Norwich bulletin., 1909-07-14
FINANCIAL AND COMMERCIAL.
NARROW MARKET HOLDS. Professional Element Discouraged- Tempted to Abandon Operations.

New York, July 13.-The narrow limits of the current stock market were marked distinctly again today with the effect of so discouragings the profes- sional element that they seemed tempted to abandon their operations. The stagnant conditions of the later market were the consequence. The net result, broadly speaking, was to undo the movement of Monday. Much iru- portance attached to the movement in United States Steel, and it was con- sidered a good omen when it sold at the opening at TO- after it's many coy approaches and retreats in the neigh borhood of that figure yesterday. Req sons for thes caution with which the market managers of the stock ap- preached that price were disclosed by the developments which followed. No appreciable amount of stock was mar keted at 70, the first -four thousand shares sold simultaneously being quot ed together at 69 3-4 to 70. After the opening a single hundred shares sold at 70. Immediately below that figure there was very active market for a time. with buying and selling orders quite equally balanced, but the selling became the more urgent and the price ran off Professional traders hold a theory that when a stock has success fully passed a previous high level it is likely to go higher. Brokers had or ders, therefore, to buy United States Steel when it should reach TO- whicll exceeded it's previous record price by Is. But that price has also been pointed to by market comment as a possible limit of an upward movement. The event proved that very heavy sell ing orders were contingent on the stock making that price, ,'and not nec- essarily from execution at that price. but at the market when the signal should be given by quotation of 70 for steel. These orders followed the stock in It's downward course and had an influential sentimental effect on the whole market. It was demonstrated again that stocks would press for sale on the market at advances which yielded a profit, where they would be withheld at lower prices.
 The news of the day offered small explanations for the price movement. Large requirements on the money market came out, and it is realized that the determination with which stocks are held at present owes much to the cheapness and plenty of money. There was no change in interest rates to indicate any pressure on borrowers. The sub-treasury is absorbing funds from the banks. and the $9,000,000 in stallment of government deposits call ed bv the treasury for repayment on Thursday of this week is expected to be made. by the interior banks, by means of drafts on their New York correspondents.
 In London there was an advance in the private discount rate and an ap- parent expectation that it might go further owing to large new capital is- sues and reviving trade. The same factors are to be considered here. There is a noticeable subsistence of the confident talk regarding the rapid ab- sorption of the new bond issues. The fact is pointed out that some of the recent issues are selling below their issue prices, and there is some com- nlaint that the rapid first sales report ed of some of the new bond issues have not taken them far from the Wall street market, while the demand for more permanent investors is sluggish. The Wheeling and Lake Erie stocks today came into the range of the ten dency caused by congratulations to be faced Wabaslik preferred seemed to benefit from this prospect. Stock market sDeculators keep an eye on rhe crop news and on the tariff bill con- ference. Some explanation of the in- clinatfon to speculate in stocks might be found in both these topics. Bonds were irregular. Total sales par value 3,0sS, ,000. United States twos deciin- ed IA per cent, on call.