Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1910-01-08
The Markets.
NEW YORK STOCK MARKET.
Features Of the Days DsaIinss In All
The Leading Stocks. u4aan'

New York, Jan. 7.-Whatever may be
thought of the influence of the President s
message on the stock market, 1t cannot
be supposed that there was anything in
it that was news in that region. The
full text Of the message was distributed
TO brokers' offices within a few minutes
after its delivery TO Congress, advance
pose The preparation of the document,
however has involved such widespread
consultation and such free preliminary
discussion by the author in public address
that scarcely any passage of 1t could be
regarded as n novelty.
Ever since the conference of railroad
presidents at the White House last Mon
day for the purpose of offering their OBJ
jections to the recommendations to be
made the stock market has devoted most
of it's attention to taking measures
prompted by the views of the forthcom-
ing paper. The result was seen in the
state approaching idleness into which the
market fell after the message was pub
lished The element Immediately in touch
with the stock market had already taken
such steps as they deemed appropriate to
the conditions presented by the eXecu-
tive recommendations Such steps on the
part of spectators are naturally in the
effort to anticipate ana take advantage
of what the more scattered pubic may
da In the movement of special stocks
here and there which has occurred during
the week it is impossible to suppose that
action was prompted ny particular pas
sages of the message Inc proViso sug-
costing that q corporation now owning
not less than one-half of the entire issue
and its standing stock OF any other rail-
road shall not be forbidden to acquire all
of a remainder of such stock might have
prompted additional accumulation by
present holders of minority of stock in
other railroads. The Union Pacific's hold
ngs of Southern Pacific ana the Penn
sylvania's holdings of Norfolk 4 West
ern offer examples the present control
Of baipr exercised nv minor
ity holdings The past week has seen
large accumulation at advancing prices
of both of these controlled stocks.
Putting aside the question of how FAR
specuIative action may have anticipated
already the effect of the progress here
set out the opinion in financial circles is
clear that grave weight must attach to
the comprehensive and reasoned plan set
before Congress for dealing with the cor
poration problem. The means of comply
ing with the proposed law for federal
charters received more attention than any
other phase of the subject. Inc view of
the ultimate effect of such system was
not wholly unfavorable from the view
point of capital and of corporation inter-
eSts.
Other influences, so far as they We're
effective in the days stock market. We're
mixed Some influence was eXerted by
tn reports of the widespread damage by
the storm.
The easing of the money market helped
the speculation. The ruling rate for call
loans was below per cent for the first
time during the week. Preliminary esti-
mates of the weeks currency movement
pointed to heavy cash gain by the
banks, the high call loan rate early in
the week having served. apparently. to
attract large sums here from the interior.
Estimates of the weeks gain ras as high
as $10.O0O,0OO Opinions on the loan
changes are still at sea. The cash gain
was an element in rallying stocks late
in the day.
Bonds were steady. Total sales, par
value, $3713,OOO. United States bonds were
unchanged on call.