Norwich bulletin., 1909-11-05
FINANCIAL AND COMMERCIAL.
PRICE MOVEMENT LlsTLEss.
Some Stocks Were Strong and Some
 Were Weak.


 New York, Nov. 4.-Todays stock market was a two-sided affair in that some stocks were strong and some were weak The great body of securi- ties, however, was inert and the price movement was listless and insignifi- cant. A recurrence of strength in United States Steel and congestion of practically the whole activity of the later market in that security did not ] have favorable effect on the tone of the speculation. The enormous deal ings in that stock were largely respon- sible for the swelling of the days transactions to above the average for recent days. Points of strength other wise was scattered widely through a miscellaneous list of specialties, some of them decidedly obscure and seldom appearing in the transactions of the stock exchange The railroad stocks generally and some of the high priced industrials lately sharing the larger activity of the market were inclined to be heavy. This was true of United States Steel in the early part of the day, as well as Amalgamated Copper and the railroad equipment stocks, in contrast with their special strength yesterday. The operations which made stocks strong from time to time were greatly concentrated in their execution
 
 steel movement was connected with a revival of unconfirmed reports that the efforts towards securing the listing of the stock on the Paris bourse was about to be crowned with success. The admission to the coulisse of the Paris bourse of the St. Louis and San Fran cisco refunding five per cent. bonds, lately sold to French bankers, was cal culated to lend some credence to the reports regarding United States Steel. The most striking movement in the other direction was in New York Cen tral. The fall ofS two points in that stock following yesterdays news of new issue of stock to the extent of 25 per cent of the present volume was in line with the similar action of Penn sylvania and New York. New Haven and Hartford when additional stock issues were announced by those com panies. The effect thus shown on val ues of existing securities by additional issues does not suggest favorable au- guries of the Consequences of further raising of new capital which is known to be necessary in the not distant fu- ture. The value of new stock and bonds thus projected within a short time past, the knowledge that similar large requirements lie before foreign markets and the active and growing demand for money for commercial use combine to inculcate caution in the use of credits for speculative employment. The violent speculation in progress in the cotton market and anxiety as to its outcome offer a parallel case which is accepted as an object lesson in con- servative financial quarters There were fresh reports today of conditions in foreign money markets which were not considered reassuring. It was re- ported that another advance in the of f1cial discount rate of the Imperial Bank of Germany had come into dis cussion again. The unchanged Bank of England rate made a cheerful im- pression on spectators, but the decline in condition of that institution, as well as the Bank of France. indicated that the hoped-for recuperation at those points was not going on. Sterling ex- change here declined sharply. Bonds were heavy. Total sales. par value. $4.s52. 600. United States fours regis. tered declined IA per cent on call