Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1909-10-02
The Markets.
NEW YORK STOCK MARKET.
Features of the Days Dealings in All
The Leading Stocks.

New York Oct 1.-The call money mar
ket today showed the continued effect OF
the special requirements upon II ana ING
higher interest rate or the limitation OF
funds offering. which caused 1t, held the
speculation in restraint. The furtner phe-
nomenal rise in United States steel 10
new high records helped to hold prices
elsewhere against the influence of the
dull demand. Atchison also sold at new
high record under the Inspiration or IN
timations regarding the chances for an
advance in the dividend rate next week.
In some other stocks that have advanced
on dividend prospects doubts or an m
crease were asserted and the stocks SUI
fered accordingly.
The estimate of the weeks currency
movement failed to show any great on
setting influence to the drain on routine
operations from the cash brought to me
city by the Hudson-Fulton celebration
visitors. The express movement with the
interior seems to have yielded snail
gain on balance for New York, but 1t Is
"A slight proportion of the $7,OSl,Vo when
the banks have lost on Sub-treasury oper-
ations. to which is to be added $1,000, coo
in gold shipped to Canada and $1.00oW
deposited at the sub-ueasury today fof
Geographic transfer to San FRANCISCO
pres UNI bly, for shipment. The shipment
is tor London account and calls atten-
tor to the control of resources in New
York given to London by the internation-
al exchange position.
The exchange position gives added I'M
portance to the poor prospect for the cot
ton crop, unofficial estimates of which
published today indicated decline IN
condition during September of between
and per cent, which is expected to be
reflected in the government report on
Monday. While the months decline IS not
al normal, the resulting condition OF the
figure is lower than ever before record
ed for the season of the year. Foreign
ers show small disposition to pay the
price for our cotton which this condi-
ton has brought about and the supply, of
continental bills in the exchange market
against cotton exports is scanty and
promises to continue SO.
A sharp advance in the private discount
rate in London today gave point to the
prediction which came from there that
cial discount rate before the end of Oc-
tober. In addition to the adverse trade
balances there are heavy maturities APP
preaching of obligations for American Sc
curties held in England, notably $4,000.
900 of New York City revenue warrants
flotation of the important new bonds is
sued in New York has been deferred and
the expected participation in these fiota-
lions of foreign banking houses IS not
forthcoming to take up part of New
Yorks Indebtedness. Money on call open
ed at per cent today and then ran on
to per cent. with reassuring effect on
speculative tone. There was small re-
sponse however, to the strength of Unit
ed States Steel, Reading. Atchison and a
few others and when the call loan rate
stiffened to II per cent. late in the day
it had a weakening effect on the whole
market The final up-ruSh of United
States Steel to 81 left the closing tone
irregular.
Bonds were irregular. Total sales, pan
value S. 955, 600. United States bonds Were
unchanged on call.