Norwich bulletin., 1909-05-22
FINANCIAL AND COMMERCIAL.
MARKET ACTION PuzzLINe.
Subsistence of Demand on Price Ad.
 vance-CIosina Tone Steady,


 New York. May e1.-Dealings fin stocks today shrank to small propor- tion of the recently daily average. The action of the market proved puzzling to the professional trade element Sub sidence of demand on an advance in prices is construed usually as unfavor- able to the stability of the rlse The professional operators, acting on this principle, sold stocks short when the market turned dull and tried to force reaction. Prices did not respond, but showed resistance without any increase in the animation. The rigid holding of prices at the extreme of an advance Is unusual and resulted in a confused state of speculative sentiment The suppositlon was prompted th0t most Gf the dealings were in the hands of op- orators acting in concert. leaving the movement artificial to some extent and capable Cf the close contrcs which was evident The persistent rise in United States Steel was the mainstay of the advance. Traders were intimidated from pursuing their attack on values Late in the afternoon, the dealings sank to a state of stagnation. There was little to show any decided change in conditions bearing on values. There was help for the speculation in the copper stocks in the advance of the dividend rate by the Calumet and EeCla Mining company, as it was con- strued as an indication of improving conditions in the trade. Official changes in the Kansas City Southern directorate were believed to corrob- crate the expectation of closer rela- lions between that road aRd the | nio Pacific Much of the recent specule- ton has been based or the assumption that a number of pr0posel railroad combines are In dormant state and to be completed later. On the other hand, the movement of some of the low grade stocks of railroads in re- Ceivers' hands indicated doubts of the Trogress of reorganization plans. Some attention was attracted also to reports from London that intended iotations of some American securities which have been partly underwritten abroad are being delayed, owing to unfavorable conditions in that market and feel ing amongst investors not considered friendly to American securities. New York borrowings in London by bankers are reported to be on @ very large scale, leut these involve no direct par ticipa ton by the lenders in the se- curities which figure collateral. There was an advancing tendency in the interest rate in London and also in Paris today and this is believed to he duc ,o New York borrowing, which has been an influence in easing the lacal money market and thus bringing the two markets io an adjustment. The weeks shipments Of gold will run to between six and seven million dollars but estimates of the currency move ment indicate that the excess of re- ceipts over shipments from the in terior has been sufficient, together with the S1, ,551 900 from sub treasury opera. tions. to overbalance the gold exports and yield a small cash gain for the banks The intense dullness of the late market allowed some gravftation of prices to a lower level. but the closing tone was steady. Bonds were irregular Total sales, par value, s3,- 9S0.000. United States bonds were un- changed on call