Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1911-01-12
The Markets.
NEW YORK STOCK MARKET.
Features of the Days Dealings In Al
The Leading Stocks.

New York, Jan 1.-The stock market
WAS dull and narrow today. ana Tue WI
dcrtone was heavy. Many runofs WHICH
were factor in the early trading proved
tn he groundless, and it was the opinion
81 insiders that changes lit the naht-up
of various local banks ana trust roihpa-
nieS might go far toward clearing up y
sting uncertainty. Trading was lafEclN
of a drifting character and at time was
almost at "a standstill. The proleSsl"ilai
element showeda disposition To take 'n'
short side but support was o1f"lth oi'
slight concessions and fluctuations welt
confined for the most part To mario"
limits.
The proposed increase of $leo,0a",@e in
the capitalization of the PennSN lNahht
Railroad announced late in the day, WAS
interpreted as bearish rgument and
was responsible for n final drive at prices
which placed them materially below yes,
tcrdaY's close. The railway list showed
a pronounced downward tendency OH TINS
movement, New York Central and Penn
SylXania sustaining the largest losses
Amalgamated copper was affected by the
unsatisfactory condition Of the raw COP
per market. and Il further sharp break
in the price of copper futures was re-
ported from abroad. 1t is generally be
leVed that the short line interest III
Amalgan.ated Copper has reached large
proportions.
The success of the proposed new city
bond issue is retarded as assured by the
formation of several syndiCateS which
will take a large part of the $bo,pn,'"r
issue. 1t has been practically settled that
the duration of this issue will hc 10 Year,.
and transactions i'll the bonds. when is
sued, were made to Il large amount on
the curb market today.
Tie movement in United States Steel
was much narrower than usual. quota
lions being confined to within half II
point above or below Yesterday : close.
Little attention was paid TO todaN's meet
ing OF the steel managers in this city,
the belief having become fixed that there
will he no further change in prices at
present. In connection with the selection
Of a new president OF the Steel Corpora
ton whose activities heretofore have
been confined largely to the export bus
mess of the corporation. ii is interesting
TO note that this branch of the compa-
ny's trade has increased materially of
late, until it has become one of the most
important departments. The contemplate
I'd change i'll the presidency of the cor
pofdtiun. it is assumed, Will lead to fur
Their development along this line.
Talk Of disrupted pools accompanied the
selling movement in American Beet Sugar
and Central Leather stocks. The an
nouncement of a further curtailment of
production by the Central Leather Co
was used effectively in hammering that
stock the preferred yielding three points
to .ar
The renewed demand for time loans
continued today with fairly large offer
iugS There was practically no change
in the rate for cali money. which was
in slight request. The foreign exchange
market slowed further heaviness, rates
ruling 10 points below yesterdays closing
level
Bonds were irregular. Total sales, par
value 10000. United states government
bonds were unchanged on cali