Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1909-12-02
The Markets.
NEW YORK STOCK MARKET.
Features of the Days Dealings in Al
The Leading Stocks.

New York, Dec. Prices of stocks had
a substantial rally today IN accordance
with the general expectation OF me pro-
feSsiOnal element in the speculation. A
general demand to cover outstanding
shorts came from the bears ana the with
drawal Of selling pressure marked the
subsistence Of appre hension felt for sew
eral days past over the ANTITRUST pro-
gram at Washington. Another influence
in the upward reaction was the FORMAL
action by the House Of Lords IN London
in appealing the budget decision to the
electorate The effects of this action on
British financial affairs have been so
much dreaded that sense 81 haVlnS
Over-estmat ed the consequences IS it1t
in the presence of the actual event. The
opinion holds that the steps made ncces-
sary in British fiscal affairs by his
transaction as well as the MnsettlInS m
nuence on public sentiment Of the grave
Governmental issues involved are destined
to have IL restraining effect on financial
markets for some time to come. inc
same mixed view may he said to hold on
the longer outlook in the corporation reg
ulation question in this country.
Something was made today of a report
of an intention on the part OF me DE-
partment of justice at Washington TO ask
for a post pOnemcnt of the hearing IN inc
American Tobacco case before the SUI
preme court, which was set for Dec. u.
The first view of this report seemed to
be Of a putting off of an evil day from
the stock market standpoint This view
was modified by the expressed eagerneSs
of corporation representatives, for an
early conclusion as possible OF the pend
ing cases. Another factor IN the easier
feeling regarding the legislative prospect
was the reported expression Of confidence
! on the part of the congressional leader
| ship in a substantial agreement between
| the Executive and Congress for the re
preston Of radical measures.
The demand for stocks, which was at
| tributed principally to the uncovered
shorts, was somewhat desultory in char
tnC, ifnfi IN, a
| higher price levels and with the passage
of time. There was resumption OF
| leadership by some of the highly spech-
lative issues and Il renewal tof deal ru-
| by New York Central ana American
| Smelling disposed of late rninnrs Of an
| intended Increase but did not prevent
these stocks from advancing with the
market. Chicago II Northwestern furnish
| ed another example of the recent 1enden-
cy Of stocks to decline in price when
stock increases are proposed, however
attractive the subscription rights 10 pres
ent stockholders are made. T.
The outside market promptly appraised
| the subscription rights to the new stock
| at par to the extent of 2per cent. hold
| ings at above IA, but the price of the pres
en ll1 stock fen four points, following an
| anticipatory decline before The an
| nouncements. The effect of the December
money settlements was perceptible in the
| rise in call loan rates late in the day to
| ) 1-2 per cent. The continued large en-
gagementS Of gold for export and the
with drawals Of cash from the banks
bv sub-ireasurv operations have narrow
| ed the resources to meet the Dec. 1st
demand The Inauguration of the rail
| road sWitchmens strike in the Northwest
| proved a disappointment Of hopes that
| satisfactory settlements of labor cOntro-
| VERSES which are expected in other di-
rections, would be effected. The market
| closed firm under the influence of the
Wabash deal rumors.
| Bonds were firm. Total sales, par value,
$4,424 $50. United States binds We're I'M
| changed on call
A Stock Exchange seat was sold today
| for 500 600. establishing new record
! price Several years ago seat sold for
900. Yesterday q seat was trans
| ferred AT only $1,000 below the record fig