Norwich bulletin., 1909-05-06
FINANCIAL AND COMMERCIAL.
ELEMENTS OF STRENGTH
In Price Movements of Stocks-Mixed
 Tone in Speculation.

New York. May 1.-The stock mar ket today showed the waning influence of the commodities clause decision in some subsistence of activity and in a mixed tone in the speculation. The stimulating influence of the supreme courts action had the edge taken off it by the reports of the cabinet meet ing at Washington yesterday and the discussion said to have taken place there of ways and means to amend the Hepburn act in a way to make the ob- tect of the commodities clause effective and within the limits permitted by the supreme courts decree. There were elements of strength in the days price movement of stocks, but they were diverted to the less Influential Quarterc of the list except for a late advance in Southern Pacific. In the usual market leaders, especially in Reading and Union Pacific, the fact soon appeared that effective selling orders were placed in the market to meet any further advance in prices, The volume and persistence of these selling orders led to their character ization as important. Their effect was to dampen the enthusiasm of the bull party and to prompt to greater eau tion in the extension of their opera tions. This selling seemed to be invit- ed by the extent of the rise which has occurred and the resulting profits ac- crued rather than by any develop ment of an unfavorable nature in the condition of affairs. Naturally more attention was given to unfavorable possibilities with the check to an up- ward tendency to prices established. The crop outlook came in for renewed consideration. Advices from various sources continued to show the delay in seeding and in growth caused by the II. l. Al. chances for making good the delay were kept in mind, the point was en- forced that account should be taken of the fact that crops are several weeks later than the normal in developing Not only grain crops. but cotton plant ing is affected by these conditions. Stock market operations desire to see the complexion of the government re- port of crop conditions to be issued on Friday to help in estimating the prospect. Bankers are coming to feel that they are entitled to better inter est rates for their money and time money brokers report that the supply of funds for that purpose has been di- unfinished in the last few days by the practical withdrawal from the market of some of the important banks and trust companies. This action is based on the assumption that any effective revival of trade such as is not hoped for must improve the demand for b.-pking facilities The disposition to hold funds in hand for this purpose warrants a hopeful view of the trade outlook. It is commonly agreed, how ever, that any growth of activity in the demand for money. aside from speculative uses, will modify the spec ulative position and hamper the abun- dant facilities which have been en- joyed for that purpose for many months past. The result of the days operations was practically a drawn battle between the contending forces in the speculation. Bonds were firm. Total sales, par value, $6,95S,OOO. Unit ed States bonds were unchanged on call.