Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1912-11-04
TRADE review.
Prices Tend Downward in
Face Of Optimism.
Grain Yield Estimates Grow
With Threshing Returns.
Railroad Earnings Near Record..The
Influence of Balkan War.

Nnw York. NOV. 3.-WHhdrawal o.
New York bank funds for interior
needs continued, last week, with det-
rimentaI effect on values OF securities
The dull stock market OF the past sea
son had pointed to less than the usual
speculative employment of the bank
deposits left temporarily idle in New
YORK banks. yet the pun of the erep-
moving requirements serves 10 force
holdings on the stock market.
Prices tended downward, therefore,
in the face of apparently assured
promise of expanding prosperity Signs
of that prosperity were added IN TIE
weeks news. November disbursements
of profits in the shape of DIVIDENDS ana
interest shown expansion of more thah
s13.b00. 0a0 over the same date, last year.
Returns from wheat threshIns anu
corn husking raised the estimates 81
the grain yield. Railroad earnings IN
dictated record returns IN many cases
After "A brief reaction the movement
of grain TO markets, both west ana
east. again expanded TO nearly record
figures. Accommodations OF grain nave
been prevented but are feared az
later stage when a longer heup oil
loans may follow. Railroads continue
eas,.r lalvers of equipment and mate
rial for repairs. rejecting the pressure
q, their facilities and also the add
lion to resources available for suen
oxncnditures. The country's bank
,.l.arines and the extent of the Dor
rewinl demand and the Requirements
of the circulation witness the ACTIVITY
of trade.
The dislocation of the relief antlci-
mated by recourse to foreign money
markets continued to influence the n
uaucifI markets. with The rapid course
az events in southeastern Europe me
New York markets sensatVeness 10
those events testifies to the close pohd
in which all the financial markets are
united. ReportsSof an aggressive stdhu
nv Russia or Austria which seems -
threaten the Balkan relations caused
a .rerror in New York in connection
with European markets.
The rise in the official discount rate
Of the Bank OF France to per cent.
after the conclusion of the settlement
was an nnsettling influence. This fate
has nto been touched since the pane
Of 1907 in New York. 1neursions con
tin,,e on the London markets gold
supply. pointing to possible iufehei
rise in the Bank of England fate.
Ninety day loans in New York III
some cases have commanded pre-
MUM for the first time since early III
1905 A sudden turn in the European
situation for the better or on measures
Of money market relief By the United
states treasury seems 1.-THE only events
likely to alter the money stringeney.
Several events that are awaited heip
To account for the speculative mesh
tatipn. TIE Monday sessions OF the SUI
ureme court are followed by harden
ING prices. suggestive OF anxiety oVe'
expected decisions. The report OF me
arbitrators on the demands OF eastern
railroad engineers is looked Tor soon
and great importance attaches TO II,
The easier tone in copper and IN steer
is not without influence. The Septem-
her quarters earnings Of the unltea
states steel Corporation equalled put
did, nto exceed expectations the ac-
ton. of the market following the cleo
ton rs a subject of curiosity but OF no
apparent excitement,