Norwich bulletin., 1909-08-03
FINANCIAL AND COMMERCIAL,
MARKET SHOWS STRENGTH.
Heavy Sales. Made for Profit Taking
Prices Irregular.

New York, Aug. 2.-The general OBJ
servation of the stock market in the
financial district today agreed as to
its evidence Of great underlying
strength and increasing breadth in
spite of the irregular and at times re-
dictionary movement of prices. There
was obvious evidence that very heavy
sales to realize profits were conducted
throughout the day. The absorptive
power of the market and the success
which this gave to the effort to garner
profits was remarked on all sides. II
is a proverb in Wall street that bull
markets eliminate in furious activity
and excited advances. The absence, of
such appearances today treasured
rather than disturbed sentiment There
was palpably going on shifting Of
speculative holdings from old to new
quarters of the market. Houses which
have been conspicuous in the opera
tons in stocks which have led the mar
ket recently were concentrated buyers
today of stocks which came to the
front in the days upward movement.
While there was no selling openly by
the same interests in the stocks which
they had been accommodating in a DEM
onstrative way before it was suspected
that the resources for the new buying
came partly at least from sales of the
old holdings, the most potent factor in
sustaining prices in face of the heavy
realizing sales today was the vigorous
strength shown by Southern Pacific.
Pennsylvania, Rock Island, the Fries,
American Smelling, the railroad equip
ment group and some other particular
stocks made up the supplement to the
Southern Pacific movement. The eff
fectiveness of these was not impaired
by the heavy tone with later recovery
of Union Pacific, United States Steel,
New York Central, and, at times,
Reading, which were the features sof
last weeks strong showing. The news
of the day was canvassed, but with the
evident Partially for that of favor
able bearing on values which is char
acteristic of periods of speculative en-.
thusiasm. The ardor of speculative
sentiment was not altered by the warn
ing tone Of some of the commission
houses in their advance to customers
as to the danger to buyers of the pres
ent high level of prices. Southern
Pacifics high price today eclipsed all
previous prices by a liberal margin
and United States Steel tackled frae-
ton to it's record. The government
report on cotton, notwithstanding the
serious impairment of condition indi-
Gated for the month of July, was ac-
cepted with languid interest. The per-
centage of the condition figures is the
lowest of record for this season of the
year and the curtailment in the total
crop thus foreshadowed must make
heavy inroad upon the aggregate out
turn for the year of the country's agri-
cultural wealth. The more hopeful
promise of the grain crops was pre-
ferred for contemplation and the sharp
decline in the condition of corn re-
ported by the Oklahoma authorities and
the reports of damage from black rust
in the northwest did not affect conf
dence on the subject. The great in
rush of wheat to Chicago last week
was accepted as more substantial evil
dence. This augmented grain move
ment is expected also to accelerate
materially the rate of reduction of idle
car surplusage, which has been most
obstinate IN the box cars which are
employed in the grain movement The
rapid rise in the railroad equipment
stocks was significant in that eonnec-
ton. Another reduction in trunk line
import freight rates and the prospect
that the contention may spread to
other traffic was received with tran
guilty. Money and exchange condi-
tons were not materially changed.
Bonds were irregular Total saIee, par
value s5.e42 ono United States bonds
were unchanged on call.