Norwich bulletin., 1909-05-15
FINANCIAL and COMMERCIAL.
PRICES HIGH AGAIN.
Leading Speculative Stocks All Moved
Up in Concert.

New York, May 14.-Prlces were,
high again today at the stock ex-'
change, but the selling under cover TO
realize profits, which has been a fea-
ture of the market all through the
week. even at its period Of greatest ap-
parent strength, was pushed steadily
and persistently. The market was I'M
dermined and turned weak after
show of strength in the first hour that
was more consistent and comprehen-
sive than at any time previously this
week. The leading speculative stocks
all moved upward in concert, in con-
trast with the irregular movements of
recent days. This imposing determi-
nation seemed to represent the last eff
forts of the supporters of the market
to make head against the forces Of re-
action. The rise was slightly extended
after the opening, then halted, then
sagged slowly and gained Roadway I'M
til the sharpest fall for several weeks
past was in progress. There was
nothing in the news to account for the
decline, which was universally attrib-
uted to technical causes In the specu-
latiVe situation. Prices have been
carried, for one thing. to the highest
level touched since January of 1907.
There are prominent examples in the
list of stocks that have touched record
prices this week. notably among the
high priced coalers. Such speculative
leaders as Union Pacific, Southern Ia
cific, Reading and United States Steel
are within few points Of the highest
prices ever reached. These facts have
been pointed out with some persist
ence In the last few days and at
tracted discussion of the basis for such
prices The recent speculation has
been shaping to the assumption that
this country was moving to an era of
prosperity which would excel all its
past history in that respect. The spec
ulation seems to have decided that IA
vorable signs in business furnish an
advantageous opportunity to harvest
the profits accrued in the stock market.
That was the only apparent motive for
the heavy liquidation today. There
was something striking in the unani-
nifty with which leaders in banking,
railroads and industry expressed their
hopefulness today over the business
prospect. The news of rains In the
southwest was regarded as afording
important relief from the threatened
harm to the crops and an optimistic
estimate of the crop outlook from
Chairman James ]. Hill of the Great
Northern received a good deal Of con-
sideration Heavy sales of copper were
reported Even the money outlook
gave less concern than for some days
! asst The time loan market was call
ed somewhat easier, and the prelimi-
nary estimates of the weeks currency
movement indicated the largest bal
ance of receipts over shipments from
the interior for any week of the sea-
son. Nevertheless prices slipped away
with increasing velocity. The susbi-
cion grew that important speculative
interests, having taken their profits,
were no longer supporting the market.
The shorts caused a vigorous rally
when they bought TO cover at the end
of the day, and the closing tone was
steady, with. the worst of the losses
recovered. Bonds were irregular. To-
tai sales, par value, $3.50 600. United
States bonds were unchanged on call.