Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1909-05-06
The Markets.
NEW YORK STOCK MARKET.
Features Of the Days Dealings In Al
The Leading Stocks.

New York, May 5.--The stock mar
ket today showed the waning influence
of the commodities clause decision in
some subsistence of activity and in a
mixed tone in the speculation. The
stimulating influence of the supreme
courts action had the edge taken off
it by the reports of the cabinet meet
ing at Washington on yesterday and
the discussion said to have taken place
there of ways and means to amend
the Hepburn act in a way to make
the object of the commodities clause
effective and within the limits permit
ted by the supreme courts decree.
There were elements of strength in
the days price movement of stocks,
but they were diverted to the less in
fiuential members Of the list, except
for late advance in Southern Pacific.
In the usual market leaders, especially
in Reading and Union Pacific the fact
soon appeared that effective selling
orders were placed in the market to
meet any further advance in prices.
The volume and persistence of these
selling orders led to their character
iZation as important. Their effect was
to dampen the enthusiasm Of the bull
party and to prompt to greater eau
ton in the extension of their opera
tionS. This selling seemed to be in
vited by the extent of the rise which
has occurred and the resulting profits
accrued rather than by any develop
ment of an unfavorable nature in the
condition of affairs. Naturally, more
attention was given to unfavorable
IN
ward tendency to prices established
The crop outlook came in for re-
neWed consideration. Advices from va
rious sources continued to show the
delay in seeding and in growth caused
by the unreasonable weather and
while the chances for making good The
delay We're kept in mind, the point was
enforced that accounts should be taken
of the fact that crops are several weeks
later than the normal in developing
Not only grain crops but cotton plant
ing is affected by these conditions
Stock market operators desire to see
the complexion Of the government re-
port Of crop conditions, to be issued
on Friday to help in estimating the
prospect. Bankers are coming to feel
that they are entitled to better in
terest rates for their money and time
money brokers report that the supply
of funds for that purpose has been di-
minished in the last few days by the
practical withdrawal from the market
OF some of the important banks and
trust companies. This action is based
on the assumption that any effective
revival of trade such as is now hoped
for must improve the demand for
banking facilities. The disposition to
hold funds in hand for this purpose
warrants a hopeful view of the trade
outlook. 1t is commonly agreed, how
ever, that any growth of activity in
the demand for money aside from
speculative uses will modify the spec
ulative position and hamper the abun-
dant facilities which have been en-
joyed for that purpose for many
months past. The result of the days
operations was practically a drawn
battle between the contending forces
in thu speculation.
Bonds We're firm. Total sales, par
value, $685. 600 United States bonds
We're unchanged on CALL