Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1909-11-10
The Markets.
NEW YORK STOCK MARKET.
Features of the Days Dealings in All
The Leading Stocks.

New York, Nov. 9.-Dealings in stocks
diminished in a sifniicant manner today
to the accompaniment OF a sustained
higher rate for call loans in the money
market. 1t is evident that the financial
powers are agreed, either explicitly or
tacitly that conditions are not propi-
tious for pushing speculative operations
in securities for the pres mt. There was
no evidence of the heavily conseSted OPP
erations for the purpose of churnng the
market into activity, or it's semblance,
which have been feature Of stock mar
llet dealings for many weeks past. 1t Is
the conviction Of the professional class OF
operators that period of quictude in
the speculation is designed by the fin
ancial powers which have fostercd the
prolonged speculative rise in the market.
For this purpose, repreSSlVe measures
make their appearance upon signs of
any consderabl movement in either di-
rectim. An advance in prices develops
selling orders on an upward scale. which
prove an early encouragement TO at
tempts to advance prices. Any consider
able decline in prices on the other nand,
uncoverS orders to buy at each success
sive downward stage, which act as sup
port for prices and intimidate the pro-
feSSional bears from pushing an attack on
the market. The effect is to hold prices
in equilibrium and to discourage the pure
~ trading operations which are based on
the chance of wide and sudden fluctua-
tons in either direction. The undertone
III SucH Il MARKET lncIlii'S 10 Dt heavy,
naturally, owing to the disbursement
of speculative buying which results from
the immobility of prices and opens the
way to declines like that at the last.
Much more attention wafs given today
to money market developments than to
stock market. An easing of the private
discount rate in London was regarded
as the most hopeful development as in
dicatinS the unlikehood of further
rise in the Bank of England discount
rate on Thursday. The further rise in
the sterling exchange rate at Paris point
ed to a movement of capital from Paris
to London which was helping to relieve
the situation at the latter point.
The persistent pressure on Pennsylvan-
ia since the announcement of stock sub
scription rights to stockholders makes a
bad augury for the reception to be ten
dered to further efforts to raise capital,
which will be required in large amounts
in the not distant future. New York
Central moved in sympathy with Penn
sylvania. It's subsidiary. Cleveland, Gin
cinnati, Chicago 81 st. Louis suffered
from tie disclosure of it's heavy loss by
speculation. The volital rise in Wells
Fargo shares to new record levels on
small dealings was believed to foreshad-
oW some development in the finances of
the company not yet made known to the
public.
1t was not until late in the day that
dragging tendency of the market turn
ed into positive weakness, when the
money rate ran up to 81 per cent. The
rate for time loans for the shorter periods
also was re-established at 5 per cent. Ac-
tive selling of stocks was in progress
when the market closed
Bonds We're Irregular Total sales par
value, S,5lS,ooo United States bonds
We're unchanged on call