Norwich bulletin., 1909-06-24
FINANCIAL AND COMMERCIAL.
MARKET INTENSELY DULL.
Price Movements Remarkable in S.v.
 eraI Cases.

New York, June 23-The intense dullness of today's stock market serv- ct to obscure the importance of the price movements, which were remark lle in several cases. The general ftlmnesS was Influenced by sympathy with the notable strength in these spe- cial stocks, but more distinctly by the technical factors in the position. Prin- cipal of these was the building up of 0 short interest which proved to pos- sess little determination in maintain sTa their position with signs of resist ance to the downward course of prices. Covering up of shorts made up an im- portant part of the days demand. The CT clusion of the London stock mar ket settlement with no casualties as a result of the heavy declines since the preceding settlement removed a cause cf apprehension and brought in some important buying of stocks here from taat source.
 The copper industrials were affected by large covering of shorts in London, wEich induced a sharp upward reac- tion from the severe depression from which they have suffered in. that mar ket Some sympathetic effect was produced on copper industrials in New York, although they were laSgard in comparison with the general upward teidency. The movement that at tlacted most notice in the days mar ket fas that the Union Pacific prefer led which moved up to a record price, sl-d one out of line with it's investment return compared with the current IT Oney market. Rumors of an inten- ton to retire the stock were given to account for it's rise. 1t is supposed that the purpose to retire the stock would be to avoid the embarrassment or C inns from the preferred stockhold- CTS to share in a distribution of in- vestment holdings by the company of other shares. Such a distribution was under official discussion at one time when the capital was under scrutiny fer alleged violation of the interstate commerce law in holding those shares. The company has no explicit right rel St rved to retire the preferred stock at fixed price, as was the case with Southern Pacific preferred, and it was assumed therefore, that plan must be attractive to preferred stockhold- CTS to induce their acceptance. The Gays rumors had to do with a suppos- cd offer of one share of Union Pacific common stock for two shares of the D. ferred, or an exchange of con- Nrtible bond for the preferred stock With rights of conversion into common stock, presumably at a price above the carrent market quotation. There was cthing like official confirmation or cot ntenance of these rumors, but they VI re extremely effective with Union Pacific and revived consideration of yarious other deal rumors. This was Of effect in advancing Wabash pre- ftrred Reading. New York Central, Atchlson and others which have been the subject of deal rumors. American Wcolen preferred declined sharply on reported sale of additional preferred stock by the company. Third Avenue suffered again from the supposed vii c!situdes of the reorganization p2ala. The pronounced dullness which has developed in the demand for copper was responsible for the backwardnes ess o' the stocks of copper companies. Kit tie attention was paid to the engage ment of a million dollars of gokd for shipment to South America an5l the maintenance of the exchange rates near the level of profits of shipments to London. Bonds were firm. Total ss'es, par value, s3,359,000 United States bonds weresunchanged4 Ion call.