Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1910-03-25
The Markets,
NEW YORK STOCK MARKET.
Features of the Days Dealings In Al
The Leading Stocks.

New York March 24.-The professional
room traders in stocks had practically
abandoned their, futile efforts to move
prices by the early afternoon today, when
the market lapsed into a state of stag
nation, with the prolonged holiday to be
faced here with the Stock Exchange to be
closed tomorrow and Saturday and with
no London or Continental market in that
time, the London closing to extend to
Tuesday next, the habitual operators in
stocks were much more inclined to reduce
their commitments in stocks than to make
new ones.
Concern over the political outlook was
advanced as the reason for the morning
selling, in continuation of yesterday S
movement. A large part Of the selling
was said to originate in Boston, where
Tuesdays congressional election was of
most effect In it's influence on opinion re-
garding the elections next fall The con-
viction over next falls results, however,
did not serve to confirm the sellers in
their determination to stay short of
stocks for three days of a closed mar
ket. The covering operations brought
prices back to last nights closing level.
The obscure money outlook was dis
suasive Influence, on stock operations. The
domestic interior has been shipping cur
rency- to New York on balance during
this week, but the withdrawals on sub
treasury operations have been somewhat
larger. The complication of the weekly
statement OF the Bank of England empha-
sized the expectation that the official rate
of discount. will pc raised again Next
weeks requirements on the london mon
ey market are very large Extensive
government borrowings will transfer mon
ey from the open market to the Bank
of England so that an advance in its
discount rate will be effective on the open
money market rate. Another decline in
British consuls today made new low
record for the year and also since 1907.
The New York City A. per cent. bonds
were slightly steader today, but did not
rally to the subscription price. The Wa
bash and the Maine Central were report
ed to have sold short term notes to avoid
the necessity of assuming long term OBJ
legations at the present unsatisfactory
market.
A disauieting feature of the market was
the unsupported condition of some of the
caused wide declines in the Allis-Chal-
mers securities and in railway steel
spring preferred. United States Steel was
under some early pressure in connection
with the reports of yielding prices for
iron lInder the active competition of pro-
ducers to secure orders. Inc wheat mar
ket continued to hope for rains in the
Southwest, but the price currents review
was considered reassuring in it's localiZa-
tion of damage to points in Kansas. The
settlement of the Western railroads dis
pute with their locomotive firemen was
received with satisfaction. but the out
come had been so confidently expected
that it was of small influence as mar
ket factor.
The severe decline in Cranky Mining
in the Boston market influence some OF
the early selling from that source in New
York.
Bonds were easy. Total sales par val
ne, 1852, 900. United States bonds were
unchanged on call. ...'-