Norwich bulletin., 1909-06-15
FINANCIAL AND COMMERCIAL.
FURTHER sHRINkAeE.
Market Dizziness in Keeping With the
SuItry Weather.


New York, June 14.-There was a
further shrinkage in the volume of
stock market today, following the ten
dcrcy of last week. The listless trad
ing was in keeping with the sultry
weather which swept down upon the
city. Efforts to effect profit taking
GALES to take advantage of any outside
demand attracted by the week end in
fluences forced a decline, after the
opening, owing to the meagreS proper
tons of the outside demands. The
entire unresponsiveness of the entire
market to the impressive advance in
United States Steel proved a striking
feature Of the day This had much to
DO in causing the Encouragement to
efforts to move the market, which was
responsible for the practical stagna-
ton of the late dealings. The accu-
NJ ulation of United States Steel was
n ost persistent and aggressive. both
for home and London account. Buy
ing from both sources was considered
Important and as due to influential
interests. The highest price before to-
cay was 60 3-8, on June 8, AS the one
Falf per cent. quarterly dividend came
off the stock last week, today's price
OF 81 7-8 exceeds the previous record
by that much additional. There was
40 new development concerning the
property to account for the strength
of United States Steel. 1t was urged
a. the beginning of active trading of
the stock in Paris might be made the
occasion for a stock market demon
stration. Amalgamated Copper pass
ed from under the depression which
I as held 1t for days and moved up
ards, in spite Of another decline in
I ondon and unfavorable opiniongs on
the trade position reported from Paris.
Paris itself gave over the active set
ting of coppers, which it had been fol-
lowing in connection with the eager
S regulation in South African gold
mines, which has engaged the atten-
n ade some show of strength but
Southern Pacific was heavy. This al
tsrnating movement in the two Harri-
man stocks, with first one and then
the other advancing, has been feat
ure of the. recent tradings which helps
tc the confusion of speculative Senti-
D1ent which exists. Much of the gra-
rlitous information in the shape of
tips, distributed before trading began,
went wrong today and this was an
other factor in keeping sentiment un-
settled. The Hill stocks were persist
emily heavy, though picked by the tip
slers for a brisk upward movement.
The new impetus to the United States
Steel movement also was contrary to
the lreralded promise. Outside of
United States Steel, the most conspic-
uous stock in the days dealings was
wabash preferred. The rise in that
ork to 81 Ia was accompanied by
c.fcumstantial reports Of a, coming alb
sorption by the Lackawanna, with a
guarantee Of a dividend on Wabash
preferred as compensation. While
cjrcumstantial and persistent, this re-
port was without any. confirmation.
,.he sudden movement in various DOR
nant securities was a. popularity of
the market, as it was last week. The
great expansion which the loan items
CT the banks is showing is much dis
eussed. but interior demand for cred
rs remains so quiet that opinion on
fhe money situation was treasured.
There was a softening of rates for
time loans Bonds were Irregular. To-
tai sales, par value $500 900. United
States bonds were unchanged on call.