Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1909-09-21
The Markets.
NEW YORK STOCK MARKET.
Features of the Days Dealings in All
The Leading Stocks.

New York, Sept. O.-Encouragement for
a resumption of speculative operations
was found in the substantial recuperatiOn
in the banking surplus disclosed by the
weekly bank statement on Saturday after
the stock market had closed. The fact
that scaling down of the loan account
was responsible for the reduction of the
reserve requirement did not detract from
the satisfaction felt at the restoration of
a broader margin in the surplus. Neither
did the facts that loans had been shifted
to trust companies and to foreign lenders
to make this showing rather than an
actual liquidation of loans. The specu-
lative clement apparently concluded that
this process could be easily extended to
save them from trouble. The long time
favorites in the speculation resumed their
prominent position in the market at the
outset and rose rapidly on large trans
actions. Some check to the advance and
decided shrinkage in the activity came
when it became known that some of the
banks were calling loans and that read
justment of accommodations was made
necessary.
No urgent liquidation of stocks was
caused by this, but renewed attention was
called to the money position. Interior
money markets reported a rising tendency
in interest rates and an increased pres
sure of demand.
Or. the foreign side the Imperial Bank
of Germany. after the selling over the
weekend, advanced its official discount
rate from g to per cent. as "a measure
of protection against the heavy drain
looked for in connection with the coming
of October settlements. The private dis
count rate rose both in London and Paris
and while the competition for the weekly
arrival of gold in the London market
was withdrawn. Russia took all the avail
able supply at a reduction of a penny an
ounce in the price. our own foreign eX
change market was thus affected and was
appreciaby frmer with Iessened advan-
tage to American borrowers of funds
abroad.
The cDpc11Iation was melted hv yariouS
factors in which rumors played consd-
cradle part, Often repeated rumors that
an announcement was imminent that
would materially benefit Reading stock
holders was industriously used United
States Steel rose brskly to a new rec
ord level helped by the continued highly
favorable condition reported from all
branches of the trade. An attempt was
made to relieve the depressing influence
of recent unfaVorahe copper trade adj
vices by intimations that a rise in the
though by what agency was not clearly
specified. The price of copper warrants
in London had a small advance and Rio
Tintos Were strong in the market
Southern Pacific and Union Pacific were
heavily bought and the Importance of
the alleged agreements amongst banking
interests to insure harmony in the con-
troll of those properties was dwelt upon.
The sympathetic influence of these move
mentS on the general list was consider
able but was not without exceptions. A
notable case on point was st. Paul. which
started out of the current of the opening
upward price movement and later became
depressed. The stock was affected partly
by profit-taking after last weeks mate
rial advance, but there were speculative
buyers also who were disappointed that
no action was taken at the annual meet
ing Saturday. which would supply
rights to stockholders. as had been ru-
mored would be done. The irregular tone
of the market increased as the day pro-
crossed.
Bonds were firm. Total sales, par value,
81 3S2, 900. United States bonds We're I'M
changed on call.