Norwich bulletin., 1909-11-10
FINANCIAL AND COMMERCIAL.
CALL MONEY RATE 5k PER GENT
Dragging Tendency of Market Turned
 Into Positive Weakness.

New York. Nov. 9.-Dealings in stocks diminished in significant manner today to the accompaniment of a sustained higher rate for call loans in the money market. It is evident that the financial powers are agreed, either explicitly or tacitly, that con- ditions are not propitious for pushing speculative operations in securities for the present. There was no evidence of the heavily congeSted operations for the purpose of churning the market into activity, or it's semblance which have been a feature of stock market dealings for many weeks past. It is the conviction of the professional class of operators that period of quietude in the speculation is designed by the financial powers which have fostered the prolonged speculative rise in the market. For this purpose, oppressive measures make their appearance upon signs of any considerable movement in either direction. An advance in prices develops selling orders on an upward scale which prove an early Encouragement to attempts to ad- vance prices. Any considerable decline in prices, on the other hand, uncov- CTS orders to buy at each successive downward stage which act as SUD- port for prices and intimidate the professional bears from pushing an attack on the market The effect is to hold prices in equilibrium and to discourage the purely trading opera tions which are based on the chance of wide and sudden fluctuations in either direction. The undertona in such market inclines to be heavy. naturally. owing to the discouragement of speculative buying which results from the immobility of prices, and opens the way to declin $ like that at the last. Much more attention was given today to money market deVeio;,- ments than to stock market An cas- ing of the private discount rate in London was regarded as the most hopeful development as indicating the unlikelihoOd of further rise in the Bank of England discount ra.e on Thursday. The further rise III the sterling exchange rate at Paris point ed to movement of capital from Far is to London which was helping to relieve the situation at the latter point. The importance attached to tbis move ment was shown by the fumors it gave rise to in New York of a large purchase of gold from the Bank Of France for shipment to London; ru- mors which were not traceable tC a source beyond New York stock Jrok- craze houses. The continued demand for foreign exchange in this market kept alive the supposition that lddi- tional gold shipments from here miehs be commanded by London, although none was announced. At the same time the domestic interior drew fur ther on New York for currency, and the sub-treasury opera tions made fur . ther inroads on banking cash. In view of the slender proportions of the sur plus reserve of the banks shown hv the Saturday bank statement, the Or-
 
 pletion disinclined speculative borrow CTS to extend their obligations 70 the money market. Yesterdays reports If large buying of copper for export had lost their effect on the copper indus trials today and the general market lacked that sustaining influence. rhe persistent pressure son PennSyivania since the announcement of stock sub- scription rights to stockholders makes a bad augury for the reception to be rendered to further efforts to raise capital which will be required in large amounts in the not distant future New York Central moved in sympathy with Pennsylvania. It's subsidiary. Cleve- land, Cincinnati. Chicago & St. Louis, suffered from the disclosure of it's heavy loss by speculation. The vola- tile rise in Wells Fargo shares to new record levels on small dealings was believed to foreshadow some develop ment in the finances of the company not yet made known to the public It WAS not until late in the day that dragging tendency of the market turn ed into positive weakness when The money rate ran up to 1-2 per cent. The rate for time loans for the shortlr periods also was re- established at fike per cent. Active selling of stocks was In progress when the market cl1sel Bonds were irregular. Total sales, pa: value, $3.51S.000. United States bonds were unchanged on call.