Norwich bulletin., 1909-09-30
FINANCIAL AND COMMERCIAL.
AN EXCITED OPENING.
Speculation Started at Rapid Pace
 Prices Bid Up.

New York. Sept. 2s.-The stock spec ulation started at gallop today, but the strain. of the pace became obvious at a very early period of the days trading. The rush to buy and bid up prices made an excited opening which spread prices oe the speculative favor ties on simultaneous transactions which reached as much as 20,000 shares in United States Steel and 10000 in Atchison. There were wide openings also in other stocks and the top prices then made represented the highest rec ord in some iEtsnces. This was true of United States Steel and Atchison and Chesapeake and Ohio topped all prevdous prices in the course of the day. The high opening of SOILS in United States Steel had been exceeded earlier in the day in the London mar ket, where the stock sold at the New York equivalent of 90 5-S. The realiz- ing sales which that price induced in London were continued in New York on scale downwards, and after the first half hour this influential stock sold, for the most part, below last nights prices. The first hours busi- ness saw an enormous pressure of re- alizing sales in all quarters of the list and a pause to take breath was nec- essary preliminary to a fresh start
 There were many conspicuous points of strength in the later market, but it never regained its uniform upward ten dency again. While few stocks were aggressively advanced, the rest of the list held back and in some quarters there were signs of positive depression
 Erie and ;ne Wabash securities were two prominent examples. The bond of sympathy between those two stocks Fis supposed to be the hopes for the in- creased productivity of the properties hot rUvar fo,., l.5 4I
 ifested in them by the late E. Fl. Har- riman. The present weakness of the properties is traceable to a fear that Mir. Harriman's plans for their benefit may not be carried out. or. at least
 may lack his efficient aid. Supposed dividend prospects again played an inn portant part in the speculative motive forces. It is expected that the Atch- ison dividend meeting next week will lead the way in the series of meetings to which the speculation is looking forward. The resumption of dividends in the Westinghouse Electric preferred stock today after being suspended since 1907 was the onlT tangible develop ment in the direction of increased dis bursemant of profits. The call money market remained tranquil in spite of the forces of depletion of cash at work and the time money market was nota- bly easier in tone. The banks report that large currency shipments contin- ue to the south and southwest, and the sub-treasury's subtraction of cash from the banks for the week rose today to s4,714 900. The pressure of the selling to realize increased as the day pro- ceeded and made the support of prices increasingly difficult. The closing tone was much unsettled. The number of shares sold was the largest since the excited markets in April in connection with the reported listing of Uinted States Steel on the Paris bourse. Bonds were irregular. Total sales, par value, s6,3S7. 900. United States bonds were unchanged on call.