exchange Friday and Saturday and
took their departure early in the week
for a prolonged holiday. There was
perceptable stirring in the bond division
of the market in spite Of the profound
apathy in the stock division. Usually
such demand springs up in anticipa-
ton of half yearly disbursements Of
dividends and interest in January and
July. On this occasion il was inds
tinguishabie until after the turn of the
half Year and was very moderate then.
The large offerings of new issues,
which have been placed on the market
in the, last few months, following the
success of the Pennsylvania sale Of
$40 900 900 of first mortgage bonds are
held partially accountable for the
blunted Investment demand.
The showing of declining earnings OF
railroads in exhibits now coming TO
hand. the encroachment which results
on amounts available for distribution
in dividends. and even in some cases,
the margin lacking in the amounts re-
uuired to meet fixed charges make un-
favorable influence on demand for IN
vestment 1t is obvious that lack OF
money market resources plays no part
in the sluggish investment demand
The half yearly requirements in New
York We're unusually heavy, including
provision for disbursements approach
ing 100000, 900, subscription payments
for 81 ,G25.000 of new Northern Paclre
stock and Withdrawal from the banks
of something like $25,00o,Ooo by the
trust companies to replenlsh theh
proportion of reserves in compliance
with a newly effective provision OF iiie
law. There was besides the notlce
from the secretary of the treasury ol
recall of $45, 100000 of government de-
posts payable by July IL, which IS eA'
pected to converge largely on the he"
banks. Notwithstanding these large
requirements money on call IN NC"
York did not rise above per cent. anu
that but momentarly terms on tiihe
carrying over the end of the year leu
to 3A rate Facilities for holding SC.
curities are thus made abundant anu
there is no pressure of liquidation lh'
steady tone of the market is a coiso'
quence in spite of the paralysis Oh ue'
mand.
Besides the case of the money MAJ
ket, the good promise of the crops ID
a sustaining influence in stocks ooh-
fidence in the crop outcome Keeps up
the hopeful spirit which is feit III
revival of business activity When u'
crops begin to move.
In the railroad world there is ho'0
of anxiety over the possibility OF Was'
adjustments to be entered upon nan
road authorities consider that the Gun
traction in railroad earnings cohlloh'.
them with the alternative OF raiS'no
freight charges or of reducing wages !"
order to conduct business at proh''