Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1910-03-28
MONEY POSITION
Complicated by Sale Of
New York City Bonds
Sag in Bond Prices and British
ConsoIs Sell Down.
High Prices Of Commodities and
Agitation for Wage Increase.

New York, March 27.-The dull and
narrow stock market of last week bore
little relation to the course of events
in the outside world. except as it was
held in restraint by the prospect of
curtailment by the double holiday and
| the possible demands upon the money
market of the approaching April set
Elements
The money position was complicated
by the weeks sale of $5O,0OO,0OO New
York City Az per cent. bonds The
results of that sale also illuminated the
investment situation in a way not
wholly cheering to sentiment. The
first impression of the sale was good,
owing to the large volume of applica-
| tons and the considerable foreign de-
mand included. The average subscrip-
ton price of 101.2S also proved rather
better than the preliminary bankers
estimates
The new bonds We're Immediately adj
mltted to the Stock Exchange to be
traded in when issued" and the sag
! in the price to below the lowest at
which allotments were made on sub
scrlptlOns turned the feeling on the
matter to one of encouragement The
price realized by the city represented
an income return of 4.155 per cent. to
| the investor compared with a return
below per cent. at preceding sales
ever since February of 1908 at which
| time and in September Of 1907 in the
panic period New York City made the
only other bond sales on an income
| basis above per cent. in modern fl
H.
| IN the price of the new bonds begot
a feeling that even the relatively low
subscription price had been secured
by strained efforts.
That the investment situation thus
indicated is a general one is shown bv
other circumstances. British consols
sold down during the week. to the
lowest price since the depression of
1907, and. with that exception since
the first half Of the last century. The
re-appearance of the short time rail-
road note issue in the New York mar
ket was additional evidence of the nm
satisfactory investment demand for
llXed interest in the securities Sus.
tanned high prices of commodities. the
excited speculation in rubber and oil
shares in the London stock market.
and the wide spread agitation for wage
increases were regarded as different
signs of the same unsettlement in
standards of values
On the other side of the labor mas
tlon. satisfaction was felt over the
settlement OF the Western railroad fire.
mems dispute. Hopeful views were
held also of an adjustment of the coal
miners troubles in the middle West
Inc subject retained its disturbing
lorce by reason of other disputes still
10 be met and of the renewed attack
upon the United States Steel Corpora-
tlon by the American Federation of
Labor. The cheerful views entertain
ed by the railroad traffic officials of
business prospects helped to the con-
iIdence in labor settlements. business
IN iron was done at recedine o,,ota-
tons
The problem of winter damape to
the wheat crop remained in active
computation. Political unrest had
some reflection in the securities mar
kets throughout the apprehension OF a
re-orening of the question OF tariff re-
vision.