Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1909-09-15
DAILY KENNEBEC JOURNAL WEDNESDAY SEPTEMBER Is 1909
DOTNGS in THE WORLD OF SPORTS
The Markets.
NEW YORK STOCK MARKET.
Features Of the Days Dealings in All
The Leading Stocks.

New York, Sept 4.-The stock market
narrowed to professional rut today I Eff
terest alive by concentrating operations in
one or two of the usual speculative favor
ties and a few novelties, but the response
of the general list was languid. The ten
dency of prices to retrace their course
was another sign of the predominance of
professional traders transactions. The
hardening of the money market is nat
ural check on free speculation. While
banking opinion does not look for any
stringency this fall, the position of the
New York banking reserve shows that
restriction of credits it imperative; to
conform to the heavy drain now making
on the cash holdings of the banks The
interior continues to draw on New York
in addition to the sub-treasury require
ment. The shifting of loans employed in
the speculative holdings of stocks to 9th
er leaders than the banks seems to be
indicated by the course of events. The
usual recourse is to foreign money mar
ket at this time of the year, but the New
York money market Is extended already
to ar enormous extent on that side, Es-
Inmates of American banking Indebtedness
have pointed to figure as high as $780,
000, 600.
The low level of merchandise exports
for many months past and which still
persists has combined with very large
lmprots to leave the international ex
change market without the usual mate
rial for covering foreign remittances
The newly developed Russian demand for
a new element into the problem, unusual
ly heavy grain exports from Russia being
advanced for. explanation. In the home
financial markets the investment appetite
for securities has been the occasion of
complaint by bankers and syndicates and
various projected new issues nave been
delayed. In some of these a large foreign
participation was expected which has
been relied on to meet a part of the ma
turing Indebtedness of New York to for
eign money markets.
r1,r,,,@ ,f,-y,
known to be very heavily extended. With
the season at hand when the normal re-
quirements of the interior make requisi-
ton upon New York for tens of millions
undue extension of liabilities for trading
on margin. The banks today were in
clined to advance the rate for call loan
rates in concert and the making of a 3
per cent. rate by one or two of the largest
institutions made an example that was
generally followed. This is as high rate
the early part of 1908, when money pleth-
ora was setting in after the subsistence
of the panic of 1907.
The stock market was strong in spite
of the money market situation, which
was reflected in the dizziness of the specu-
lation rather than in pressure to SELL The
speculation in Reading was animated
and was coupled with rumors of coming
favorable dividend action following the
return of the president of the company
from abroad. The Hartman Pacific NOV
ed upwards again in compliance with va
rying reports of the future plans of the
successors to that financiers power. The
strength of the coppers was attributed
in London to speculative covering oper-
ations. 1t was accompanied by rise in
the electrical equipment companies
shares. The allied railroads in the South
ern territory rose in concert in response
to dividend rumors., The days market
was made up of such intermittent move
ments. At the end of the day gains We're
only partly held.
Bonds were firm. Total sales. par value
81 000 United States bonds were I'M
changed on call