Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1909-12-30
Thet:,..".Markets.,
NEW YORK STOCK MARKET.
Features Of the Days Dealings in All
The Leading Stocks.

New York, Dec. 29.-The action of the
stock market may be fairly regarded as
rejecting cheerful view of the outlook
Tor values, tempered by the restraining
influence of the Seasonable restriction of
money market supplies. Confidence in a
material relaxation of money after the
turn of the year diminished the effect of
the present lightness of call loans.
The foreign exchange market pursued
a decided downward course and gave no
t1ce of cessation of pressure on this mark
ct from abroad. This was attributed
partly to an over-supply of exchange re-
sult1ng from an accumulation to antici-
pate the year-od needs which over-es-
timated these needs. Other influences
were suspected to account for the extent
of the fall in sterling exchange. Negoti-
atoms for the placing with foreign sub
scrlberS of American securities either
lately issued or in contemplation may be
having an effect on the exchange market.
The easing tendency of discounts abroad
may invite renewal of borrowing
through the medium of finance bills on
New York account. The effect on the call
loan market here was not pronounced.
Rates in fact were all held and there was
not lacking an apprehension that rise
in the rate might occur before the end of
the week.
The sub-treasuly has withdrawn some
$3,3OS,000 from the New York money mar
ket since the last bank statement ana
some large shipments of currency to Can
ada and to domestic interior are reported.
Taking in connection with the payments
next week that have to be provided for
and which are estimated at over 500, 600
600, it is felt that the money market is not
secure from furry. While this may
have restrained the activity of the deal
ings in stocks no effect of depression was
caused. The strength was traceable to
various influences. Not the least was the
nature of reports emanating from Wash
ington of proposed modification in the
nf no of
alton regulation in the forthcoming spe-
cial message to the President. If the
measures to be there presented are to be
offered i'll the sense of safeguarding cor
poratiOns from harshing confusion in the
regulations of the separate states by rea-
son of the uniformity of federal control
and with a declared desire to further the
foreign commerce of the country through
corporation activities, it was conceived
that an influence stimulating to values
might be derived from the matter, instead
of depression such as has been dreaded.
Specific reports from Washington of such
an intention were a factor in the days
market.
The very favorable showing of net earn
ings for November of several important
railroad systems fostered the rise in pric-
eS. The tranS-continental railroads We're
particularly strong in this showing. The
spread of the strength into better known
railroad stocks was an outcome of this
development. The earlier movements were
nearly ali III llle minor SpeclalllcS. IncSe
showed d great variety of advances with
out any general cause being at work to
account for them. What the individual
causes We're was not always mentioned in
connection with the advances.
Belief that the project to merger the
copper companies was still being consider
ed played a part in the days market.
The Wabash group led the activity in low
priced railroad securities.
The bond market was strong. but spec
ulative issues were most active. An
nouncement of the quick sale of the new
Chicago Great Western bonds helped SEN
timent on the bond market. Total sales.
par value. S4,6720OO United States rs and
the As coupon declined per cent on call