Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1909-02-15
HOLDING, BACK.
Stock 0peratorsAreAw
ing Developments.
Owners Of Stocks Content
Keep Their Holdings.
Money Market Easy, With Mead
Demand for Credit.

New York. Feb. 14-The semi-st
nant market of last week reflected
growing torpor of the speculative 81
it and the determination to await
clearer outline of the business fut
before entering on further ST
market commitments. The extre
dullness of the trading proved not
compatible with a firm tone fn
| which it was inferred that owners
stocks were content to hold them
lack Of opportunity to market til
on favorable terms while awaiting
| revival in business and speculat
activity. The tenacity with WI,
stocks were held and the small float!
supply in the market, which is a C,
sequence, make the bear element til,
about extending itself on the short S.
Of the market
Such strength as last weeks mar
showed was attributed largely to
demand from the bears to cover UP
short commitments made the WI
|'tcfcre on the surposition that pif
in the money market might follow
heavy depletion of the cash reser'
NJ the Clearing House banks and q
that the anti-Japanese agitation i
Calf rnia might afford subject for d
tUrbancC Of the markets. AS the 81
positions were shown to be groundF
prices rose.
'Fhe transfer of cash from the CleI
ing House banks to the trust cd
panics' vaults, while it depleted
margin of the surplus reserve in I
official figures, was known To streng.
on the real position SO substantia
nv removing the dependence of i
trust companies upon their deposits
the banks for their ultimate reese.
requirements that confidence in the
sition was correspondence enhanf
ana credits accorded with correspot
ing freedom. Instead, the demand I
credits is so meagre, with prospect
continuance of this condition vi
more active trade shall develop Il
the forces of replenishment Of reserf
so considerable by reason of inf
from the circulation to the custody
the banks, that any feeling or anXi
over money market conditions is n
vented.
Foreign influences were distfnd
encouraging, serving to dissipate al
icties over international relations WI,
have hecn a permanent innuencelI
foreign markets since the BanklI
France began it's long process Of 81
accumulation last summer. Mol
markets abroad rapidly relaxed vi
he realization that political mott
we're not to be assumed from the I'll
y of the French bank. The cleas|
f the foreign money market sill
i'm relieved the New York mail
IF d very insistent, although MOI
tie source of pressure of liquidall
If the foreign holdings of Amerf,
securities. +
Financial opinion has settled d.
to an acceptance of a period of dbl
IN trade revival. Returns from pSI
.ically all departments confirm the "
in activity. The iron and steel b.
lcss is asserted by the leading t1l
authority to be living in part Oh orb
taken in November and Decenft
The same complaint comes from MI
other mercantile lines. Estimates
refined copper on hand publishedi'
the newly organized Copper Produfs
association showed a less forl,g
able surplus than rumors had i9
Gated, hut the stocks in smelters' HIS
were said to be very large. The III
orgy of the stock market is regafs
~ due to these conditions. II