Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1910-01-01

con for the first time in nearly two years.
nd nearly sl4O0O.000 was taken before thc
movement was automatically cneekeu'
Meanwhile the overflow TO Argentina CON
tinued on an extensive scale, and later
on exports to both Paris and BraZll were
inaugurated. With the opening OF the
second half of the year pronounced nm
proyement had already been recorded IN
rade throughout the country, and evil
Gences of a better mercantile demand LOT
accommodation were not lacking, a.
though the inquiry was not extensive. ~
was not until the fall that the monetary
ituation gave any evidence of a decided
change and even the uneaslness caused
by the raising of money rates at leaulns
financial centerS soon passed away. view
ing the course of the money market IN
nrder. il appears that the call quotation
carcely varied until the middle OF sep
ember, when per cent. was redcheu'
From then on the tendency was up ~
but the rise was gradual and per cent:
was the highest point touched, WllHe lhdt
figure prevailed for a short time only
FOREIGN EXCHANGE.
Pronounced strength and comparative
scarcity of commercial remittance AM WIZ e;r,
the two distinctive features of the foreign
oxchange situation during the year lSy9
while speculative operations were al
times unusually influential. owing larse-
" to the disparity between mer rt al the
nroducts. the position of exchange ruled
against this country throughout practl-
cay the entire year, resu noo "a Whereas
in 1908 only about 49,, 100000 was taken OUT.
Sterling exchange reached the maxi
mum point of the year ana me HlSne .:
level since the latter part OF 1879 oe eaiis n ~,
March, sight drafts touching ASA. ana
gold was engaged for export to L0nuon
for the first time in two years. from ON
then on the tendency was liresuia;i, pu ~
mainly downward until the besli vi
October. when the minimum was tonched
ut 1850.
SILVER BULLION.
Prices of silver bullion recovered some
what from the abnormally 10" leVel pre-
vaiIinp at the close of 1908 when 4t3s
cents was quoted at New 1ork ana =
nence at London, but in neither case were
the maximum figures or the previous year
attained The high point at TINS CITY
during 1909 was 53N cents, whereas in 1898
1885, was reached, while at London 2f7s
pence compared with = pence as the
highest price touched IN the precedlh2
YEAR. Exports from London to the Far
east were about G6O0000 smaller than in
the previous year. and showed much
heavier loss in comparison with 1907.
THE STOCK MARKET IN 1909.
One of the most distinctive features of
I he wear 1909 in the stock market was the
pronounced upward tendency OF prices
manifested in many directions, but most
strikingly apparent in speculative chan
nels. The advance in stock prices We're
remarkable in its extent, carrying several
issues far above all previous records, al
though this result was not achieved with
out frequent sharp setbacks. At times
the attitude of the courts was construed
as being antagonistic to corporate inter.
ests. and early in the year the decision OF
the United States Supreme Court against
the Consolidated Gas Company caused
The reversal of the fine against the Stan
dard Oil Company and other important
rulings helped sentiment however, and
conspicuous buoyancy developed in April
and prevailed with little interruption until
the middle of August The ensuing
months of the year were marked by much
irregularty although several issues rose
to new high records on rulnors OF mergers
and special distributions to stockholders;
In the following table the highest and
lowest quotations of the sixty most ac-
tive railway shares are given back to ~
Whenever security is dropped from the
list one of similar price is added Sc. that
the record remains unbroken for almost
forty years: