Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1909-12-11
The Markets.
NEW YORK STOCK MARKLT.
Features Of the Days Dealings in All
Tho Leading Stocks.

New York, Dec 1O-The choppy and
uneven movement Of stocks TO-DAY was
partly traceable to the profit-takins oper-
ations based on the considerable rise In
prices for the week. Disquieting rumorS
caused weakness in some lndiVI1 t.a
stocks and added to the irregularity or the
market The undertOne of the MARKET
however still showed the beneficial Ell
fects of the Interpretation placed on the
Presidents message and the clearing OF
the money situation by the reductioi, oI
the Bank of England discount rate. Inc
disturbing rumors had to do mainly WIN
Reading, which was said to be 1nVolveu
in some contemplated action by the de-
partment of justice in connection win
the commodities clause of the Hepburn
law. Inquiry failed to bring out any den
mite information on this subject and the
later market showed some relief from lts
influence. The special strength showed
by the Pennsylvania group was accom-
panied by rumors that the directing con-
troll of Norfolk & Western was to revert
to that system, through. the medium OF
the Pittsburg, Cincinnati, Chicago d ST
Louis The statistics for November OF
the Copper Producers Association lacked
stimulating influences.
The nominal decrease in stocks IN the
hands of producers resulted from re-
duction in output, the deliveries for con-
sumption and export falling slightly be-
low those for October, in spite OF the
stimulating effect or the rumors or
combination of producers to restrict the
output which enlivened the market for
copper early in the month A good deal
of interest attached to the report that
sales had been effected of the block OF
United States Steel stock which was
taken by a syndicate of French bankers
at the time the project for listing the
stock on the Paris BOurSe was attempted.
This block of stock was reported at the
time to amount to 100000 shares, and it
was inferred from the price ruling in the
market at about the time the transaction
was accomplished that the price paid was
,l~n, .l,o,1 of
general belief that the placing of this
block by the banking house closest to
the United States Steel Corporation car
ried with it implied obligations regard
ing future dividend action and also mar
ket management and that it was an inte-
grail part of the great market campaign
in the stock which gave signs or origin
which United States Steel broke to Al "a
after the open market for steel products
was announced in February.
Today's report gives additional inter-
est to recent rumors OF repayment or
enormous loans to foreign lenders IN
which United States Steel figured as col
lateral These repayments were an ac-
credited influence in the persistent
strength in the foreign exchange market
for some time past. How Tar the closing
un of stock market transaction of great
magnitude is to be inferred from these
incidents may furnish for food conjecture
Estimates for the weeks currency move
ment showed the strong counter-currents
still. in force. The express movement with
the interior has yielded a heavy balance
in favor of New York, enough, it is sup
posed, to leave small net gain IN cash
for the banks after allowing for the $4,-
AS, 900 absorption of the sub-treasury OPP
eratons and s1,70O,OOo of gold exports.
The bids received for sl2,50O,Oo0 of New
York City bonds opened late in the day
gave no suggestion of stimulation of in
Vestment demand.
Bonds were irregular. Total sales, par
value, $427S,OO0. United States bonds were
unchanged on call.