Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1909-10-05
The Markets.
NEW YORK STOCK MARKET.
Features of the Days Dealings in All
The Leading Stocks.

New York Oct. 4-The stock market
developed uneven strength after weak
start today, but the activity dWindled in
the course of the day under the, lnfiu.-
ence of the sustained firmness of the call
money rate. Call money touched IL per
cent, Fridays high rate early IN the af-
ternoon A gradual recession from the
rate, due to the periodical money re-
quirement of the first of October, Is look
ed for ordinarily. The weekly bank state
ment. published after the close Of busi-
ness Saturday, offers the occasion for the
conservative attitude OF lenders. The
surplus reserve of the banks is down to
the vanishing point and the forces of de-
pletion of cash are still at work The
sub-treaSury starts the week with a re-
QUESTION upon the banks for 81 10000 and
had a credit balance at the clearing house
this morning. The continued flow of cur
rency in that direction and shipments to
Canada were resumed with the opening ct
the. week. Foreign discount markets
showed more of the effect of relaxation
after the October first requirements. Rus
STA took the $3000.00U gold available in
London today, following the $3.000.000 ship
ped from there to Egypt on Saturday.
The foreign exchange market here, there
fore, was little affected, in spite of the
harder tone of our local money market.
The government report on condition of
cotton offered small prospect for an in
crease of exchange from reports OF that
commodity the condition showing low
record percentage for the season of the
year. The recession in the price of cot
ton after the appearance of the report
was attributed purely to speculative re-
ailzlng, the condition figures being fully
as low as had been anticipated The
principal stock market influence which
ccntended with the restraint of the mon
ey position was the determined advance
in United States Steel After opening
down a point under the influence of SELL
ing from London, that stock started up
WardS again and narrowed its distance
from spar to only shade more than five
points.
A'noticeable tendency to look for other
reasons than expanding earnings for the
extraordinary rise in Steel appeared and
various stories We're af1oat of coming
bonus to be turned back to stockholders
| out of the sums diverted from earnings
| into the Gary plant. 1t was rumored'
million of it's own shares in the market
| as it is privileged to do under it's char
ter. representing an outlay of some $50,
600 900. These reports and others like them
received no official countenance and the
reliance placed on them caused some feel
tive position. New York Central was
another conspicuous point of strength
| feeling the good effect of the large in
| crease in August earnings and the re-
ports of the enormous car movement over
! the system during September Railroad
traffic officials from all sections reported
an charging merchandise movement and
increasing needs for cars.
| A good impression was produced by the
| ready sale of a $25000,000 issue of New
York Telephone boyls, offered in this
| country and abroad Some of the bonds
of industrial companies rose in sympat thy
but the general bond market was rreg-
ular Total sales, par value. s5,375 900
United States bonds were unchanged or
call,