Norwich bulletin., 1909-05-27
FINANCIAL AND COMMERCIAL,
SPECULATION SPIRIT DORMANT.
Most of the Days Proceedings Consist.
 ed of Trading in Reading.

New York, May 26.-United States | Steel today followed it's recent daily | custom of selling at a new high record. Yesterday and today the addition to ] the record has been only Is, and to- | day was accomplished only on the | opening sales. After that the price l gravitated with the rest of the market | to @ lower level. Most of the proceed | ings of the day at the stock exchange | consisted in trading in Reading or in watching the transactions in that stock,
 which overshadowed the whole market and weighed on it with depressing ef- feet. The movement in Reading was taken to heart as a possible object les son, owing to analogy of its situation with other securities that have been most prominent in the speculation of late. The high price at which Reading has sold relative to it's income yield
 has been pointed out often by those skeptical of it's rise, but the followers of the movement have given as answer
 the expectation of an important deal in the property, which would rebound to the benefit of the stockholders. The weakness of the stock today was trace
 able to the lack of definfteness about
 any information which has been vouch- safed regarding the supposed deal. The very large selling orders in the stock
 coming from single brokerage houses gave the impression of the liquidation of an important speculative account The bear party found the stock vulner- | able to attack and dislodged some large
 stop loss orders at the round figure in
 the course of the decline. The decline failed to develop the show of support
 usual in stock in which an organiz- ed long account stands committed The selling operations centered largely in Reading and the sympathetic effect on the general list was moderate at all
 times. The action of Reading was sug-
 gestive of results that migh& follow
 from concerted attack on the market
 after an extensive speculation, and
 chilled the ardor of buyers of stocks.
 The speculation Is inclined to wait on
 the next government report on condi-
 ton of the grain crops, which is not due until June 2, and this prospect of prolonged interruption to the trad ing in the interval intensified the wait
 ing disposition. Outside news was Of very little effect on the market. An announcement was made with some impressiveness of the agreement be- tween theAHill and Hartman interests for the joint use of the Northern Pa cific tracks beyond Tacoma. and the inn portance of the agreement as guarding against future invasion of each other g
 territory by these giant railroad forces
 was dygelt upon with some ostentation.
 Coupled with this announcement was
 ,c that F. IT. Hartman had made his
 last intended visit to his office before
 his departure for Europe on June 1st. The failure of this announcement to stir ripple in the market was sig
 nificant of the dormant spirit of the
 speculation and confirmed the traders in their abStention from operating. The
 price of copper was raised again and
 there were reports of some large sales
 effected A lively speculation in cop
 per industrials abroad resulted from
 the condition of the metal trade, but
 New York coppers were unresponsive.
 Bonds were irrgeular. Total sales, par
 value, $3362,000. United States bonds
 were unchanged on call.