Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1909-03-24
Market Reports
NEW YORK STOCK MARKET.
e.,tures Of the Days Dealings in All
- The Leading Stocks.

New York. March 23.-The stock market
..Sov showed quite plainly the effect of
. ~. REDUCTION of the short interest which
~, uns been brought about by the driving to-
ca ever since the introduction Of the
oosr;ff revision bill into Congress. Some
s.f,empt was made today by the profess
ssscnai element to extend the advance.
hut the amount Of stock for sale at the
> Sa price levels proved an obstacle.
rsa needs of the shorts seemed not to be
- ~ Urgent and the market lapsed intoA ex-
sreme dullness and then ran off rapirly.
roregn influences which were potent
.resterday on the side of the advance,
!s,are no longer operative in that direc-
ton. 10000 ,o,;,,o, 80 ,o.;
.,.er the Balkan situation abroad, and
london was a seller OF stocks here on
;;1nored at the outset of trading here and
mite a show of strength was made, with
Ssfme appearance of enhanced outside in
terest as consequence of yesterdays
Considerable rise. The position of the
nrofessional element. as defined by those
ppneratng on the long side of the mar
ket. was that the tariff discussion had en-
,ered on a stage where it was not likely
to attract lively interest for time. while
tbe spring recess of the supreme court
insured exemption from an influence that
has proved disturbing to speculative sem
timert with the weekly recurrence of the
decision day for the court.
The degree of encouragement rofessed
nv various authorities in the steel trade
Is calculated to arouse some caution
amongst professional spectators. who
take these statements as cOnfirmatOry
of information on which stock'~market
acton has already been taken. Due no.
fire was taken of the decision of the
tr,nk line railroads to reduce the rate on
grain for export to meet the competition
offered by the Canadian lines and the
H.
cribed in part to this news. The renewal
Of the rate cutting in the contest over
the differentiaI rate between Boston and
Southern trunk line terminals was not
considered so satisfactory.
Adyices from the copper trade We're of
more cheerful import. sales for two days
mast being greater. according to publish
I'd claims. than since the early part of
The months. Amalgamated Copper. how
ever was one of the heavy features of
the market Reading also was drag
on the attempt to lift prices and the drop
/, the price of that stock directed at
tention to the reassembling of the con-
ference over anthracite miners wages
during the day.
The most effective factor in the direc-
ton of depression came from the New
York traction group in which heavy Ii
quotation and an unsupported state was
again evident. following on the decree of
foreclosure sale of the Third Avenue Rail-
road The incident served as a reminder
of the discouragng effect on the demand
for stocks likely to result from such cpl
sOdes The effect today on the general
list of the slump in the local traction was
moderate and was long in asserting itself
That and the perception that advances
brought increasing offerings of stocks for
sale undermined the later market.
The money market was appreciably
frmer in response to the continued with
drawals of gold for export. The foreign
exchange market yielded somewhat in re-