Norwich bulletin., 1909-04-28
FINANCIAL and COMMERCIAL.
SPECULATIVE UNCERTAINTY.
Price Movement Hating and Irregular
-Shrinkage in Dealings.

New York, April 27.-The hating and
irregular price movement in the stock
market today argued speculative I'M
certainty. Not only was the price
movement wavering and doubtful, but
the dealings underwent a considerable
shrinkagc. The subsistence in activity
extended to the bond market and the
tone there was rather heavy as well,
with none OF the rapid absorption 60
ing on that was in evidence last week.
The conviction still held that the pros
pect of some curtailment of the re-
dundant money supplies was at the
root OF the sentiment for slowing up
the pace of the speculation. The call
loan market Is but little affected, but
the facility with which credits can be
obtained for speculative use is modi-
collateral is one method Of indirect
admonition adopted by the bankers;
this makes its influence especially felt
in the class of closely held usually OBJ
scure stocks which have been to prom
inent of late in the hands Of the mar
ket pools. In contrast to the rigid hold
ing Of prices in these stocks, some Of
them are now found without adequate
support and yield abruptly on scarce
ly more than nominal offerings for
sale. The heavy undertone of the
market had no news to explain ii, and
there were stocks which made sus-
tanning points in response to favorable
advices. United States Steel was firm
on account Of the general conjecture
that the quarterly report Of the earn
ings for the first three months of the
year to be published after The market
closed would make a favorable con-
trast with the preceding quarter, and
especially would be better than sup
positions current some time since. The
estimates current during the day Of
the earnings to be reported, ranged
from $21, 100000 to over $4,000, 900, and
as the actual report gives the figures
az $22,921,26S, the accuracy Of the in
formation on which operations were
based may be Judged. The iron and
steel industrials were helped also by
reports of locomotive orders from sew
eral of teh large railroad systems. An
unconffr1ned report was also circulat'
ed that the Carnegie company had ad-
vancej the price of bars. plates and
tons. Another point selected for meas
ures to support values was in the local
traction group and this proved unfor-
tunate, since the news Of the reconsid-
GRAFTON and passage by the senate at
Albany Of the five cent Coney Island
fare uca sure came in the midst of the
advance in those stocks. The violent
reaction which followed in Brooklyn
2 tllSL iidu Il ulsluEDlNB ana unset
tliHg effect on the whole list of securi-
ties. The metal stocks other than steel
and the smelling stocks were weak
points, and offset the influence of the
firm tone of United States Steel itself
The decline in Reading also had its
usual strong sympathetic effect on the
whole market. The belief that a set
Element of wage agreement with the
anthracite miners was imminent failed
to help the stock. The change in the
Turkish sovereignty was accepted with
the same equanimity that other recent
events at Constantinople have been. In
terest rates continued to advance over
the year maturities, commanding 31-4
TO Ia compared with a recent rate
of per cent for that period. An
upturn In wheat was not of a favor
able effect on stocks. Bonds were
heavy. Total sales par value, $5,oOS,-
600. United States bonds were I'M
changed on call.