Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1908-05-04
Made During the Week
In Most Securities.
Volume Of Dealings Larger
Than Since Last October.
Weeks Influence In Crop Regions
Said to b Helpful.

New York, May 3.-The mixed move
ment in the securities market last
week was fairly representative of the
influence carried over from previous
developments in favor Of higher prices
and of the obstacles inevitably en-
countered at some stage of such a
movement.
The volume of dealings expanded
early in the week to a daily total
larger than on any previous day this
year, or in fact, since the troubled
period of last October. The rise in
prices at the same time developed a
buoyant character and the market took
on an appearance of speculative ex-
element. Subsequently a reactionary
tone became manifest and there was
decided shrinkage in the proportions
of the market. The active rebound to
the best at the end of the week ended
with an unsettled tone.
The influence responsible for
the advance was the cheerful
feeling aroused by the pro-
nounced success Of the Pennsylvania
sale and the hopeful augury from
that event for the ability of railroads
to secure capital to resume their ac-
tivities in the field of construction and
Improvement. The needs Of the rail-
roads in this respect are very large.
The Journal of Commerce estimates
that notes and bonds maturing and
stock subscriptions falling due during
the remainder of the year reach a to-
tai of nearly 1924, 100000
In the field of new financ-
ing less exactness can be as
sumed. but the same authority
traces probable new demands to the
extent Of about s2SO,0OOOOo. With these
financial needs confronting the rail-
roads the Pennsylvania bond sale was
regarded as immensely important, as
an Indication that the deadlock over
hanging railroad credits for so many
months had been broken. The condi-
ton of the money market was con-
firmatory of this prospect. The unin-
terrupteG flow of currency into central
bank reserves gave assurance that the
banking position would remain strong
and would serve to foster the finance
ing measures in contemplation by the
railroads.
Accompanying this Improvement are
certain influences of less cheerful i'm
port The heavy tide of the currency
to banking centers is indi-
cative of the contracted needs Of the
circulation and the impaired demand
for use of money and banking facili-
ties in active business. This inference
is confirmed by other trustworthy in
dexes The American Railway Associa-
ton committee reported last week
that the number of idle freight cars i'll
the country had rapidly expanded on
April Is to 375,710. which compares
with but 343,34S. the high figure
reached Feb. 5, in the progress of the
depression following the panic and
with ,042 March is, to which the sur
plus of cars had fallen when revival
of spring trade had added to the move
ment of traffic.
The weeks influences in the crop re-
gions were helpful and the progress
made by the railroads in effectinE
economies to offset the cut in their
gross earnings was a source OF salts
faction. The urgent requirement of the
outstanding short interest in the Sc
curities market was factor Of conse-
q,:cnce in increasing the strong tone
there