Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1910-10-28
The Markets
NEW YORK STOCK MARKET.
Features of the Days Dealings In All
The Leading Stocks.

New York Oct 21-The resumption OF
operations for the advance in prices OF
stocks today was credited to the Same
speculative forces that were active in its
inception The prestige of this supposed
leadership had an imposing erect on me
rank and file of professional tradrrS III
stocks and they were inclined TO lolloW
the movement Their operations cen
tered in United states Steel. Union "a
ciiic and Reading with notable supple
ment in American Smelling lhere were
some striking price movements IN ntilet
stocks but they were on small dealings
United States steel made Il new hgh lev
Il for the movement at 80, but the stag
gering burden of realizing sales az that
price caused reaction, Wlll'i Had' ''lo
closing irregular.
The more cheerful speculative Senti-
mcnt had its incentive in the retention OF
the Bank of England discount rate al
| r per cent. The upward course OF foreign
| money markets and the heavy dema mas
confronting them in connection WIN me
November settlements had aroused some
! apprehension that the rate would ne
raised again this week. That 1t was hot
| is attributed to the intervention of the
! Rank Of France by purchasing thfee
! months discount bills from the LONDON
market ana advancing gold TO Inc l'aif<
| of England to tide over the present
| strain The effect was perceptible, also,
| i'm the foreign exchange market III New
! York, rates declining and widening the
margin which divides exchange from ne
| n
| .ondon account here. The speculation
! was quick to take advantage of the i'm
| piled relief for the New York money
| market from threatened requisitiOn from
| foreign sources for gold. The evidence of
| call money being in sufficient supply WAS
| cited at the Stock Exchange as proof OF
| safety for speculative requirements
! Bankers were not wholly in agreement
| with this view. The London money posi-
| ton is regarded as holding possibilities
| Of strain during the remainder of the
| wear An engagement Of $JO0,O0u OF gold
at the sub-treaSury for shipment to can
| ada was attributed to crop moving re
qtirementS in that quarter and pointed
! to possible extension Of that movement
| Besides the Bank of England action, the
| Union Pacific annual report and The in
! crease in the Consolidated Gas dividend
| rate was a supplementary influence on the
| rise in prices. The disclosure in tn"
| Union Pacific report of the sale Of its
| Atchison holdings was regarded as
| strengthening the companyS contention
| of general control Of competing lines.
| The corresponding increase in holdings
! of New York Central and Chicago q
Northwestern was "a strengthening infu-
ence on these stocks. Union Pacific was
| affected BY the consideration of the
| broad margin over dividend requirements
| of the years earnings in the same way
! that United States Steel was by Xix"
| reasoning applied to the quarterly
| earnings The force of this argument is
strengthened by the speculative assump-
ton that the loan period of profits on en-
terpTise is destined soon to pass away.
| The increase in the Consolidated Gas div
idend gave increased confidence in vari-
ous other increased disbursements which
have been the subject Of rumors.
Bonds were irregular. Total sales, par
value s. 4S1 900 United States bonds were
unchanged on call.