Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1909-10-08
The Markets.
NEW YORK STOCK MARKET.
Features of the Days Dealings IN All
The Leading Stocks.

New York, Oct. THE stock market
gave early evidence today that the Haul,
had subsidized and the tone Of the Whoie
speculation was shaped accordingly Unit
ed States Steel continued dlsproportlon-
ately PROMINENT. but od not as unooy 50 Sta as
dealt in yesterday out of an aggregate or
500, 900 for all stocks do not include the
so-called stop loss orders which under a
rule of the Stock Exchange are not PRINT
ed on the tape. Allowing for these sales.
which are known to have been on an
enormous scale in the case Of steel. ana
there is seen to be room for an extensive ;te
clearing up of the speculative position IN
the amount of business done in the STOCK
yesterday and the day before. me way
was thus cleared for the sufficient recoV-
wiped out and transferred to hands bet
ter able to care for them. The money
market showed signs. of having been
eased also by the substantial loan re,
payments which must have accompanied
the stock market liquidation of the past
day or two.
Funds were reported in better supply
early today although the loaning rate
was not materially affected. Ba ,ik
closely associated with the United States
Steel Corporation offered large sums in
! the call loan market. 1t was the meas
ure of this group to replenish the supply
| that was given responsibility for the
| weakening of the foreign exchange mar
ket yesterday with talk of early gold I'm
ports and relief of the money market.
| The immediate effect of this development
rate of the Bank of England today from
y to 3 per cent. The hardening of the
private discount rate in London and the
steady nroads making on the banks bull
lion holdings revealed by the weekly re-
| turns. published today, made 1T evident
| that the advance in the official rate was
imminent anyhow. Word from Berlin also
points to an early further rise in the Off
cial discount rate of the Imperial Bank
| of Germany. The private discount rate
| rose in Paris today and the Bank of
| France reported sharp decline in bull
lion holdings, but with heavy contrac-
ton in outstanding note issues in its ef-
forts at reimbursement to these changes
abroad which operated as obstacles To
further extension of credits to American
borrowers.
| The supply of funds loanable on call di-
Unfinished as the day proceeded and Other
stiffening in the rate served as an adj
monition to the speculative borrowers and
| ing movement had been varied and un-
even. The rise in United States Steel
Union Pacific, Reading and New York
Central supplied the most substantial por-
| ton of the movement. The soft coal car
riers were strong as group. led by
Pennsylvania. The Steel industrials rose
| briskly in sympathy with the movement
in United States Steel. The low priced
stocks had good advance. An increase
| in the Rio Tinta Copper mining dividend
has had less effect on copper securities
than had the increasingly unfaVorable
statistical position of the metal. The re.
selling of stocks wiped out gains in the
principal stocks before the day was ovel
and made the closing weak.
| Bonds were IRREGULAR. Total sales. pal
value. $4S60O0. United States 2's declined
| ] per cent. on call.