Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1910-02-11
The Markets.
NEW YORK STOCK MARKET.
Features Of the Days Dealings in Al
The Leading Stocks.

New York, Feb. 1O.-The uncertain tone
which developed in todays stock market
was a natural consequence of the RAPID
ity of the recovery, of the day petore,
The sliddenness and violence of that
movement carried prices away from the
level which had been the, attraction Tor
the kind of buying which proved an ef.
fectual check to the unbridled activity OF
the bears. The bears themselves covered
an important part of their requirements
in the hasty buying of Wednesday ana
thus reduced potential supporting foIce
in the market With that demand partly
satisfied there emerged the fact that spec
ulation lacked an aggressive leadership
on sthe half of a fresh upward move-
the market the stocks which had been
bought for purposes of support in the pc
Rod when the downward movement was
checked and turned:
materially alter the conviction that great
progress had been made in clearing up the
situation. The opinion was held still that
investment demand had appeared at tne
low range of prices attracted by the rate
of return out of profits on shares and
calculated to absorb the floating market
| supply of stocks The process OF ac t5a
larger class of operators was believed also
to have set in. The halt in the recovery
and the lack of aggressive action toward
bidding up prices was read as an 1ndlca-
ton of a desire on the part of the I'M
portant financial interests to continue
their accumulation without too RAPID a
rise in prices. That a degree of con-
fusion exists yet in the professional SEN
timent towards the market is obvious
from the mixed advices sent out by com.
mission houses to their clients. Signs, or
renewed selling from time to time today
gave rise to the supposition that iquida-
ton remained to be completed in spots
The reduction in official discount rates
| both by the, Bank of England and the
Imperial Bank of Germany and the large
regeneration shown by the weekly re-
turn of the Bank of France made the for
eign influences on the stock market all in
favor of higher prices. Buying orders
for stocks for foreign account were on
considerable scale.
The statistics for January of the Cop
ner Producers Association were much
ed The rate at which the exports of the
metal are going into stocks in warehouses
abroad, rather than into consumption,
modifies the advantage of the position.
/ Business for the current month also is
believed not to be holding fully at the
January rate. For these reasons the eff
feet of the showing on copper industrials
was neutraliZed.
The resumption of interest payments on
the Peoria & Eastern income bonds.
subsidiary company of the Cleveland, Gin
cinnati Chicago & ST. Louis. was regard
ed as significant of dividend policy. on
the part of influential financial author
tiles The retention of the former divi-
dend rate by the Southern Pacific direc-
tors was not unexpected.
The cross currents in the final price
movements We're fairly illustrative of the
days market as whole.
Bonds were irregular. Total sales, par
value, So, 731 600 United States bonds were
unchanged on call.