Norwich bulletin. [volume] (Norwich, Conn.) 1895-2011, 1909-09-15
FINANCIAL and COMMERCIAL,
INTERMITTENT MOVEMENTS.
Hardening Money Market Check or
Free Speculation.

4
| New York Sept 14.-The stock
market narrowed to a professional rut
today. Efforts were made to keen
| speculative interest alive by concen-
crating operations in one or two of the
| usual speculative favorites, and a few
novelties, but the response of the gen.
| eral list was languid. The tendency of
| prices to retrace their course was an
other sign of the predominances of
professional traders transactions. The
hardening of the money market is a
natural check on free speculation
While banking opinion does not look
for any stringency this fall the posi-
tion Of the New York banking reserve
shows that a restriction of credits is
imperative to conform to the heavy
drain now making on the cash hold
ings of the banks. The interior con-
tinues to draw on New York in addi-
ton to the sub-treasury requirements.
TIE shifting of loans employed in the
speculative holdings of stocks to 9TH
er lenders than the banks seems to be
indicated by the course of events. The
usurl recourse it to foreign money
markets at this time of the year, but
the New York money market is ex-
tended already to an enormous extent
on that side. Estimates of American
banking Indebtedness abroad have
pointed to a figure as high as $780,
100000. The low level of merchandise.
exports for many months past and
which still persists has combined with
very large imports TO leave the inter-
national exchange market without the
usual material for covering foreign re-
Initiances. The newly veloped Rus
sian demand for gofd in the London
market also projects a new element
into the problem, unusually heavy grain
exports from Russia being advanced
for explanation. In the home fnan-
Grail markets the investment appetite
for securities has been the occasion Of
complaint by bankers and syndicates.
and various projected new issues have
been delayed. In some of these a large
Foreign participation avs expected,
which has been relied upon to meet a
part OF the maturing Indebtedness of
New York to foreign money markets
Bank loans throughout the country are
Ronwn to be very heavily extended.
With the season at hand when the
normal requirements of the interiar
make requisition upon New York for
tens of millions of dollars, the outlook
does not invite to undue extension of
liabilities for trading on margin. The
banks today Were inclined to advance
the rate fer call loan rates in concert
and the making of per cent. rate by
one or two of the largest institutions
made an example that was generally
followed. This Is as high a rate as
has been touched at any time since
the early part of 1908, when money
plethora was setting in after the sub
sidence of the panic OF 1907. The |
stock market was strong in spite of |
the money market situation which was |
reflected In the dizziness of the specula- |
ton rather in pressure to sell. The |
speculation in Reading was animat- |
ed and was coupled with rumors of |
coming favorable dividend action fol- |
lowing the return of the president of |
the company from abroad. The Harri- |
man Pacific moved upwards again In |
with varying reports of |
The future plans of the successors to /
that financier's power. The strength I
IF the cop9ers was attributed. in Lon
lon, to speculative covering operations. /
Il was accompanied by a raise in the
.lectricai equipment companies shares.
rhe allied railroads. in the southern ter i
'itOry rose in concert in response to
dividend rImors. The days market
vas made up of such Intermittent
movements. At the end Of the day
sairs were only partly held Bonds
we're firm. Total sales. par value. $4.-
10000. United States bonds were
on call