Norwich bulletin. [volume] (Norwich, Conn.) 1895-2011, 1909-09-02
FINANCIAL AND COMMERCIAL.
TRADING ALMOST sTAeNANT.
Some Mystery Surrounds the Sudden
Withdrawal of Heavy Operations.

New York, Sept. 1.-The almost
stagnant condition of the trading to-
day threw some mystery over the tur-
bulent stock markets of the last two
weeks and made it difficult to under
stand the sudden withdrawal of the
operators whose congested dailings in
a few stocks were responsible almost
altogether for the million share daily
totals which succeeded each day after
day Conditions bearing on values have
undergone no change to correspond
with the sudden cessation of the spec
ulative activity The feverishness' OF
the interest manifested in the healtn
OF E. II. Hartman has abated. ana
this seems the only explanation to one
of the change in the complexion of
the market The withdrawal of orders
on the large scale recentlr prevailing
suggested more than anything else that
the capitalists responsible for them
had concluded to let the market rest
for time The punishment admin
istered to the bears on Monday served
to admonish them that the bull party
was able still to exercise control OF
the market. This is taken to account
for the comparative timidity of the
bear party since that time. The re-
newed ebullition from Boston through
the medium of the advertising col
umns and the telegraph had its effect
in the latter part of the day and i'm
ported some new courage to the bear
party but they re-bought hastily. The
lethargic demand manifest throughout
the day was, calculated to invite at
took from the bear party in the specu-
lation. The less favorable crop aspect
was dwelt upon to some extent to
warrant the contention for lower
prices. Further detailed accounts of
the condition of cotton empha sized the
expectation of a showing of serious
deterioration in that crop in the gov
eminent estimate to be published to-
morrow. The cotton stocks, both
amongst the railroads and the indus
trials, were amongst the few to show
some strength today. But the largest
part ployed by cotton exports in our
foreign trade makes the prospect of
that crop of peculiar interest at this
time owing to the Importance of the
exchange situation on the future of
the money market Last years de-
cline in exports of merchandise and
the very heavy imports threw the ex-
change situation out of normal. In
order to tide over the situation Amer
icon borrowings in Europe have been
very large. estimated by some author
tiles at as high as $500,000,000 now
outstanding as Indebtedness against
this country. Reliance has been placed
on a subsistence of the excessive inn
port movement and upon the placing
of some forthcoming issues of rail-
road securities abroad as we'll as upon
teh exports of domestic products to
afford resources for meeting this in
drbtedness as it natures. serious
shortage of exportable cotton would
upset one factor in these calculations.
London sent reports of a weak market
for copper at that center. The un-
changed dividend on American Smelt-
ing seemed to cause some disappoint-
ment to spectators. Time money
rates went ON hardening and the banks
are losing cash by Withdrawals for
the west, but call loans were not af-
fected. Bonds were irregular. Total
sales. par value $9.S60,000. United
States bonds were unchanged on call.