Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1909-12-10
Tbs, Markets.
NEW YORK STOCK MARKET.
Features of the Days Dealings in All
The Leading Stocks.

New York Dec 9-The reduction IN the
Bank of England official discount rate To-
day had a strengthening erect on secur,
tiles markets in all the great IllianGiai
centers The action came as surprise,
as the conditions which prompted II nave
been in eXistance for several weeks past,
without influencing the governors TO re-
cede form their position. The open dls-
count rate in London has been in the
neighborhood of one per cent. beioW the
bank rate for some time ana TINS dlscreP-
ancy would ordinarily exclude the Bank
of England from sharing in banking prof.
it's. which is a function of the institution
in connection with it's larger pubic OHIO
erS Its measures to force up the money
rate and attract gold to London nave
been at the cost of a profitable snare IN
banking business for the time. 1t was
supposed that the bank rate would be re-
tanned at least until the turn OF tne year
in order that the increased requlrHehts
of the money market for the yearly set
Elements might be made to yield return
that would recoup the bank for its costly
services in safeguarding the central pahk-
ing reserve. The reduction in the rate
serves as a notice to the financial world
that the safeguarding measures mad been
more than sufficient. The reduction OF
the bank rate came in spite OF addltlonal
large Withdrawals from the bank today
for shipment to South America. Further
engagements We're made here also Tor
shipment to South America on London ac-
count The question presents Itself now
far the diminished TequlI eihehtS VI Tic
London money market may ne que 10 d
halt in trade activity.
The general egect Of the lowered bank
rate was prime factor in the strength OF
mand which carried prices upwards was
somewhat desultory and spotty in char-
acter Many stocks not unusually prom
inent and including considerable I1st OIL
low priced issues were embraced in the
movement A rise in Pennsylvania calls
attention to the fact that subscriptions to
the new stock offered to shareholders
must be made in the period between Dec.
8 and s. The trunk line group generally
was strong the differential lines movin
with the main trunk lines. The rise in
the Rock Island stocks and IN WABASH
preferred gave a new lease of life to ru-
mOrs of a combination of those lines in
connection with the interests in Lehigh
Valley by the Rock Island controlling
factors. Amalgamated Copper and other
metal and smelling lndustrlals RESPOND
ed to to reports that preliminary details
of the proposed copper merger were going
forward once more.
In some of the other stocks which us
ually figure as speculative leaders the
movement was less conspicuous and there
were signs of profit taking from time to
time. United States Steel moved narrow
ly and Reading showed constralnt in its
action. The volume of thte market as
whole shrunk considerably by reason of
the diminished activity in these usual fav-
orites of the speculation. An extra div
idend by one of the leading copper pro-
ducers was partly responsible for the
strength in that group. There was sug-
gestion of preparation for window dress
ing for the showing to be made in invest
ment accounts and balance sheets at the
end of the year in the way in which
quotations were marked up at some
points. The closing tone was strong after
reaction.
Bonds were firm. Total sales, par val
ne, $4,464,O00. United States bonds were
unchanged ON call.