Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1909-11-18
The Markets.
NEW YORK STOCK MARKET.
Features Of the Days Dealings in All
The Leading Stocks.

| A>c" loTk. NOV. Ji.--i ilt 'ob'i'ioi VI
| the speculation in stocks became some
what lcgarthic today as a consequence OF
various doubtful factors oVcrhanging
the situation. The swelling of the out
ward movement of gold to South Amer
lea was one such factor. The lack of
further response in the copper induStri-
ais to the consolidation project WAS an
other. The announcement Of several
new bond issues called renewed atten-
ton to the capital requirements confront
ing the financial markets and had a
quoting effect on the speculation. The
gold exports had but slight effect on the
money market outside slight harden
ing of call loan rates The tone for
time loans was slightly easier, if chang
ed at all. New York exchange at Chi
cago slipped back to Il slight discount,
marking a subsistence of a call for relief
in New York.
There was a decided fall in the priv
ate discount rate in London. causing APP
prehenSion of a check to the inflow of
gold to London. Confidence is felt in a
very strong Bank of England return to-
morrow as Il result of the weeks inn
provcment The fact, that with the
is able still to command large ship
mcntS of gold from New York is re-
gardcd as evidence of Subsiding demand
demand for money in New York rather
than added power of control from the
British center. The impression is thus
conveyed that speculative liquidation
has some real relief of the money sit
uation in New York while the present
quiet of the speculation in stocks keeps
the money market free form renewed
encrOachments. Some significance at
taches to the reports of funds offered in
Wall street by the dry goods banks,
from which is inferred a lull in that
trade for which the high prices of cot
ton is given some responsibility. The
falling back into quietude of the cop
perS must be explained by suspicion Of
the reports of the consolidation and the
admittedly inchoate state in which the
project still stands.
The influence of the American Tele-
phone ABSORPTION of the Western Union
was seen in the case with which the add
vances We're forced in minor Independent
companies in industries in which a dom
inant combination already exists, such
as the smaller iron and steel companies.
The long expected Missouri Pacific fl
nancial plan made its appearance with
the announcement of placing with bank
ers of an issue of $29, sos, 900 first and
refunding convertible refunding bonds
underwater at 95, the price at which
they are offered to stockholders A
small premium was established in the
quotation for the bonds by dealings
AS part of an issue of $4,000, for
which authority is to be asked of the
stockholders and with announcement
IN the days news of SIMILAR authority
to be asked by the Atlantic Coast Line
to issue $123 56G000 and by the Cleve-
land, Cincinnati, Chicago & ST. Louis to
issue 2O,0OO,OOO an impression was Gre
atSd of prOdigious application for capital
coming forward This impression re
manned even after allowing for the
small proportion of the largest of these
issues for which an immediate sale will
be sought and for the fact that most of
the issues are for purposes of refund
ing obligations already outstanding
Many of these obligations were incur
red during the financial crisis in 1907, |
when short time obligations had to be
resorted to on onerous terms.
Bonds were firm. Total sales, par
value, 81. 900. United States bonds
were unchanged on call