Norwich bulletin., 1909-07-31
FINANCIAL AND COMMERCIAL.
INCREASED ACTIVITY
And Somewhat Imposing Show of Strength-some Stocks Sold at Highest Prices in Their History.

New York, July 30.-The dealings at the stock exchange by noon today had overtaken the figure for yesterdays total dealings, the days total rising to over a million shares. The increased activity of the market was accompa- nied by the great variety in the de-
 mand and an imposing but not wholly comprehensive show of strength. Union Pacific, United States Steel, Southern Pacific and Atchison all sold during the day at the highest prices in their
 history, and the movement in the two
 first named stocks was of notable effect on speculative sentiment towards the
 whole list. Commission houses report
 ed some accession of outside demand, but the action of the market was sug gestive still of professional opera tions. It is a feature of the present situation in the stock market that
 with all the enormous accumulation of holdings that has been accomplished
 brokerage offices profess to be little involved in the market in the way of money borrowed for ~&he holding of stocks on margin for customers. The
 explanation offered is that the princi
 pal participants in the recent market
 have resorted to the banks directly for loans and that 1t is with these insti-
 tutions that the collateral is largely held. The comparative freedom of the market from the usual backsets and vicissitudes of a speculative campaign where a multitude of brokers are ad-
 vising the shifting impulses of traders in and out of the market is said to be
 due reasonably to the same cause
 Today's active market was attributed in its broadly underlying impulses to the signing of the conference report on the tariff bill and the prospect thus frightened of an early adjournment of | n1 r-n frw- r,E <.rxw4 = S<~ the impression in Wall street that the general business in all mercantile lines has been held up to await the disposal of the tariff question and that the re- vival to follow calls for a correspond
 ing movement in the Wall street ba- rometer The movement was helped along by many speculative devices and made swift progress towards the indi- cated end One of the devices used that proved most effective was the cir culation of rumors of the accumulation
 of this or that stock on a large scale by some of the financial magnates for investment. The name of John D.. Rockefeller figured in the days gos- sip in this connection, as is invariably the case at such times. So also did that of E. H. Hartman. A sudden jump in Western Union, following the more gradual rise yesterday in the convertible bonds, was accompanied by an assertion that an early absorption of that company by the American Tel epTlone and Telegraph company was i'm contemplation, Astonishing num- bers of rumors bearing on pnrucular properties were set ahoat in this way and gave rise to isolated price move ments in succession. and this was re- sponsible largely for the professional appearance of the market in spite of It's breadth and activity. The banks are promised cash gain as large as last weeks. The stock market closing tone was strong after digesting the realizing sales of the final hour. Bonds were firm. Total sales, par value. s4.- g1Gl000. United States bonds were un- changed on call.