Norwich bulletin., 1909-10-30
Crowd Jubilant When Jeff Says "A
Finish Fiqht."
FINANCIAL AND COMMERCIAL.
SPECULATION REVIVED.
Easing Of Money Market One Cause
Vigorous Reeoveries in Some Shares.


New York, Oct. 29.-Today saw a
considerable revival of speculative in
terest in the stock market. The cause
of this revival was found in the easing
of the money market and the conf
dence manifested that conditions would
further relax with the passing of the
November first money settlements. The
source of supply of the additional
funds offered in the money market was
believed to be London, where, it was
reported, private bankers had been in
duced to replace some of the accommo-
dation recently recalled in response to
the manoeuvres of the Bank of Eng
land to raise the interest rate in the
London money market in order to at
tract gold to that center. The attrac-
ton for this operation, according to
cabled reports from the British capital
was the payment of a commission to
the bankers by the American borrow
ers which amounted to sharp premi-
nm over the interest rate ruling in the
money market there. The feeling that,
with the passing of the stock market
settlement and the November pay
ments, money markets will relax SEEM
ed to obtain in London as well as
here. The resumption of American
borrowing in London, however, marks
a defeat for the expressed policy of
TO obtain control of the London money
market and to make its advances in
the official discount rate effective. The
possibility came into discussion, there
fore, of further defensive measures by
the bank to defeat this movement. The
weeks currency movement has been
against the New York banks, accord
ing to the preliminary estimates, al
though the net result is ameliorated by
chirU,ar1t Of T11fd in,
terror, the balance in favor of New
York being estimated at upwards OF
S3,000,000. On sub-treasury operations,
however. the banks have lost $3,271 900
while gold exports to South America
and to Canada have taken an addi-
tional $3,475, 900. The maintenance of
the surplus reserve at as high figure
as last week is dependent, therefore,
upon a reduction in the deposit liabil-
ity through loan contraction What
ever the clearing house Showing may
be- the additional supply of funds to
loan made themselves obvious today
The stock market proved broad and
active and a comprehensive advance
in prices was effected. The covering
operations of a substantial short in
terest left outstanding as a conse
quence of the recent bearish activity of
the professional element were given
buying. There was evidence in addi-
tiOn of a resumption OF operations on
the long side of the market from the
same hands which have been RESPONSE
BILE for all OF the important movements
in recent stock market history. Wig
orous recoveries in some of the stocks
which have hung back in recent move
ments, notably the Hill railroad group.
were a feature of the day. United
States Steel still absorbed a large pro-
portion of the total dealings and it's
aggressive advance formed an effective
leadership. This was supplemented by
fresh strength in Union Pacific, South
ern Pacific and Reading. The copper
industrials held a conspicuous position
in the days advances. Rumors were
persistent that an understanding had
been arrived at. amongst the principal
producers which will rebound to their
common benefit. No official confirma-
ton could be had for these reports,
but the fact of conferences between
persons mainly concerned gave color
10 the reports. The bond market
broadened out quite materially and
there was a substantial demand in
small lots which suggested investment
buying The tone was firm. Total
sales. par value. S4452 600 United
States bonds Mere unchanged On call