The Birmingham age-herald., 1910-10-19
MORE A1!IV|TY IN
 STOCK DEALINGS Speculative Movement Enters
 Upon New Stage
 iA TRADING IS NERVOUS
: Active and After Being Ad yaneed on Buying Again
 Drop To Normal

New York, October 1S.-The speculative movement in stocks showed signs today of an entry upon a new stage. Besides !. the normal profit-taking movement, which interrupts every advance sooner or later, 1t was evident that the course of the London. money market was exerting more influence on the operations in the New York stock market than heretofore. International banking. houses in New York having occasion to negotiate in London found degree of discrimination against American borrowings that afford ed a sharp contrast with the recently ruling conditions.
 It was reported that private banking adyices gave as one explanation for the expected advance in the official discount rate of the Bank of England on Thurs day a determined disapproval of the au- thorities of that institution of the demand for credits in London for use in the New York speculation. The heavy drain upon the Bank of England gold supply from various sources, including Egypt, India and the continents, prompts the Bank of England to take measures for the pro lection for its reserve position. This mo- tive In itself was. considered to indicate an early advance in the discount rate
 The dsapproval by the Bank of New York borrowings in such a contingency , Is a repetition of the policy pursued r. October of last year, when the bank doubled It's discount rate in a period of two weeks from 2h per cent to per cent. There Is nothing in the published banking returns how far. New York bor- rowers have been resorting to London in financing the present speculative move nent in stocks. The shifting of loans amongst the New York credit institutions in the period of the speculative activity shows an insignificant change on bal ance and negative inference of resort to other sources may be deducted from that sfact.
 The three bank statements published since the opening of October show an actual contraction of loans by the clear ing house banks in the sum of s41, FOG, POO. The expansion of loans of the trust com panies and other banks in the same time amounts to s44, TOO, including little more than a shifting of existing credits from one quarter to another of the money market
 The foreign exchange market was af- fected by the situation in the London market. The extension of the present working arrangements for financing cot ton exports also had the effect of strengthening the exchange market. The local call money showed the relaxed tone, which developed yesterday.
 Whether on account of a changed at- titude on the part of foreign money lend CTS or from other causes. the measures flor advancing prices of stocks were less aggressive today. United States Steel maintained it's prominence in the dealings, but met sufficient offerings to beat down the price when attempts were made to lift it. There were other points of strength, but they were less influen- tial in their effect upon speculative sen timent. Reading and Union Pacific, which were second only to United States Steel in activity, shared in the heavy tone of that stock, until the last 15 minutes of the session, when the three stocks were pushed forward to the highest prices of the day in concert.
 Bonds were easy. Total sales, par value, $2, ,55O,000.
 United States As, registered, advanced Ac, and the coupons per cent in the bid price on call.