Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1909-11-04
The, Markets:
NEW YORK STOCK MARKET.
Features Of the Days Dealings In All
Tho Leading Stocks.

New York, Nov 3.-The quiet CONDITION
in the speculation, which fespecteu IMAM
cial authorities have been advising Tor
several weeks past was in evidence To-Day.
1t was supposed to be due in part TO the
delay in the return from electloi, Gay mol
iday visits on the part OF the pIokerase
fraternity. There was SulncleHl ullcer-
tainty acknowledged in the money out
look to account for the hating tendency
in the markets activity. The can money
rate did not rise again TO the PEI cent.
ures of the clearing house EXCHANGES Tor
that day amounted to the prodlSlous To-
tai of $736, 46l ,549. The neafes, approach
ever made to these figures was Jan. -
house were reported at $3.50, S84, $50 Call
money in that week went 10 % PEI cent.
at the Stock Exchange ana me u "a safes
of stocks averaged nearly l,Joooo snareS.
In the present instance STOCK market OPP
CREATIONS were quiet and the banks 90 not
report any extraordinary transaction TO
swell the figures of the e%ciihissS ne
yond the demands incident to the NOV. l
payments and, possibly, some antlcipatory
business prompted by the election DAY
holiday to follow. During October, Clear
ing House exchanges ran very hleh
throughout the country, IN many IN
stances constituting actual le'oluS dt III
portant points. A.,
This is but one Of the evidences of the
expanding trade activity of the country
and the consequent demand Tor money:
loaned-up condition on the part OF tne
banks there. This and the active gram
movement raises the question OF the AURA
ton of the customary lull at about thlS
neriod in the interior demand for curren-
cy. which usually recurs before the enc
Of the year The further opening up or
commercial demand for funds when Is
expected with the new year also mas 10 De
reckoncd with. Abroad there was an cas-
ing of the private discount rate III Lon
don today which had some effect on Tor
egn exchange rates here; put IN Iails
the private discount rate stiffened ana IN"
exchange rate on London ran on me
sub-treasur, is lifting money freely IRON
he open market here, Lac absorption ON
that account for the banking week rising
today to Sass, 600 compared with s"HZ''"
i'm the corresponding period last We
All these things suggest the adVlSabllltY
of caution in speculative commitments 70
conserve the money market resources ana
to avoid the risk of a pinch IN the can
loan market which might embarrass hold
ers of stocks on margin. The lull IN ac-
tivity was especially noticeable in the
handful of stocks In which Quarter ~
one half of the total dealings Tor Weeks
there was some diversion of speculatlV
interest to other points. especially 10 mi
mar industrial stocks. This was fostered&
to some extent by the shsht Response
hitherto made by the steel industrials to
the disproportionate advance in United
states Steel The large orders for new
equipment now being placed by the rail-
roads also helped the stocks of compa-
MES in those industries.
The copper stocks We're helped by the
reports of large sales of copper recently
made. The local metal market was CAMEO
Arm TODAY, but in London the price OF
conner warrants declined. Pennsylvania
| showed further unfavorable effect from
| the decision to issue its new stock tc
stockholders at as low a figure as par
The substitution rights for the new stock
were quoted in the outside market at
figure which offered a profit in buying
the rights against sales of the stock or
the Stock Exchange. The strength il
spots was emphasized with the progress
of the day, but did not permeate the
whole list at any time.
Bonds We're heavy. Total sales, par
yalue 81 oS1 600