Norwich bulletin., 1909-12-01
FINANCIAL AND COMMERCIAL,
IRREGULAR MARKET.
Free and General Sellins--RaIlies-
 Quiet and Hesitatins Tone.

New York, Nov. 30.-Ths movement of prices in the stock market today was ascribed more to technical causes than to the reflection of opinions or causes bearing on values. Periodical adjust ments of the purely speculative posi- tion to the operations which that po- sition is intended to anticipate always intervene in the course of the stock market movements. Today there was a considerable body of absorption by uncovered shorts and by new buyers for long account to offset the liquida- ton winch was caused by the events of the last few days. There was a near enough balance between these op- posing forces to bring prices back over their own course and to lead to con- siderable unsettlement of sentiment in consequence. The professional traders felt the pulse of the market eagerly and constantly, and ther shifting of position had much to do with the va riations in the price current. Tester days violent and closing break in prices evidently disturbed headers of stocks in widely extended fields. Lend CTS of money on stock collateral ap- parently shared this uneasiness to an extent which promptly calls for addi- tional margins and, in some instances, precipitated liquidation. There was
 
 forenoon, and the early buying to cov- CT shorts was not sufficient to overcome the downward tendency. This buying found supplies freely offering, and the professional bears, in consequence. put out fresh short lines and helped to the making of new low prices. Later ral- lies developed smaller offerings, all though the demand for stocks at the recovered level proved meager and cautious. The quiet and hesitating tone of the latter part of the day was the natural result of these factors at work. The one party in the specula- tion remained uncertain whether the selling on account of the apprehension over the antitrust programme had spent it's force and whether unpropi- tious factors were sufficiently cleared Up to open the. way for renewed ad- vance. The other party feared the over-extension of the short interest and possible embarrassment in getting back stocks sold short The prominent place held in the list of declines in the stocks of the great industrial combina- tions was witness to the influence on the market of uneasiness over possible new anti-corporation legislation by congress. and the effect on public sen timent of the revelations of misdoings on behalf of the American Sugar Re- fining company. The additional en- agreements of gold for export make a continuing drain on the cash holdings of the New York banks and the move ment of currency from the interior inn piled by the maintained rate of New York exchange at Chicago does not in- sure an entire offset to that movement. The preparations in progress today for the December money settlements would call for lan estimated total of S90,00O,- 900 in New York, and no appreciable effect on the local money market. The stock market liquidation effected In the last few days evidently had released a considerable body of credits. The strength maintained in the foreign exchange market indicates a demand for remittance which suggests the pay ing off of obligations maturing abroad. This process, which goes on in spite of the easing of the private discount rate in London and Berlin is the meas ure of the necessity felt in London to safeguard the banking position until the fiscal settlements growing out of the budget rejection are determined. A good showing of October net earn ings helped some of the railroads, not ably Union Pacific and Southern Pa- ciffc. Rock Island and Wabash pre- ferred held some strength on deal ru- mers. Bonds were easy. Total sales, par value, S3,3z0.00O. United States fours registered declined 1-4 per cent on call