Norwich bulletin. [volume] (Norwich, Conn.) 1895-2011, 1909-06-08
FINANCIAL and COMMERCIAL.
SHARP BREAK AT THE LAST.
Irregular and Uncertain Price Move
ment-Market Well in Hand.

New York, June THE speculative
appetite for stocks had lost some of its
zest today, to judge by the Irregular
and uncertain movement of prices and
a sharp break at the last. There were
some new orders to buy from the out
side world such as is looked for espe-
cfally on Monday mornings during the
progress of a speculative campaign,
and prices, as usual in the circun-
stances, were opened as high as pos
sible, with benevolent intent towards
those having stocks to sell rather than
towards the newly attracted buyers.
The new buying, in fact, was on a
moderate scale. and the first rush of
realizing sales was sufficient to wipe
out in short order the initial advance.
The market was held we'll in hand after
that and the policy of shifting opera
tions from one point to another, buy
ing in fresh quarters to cover the SELL
ing of previously acquired holdings,
was pursued as it was last week. The
offerings Of stocks were not as readily
absorbed as in the boiling activity of
the latter part of last week and some
noticeable inroads on prices were made
Iected as the principal medium for the
supporting operations of the bull party.
The manner in which the blocks of
thousands of shares of that stock were
thrown about from one hand to an
other gave an artificial appearance to
the dealings which suggested suspi-
cions for the motives for this move
ment. 1t was accompanied by unveri-
fled rumors of an intended increase in
the dividend on the stock. Rumors of
coming dividend increases played a
prominent part in the show of strength
of special stocks. This was in marked
contrast with the severe reaction in
the price of st. Louis Southwestern
preferred, which got its dividend in
crease last week, leaving nothing more
to be looked for as material for specu-
Iative Indictment. Another group of
stocks moved in response to intima-
lions that plans were ripening for re-
organization of company finances, this
run1or serving Wabash well. The
strong stocks were less influential in
holding the rest of the market than
proved to be the case in the sessions
of Friday and Saturday last week.
This was partly due to the process of
realizing having shifted to stocks in
which the movements are of greater
influence on speculative sentiment.
United States Steel and Union Pacific
were both under pressure of this kind
and the effect Of this on the general
speculative tone was rather formidable.
There was no news of a directly I'M
favorable character, although one or
two points in the situation were of
repressive effect. One Of these was
the closing of the Chicago -eroduce ex-
change on account of election day and
tro subsequently lessened light on the
grain crop news. The hardening OF
discount rates abroad IS beginning to
prove a perceptible drag on speculative
movements here. The Paris discount
rate rose today The advance in Paris
cheque Oh London, however. relieved
New York from demand for gold to
ship to Paris. New York bankers are
not satisfied that the outward move
ment of gold from New York is over
yet. An advance in thesprice of cop
per metal failed to benefit the copper
industrials. The bears operated tinnid
" in fear OF the Demonstrated power
of the bull leadership and II was not
until the end Of the day that they at
tackled the market with any holiness
Prices gave way all around in the last
half hour Bonds were irregular. To-
tai sales, par value. $7.T36, 900. United
States bonds were unchanged on call