Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1909-09-29
The Markets.
NEW YORK STOCK MARKET.
Features of the Days Dealings in All
The Leading Stocks.

New York. Sept. 2S-The recovery from
last weeks declines, which set in yester-
day. was substantially extended in today's
stock market United States Steel and
Atchison were distinguished by the new
record price at which they sold and the
average advance was substantial although
very unevenly divided Explanation of the
revival of speculative confidence was not
clear and observers were inclined to look
for some concealed technical condition to
account for the extreme facility with
which prices were advanced. One theory
was that a very large short interest had
been discovered by the bulls and that
they were able to control the action OF
prices to the entire discontinue of the
on the suspicion that the managers of
the bull campaigns We're taking their
profits and preparing to abandon the mar
ket to its own resources. Much of this
selling seems to have been professional
operations for the short account.
The tightening money market was re-
lied on to check the bull party by re-
stricting their credit resources. The mon
ey market seems proof against adverse
circumstances and the operations on the
long side today were conducted with ev-
cry appearance of unhampered freedom
The near approach of the October settle
ments, with the large banking require
ments incident thereto, made no impress
sion on the money market. The tone of
the call loans was slightly easier, if any
thing, although the rates were not quot
ably changed. Accumulation of sums to
be used in the coming disbursements and
put at temporary loan might account
partly for this. New York exchange at
Chicago also rose to par and the banks
were correspondingly relieved from pres
sure on that side.
The sub-treasury. meanwhile, continues
to draw cash from the banks. There We're
heavy remittanceS. also to Canada, 500. 900
being withdrawn in gold from the sub
treasury today for that destination in adj
dition to 100000 shipped Yesterday. These
evidences of depletion of the narrow
banking surplus were disregarded in the
speculation.
The animated and volatile movements
in different stocks We're based, more
tural dividend prospects. The publica-
ton yesterday of the August net earn
|ings of the Atchison showing what is said
to be the best months earnings in the
hopes of those who are looking for a
higher dividend on that stock. Pennsyl-
vania, New York Central, Southern Pa
cific. Rock Island preferred and United
States Steel itself was directly affected
by this consideration. The rise in United
States Steel was stimulated by reports of
the placing of heavy buying orders for
steel rails by the great railroad systems.
Idering 200. 600 tons for next year. strong
recovery in the Erie securities was IA
feature of the days market. There was
q period of weakness in Amalgamated
Copper which served as temporary
check to the general upward movement.
but that stock became strong subsequent
ly and removed the only apparent re-
straint on the advancing tendency.
The bond market was irregular me
buovant rise in United States Steel to S9s
was accompanied by decline in the
sinking fund bonds. The greatest activity
i'm the bond market was in the convertible
issues. The rise in Atchison, Union Pa
ciic. Southern Pacific. Pennsy lvania.
New Haven and American Telephone car
red with it the convertible bonds OF
these companies with the enhancement OF
the value of the privilege of exchange
into stock the ordinary investment bond
issues were sluggish and dull Total sales
par value. $s950.O0O. United States bonds
were unchanged on call.