Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1909-03-23
Market Report S
NEW YORK STOCK MARKET.
Features Of the Days Dealings in All
The Leading Stocks.

New York, March 22-The betterment
in prices of stocks which occurred in to-
days market was made in shrinking
volume of transactions, the total falling
somewhat below that of Friday last. The
rapidity and extent Of the advance when
we're made was an Illustration Of the
small floating supply Of stocks in the
market, which supplies the present argu-
ment of the bull FACTION whiie me de-
Tnand for stocks although small outweigh
ed the supply so effectually as to combat
the contention of the bear element that
no sufficient vitality exists in the specu-
lat;on to lift prices. The demand which
was in evidence today had its origin in
foreign events and in their sympathetic
Influence on the local professional de-
mand. The lifting again of the Balkan
ending of the strike of postoftice employees
in France put so much heart into specu-
lators in the London and European stock
markets that considerable demand Tor
stocks was engendered. This was passed
alcng to the New York Stock Market
when it opened. Orders from foreign
sources to buy 5000 shares or more OF
stocks were then in the hands of brokers
their execution caused an instantaneous
reimbursement to the advanced price levels
which had been established by earlier
operations in foreign markets.
The strength thus impaired to the mar
ket had an intimidating effect on the bear
faction and drove them to cover by buy
ing stocks Towards the end of last week
the bear faction had begun TO operate
with some renewed holiness, so that their
position was somewhat extended IN face
Of the new strength today. Reports OF
improved conditions in the copper trad
Was a factor of strength in the markets
both at home and abroad. Vague rumors
were in circulation of some large sales OF
refined copper that were being erected
and quotations were advanced again at
the New York Metal Exchange and in the
T ma rlypf for conner warrants. Inc
adjournment Of the supreme court at
Washington for the spring recess without
handing down a decision in the commodi-
ties clause test case was interpreted as
n favorable influence on Reading and that
stock held a leading place in the days
speculation.
Such items in the DAYS news as might
he a reconstruction unfavorable to values
were ignored. There were reports from
Pittsbur~ Of possible shutting down of
merchant blast furnaces in that district
owing to accumulating stocks put tnesc
were accompanied by a large buying of
United States Steel by uncovered shorts
TIL, reports of the determination of the
anthracite mine's to strike If rfcoemtion
of the union was not accorded by the Cd
orators did not hold back Reading in its
conspicuous leadership in the advance
Engagement of gold for London by TINS
weeks steamers rose to $5.3Uo.0oo without
making anv impression on the rate of
foreign exchange. so that additional en-
gagements are indicated.
The tone of the time money market
was firmer in consequence. The London
Statist affirms that the present reduced
shipments of wheat from the United
States owing to the speculative prize"
leve. will necessitate correspondingly
heavy exports later in the year. Will"
large participation by foreigners in com
ing railroad bond issues here is looked
for The effect will be, it is affirmed by
this authority. to cause re-shpments of
gold to New York. Last prices wera
about the highest of the day and buying
was in active progress.
bonds were steady Total sales. par
value, s2666.0OO. United Stat"s IS coupon
advanced 1-2 per cent. on call