Norwich bulletin., 1909-10-26
FINANCIAL AND COMMERCIAL.
RECOVERY IN PRICES.
Foreign Money Markets Show Reiaxa- tion-VoIunne of Dealings Diminished


 New York, Oct 25.-The specula- tion in stocks today continued to find practically all it's incentive from the conditions ,n foreign money markets, although those influences were revers- ed from the effects shown last week. This was due to the relaxation in the foreign money markets, partly actual and partly from results that had been only dreaded but not realized. The latter was the case with the action of the Imperial Bank of Germany, which was expected on Saturday all most certainly to raise it's official dis count rate today. It was taken for granted also that this action would have been followed by a further rise in the Bank of England official dis
 count rate. It was known by the time for opening of the New York stock market that the German authorities had decided that it was unnecessary to advance the minimum discount rate and the report of condition of the bank offered explanation for this de- cision in the strengthened position disclosed. Not only was the bank showing of good effect on Berlin, but that center also had a report that the Bank of France had determined on measures to aid in relieving the international money markets. What llt lIGdSuItS BliBnl DC uiu AOl e1pRtdA but the undoubted ability of the Bank of France to effect relief if such pol
 icy were decided to be wise, gave the report much influence. The strong po- sition of the Bank of France has caus
 ed longing glanceS to be cast in it's direction from points where borrowers are beginning to feel the pressure of rising interest rates The Bank of France has such authority over it's F-. ,rc craI1 kA l. hn aur-f
 ing with it largely a matter in the discretion of It's governors, and up to today no suggestion has been heard of a likelihood of that Institution com ing forward to supply any part of the demand for gold It was this sit uation which made New York the most probable point for the diversion of the demand for gold from London. With the new aspect of affairs, there was easier tone in the London discount rate and in the foreign exchange mar ket in New York. The prospect of any direct shipment from here to London seemed less likely. The Satur- day bank statement also had it's in- fluence in reassuring sentiment over the money outlook. Weakness in the copper metal market in London was ascribed partly to the tight money market the heavy stocks of copper Wihth are pSi'S
 tensive credits and this forming no small factor in the present situation This selling of copper in London was without effect on copper securities in New York, which were leading fea- lures of strength in the days recov- cry. Large buying orders for stocks were executed here for London account and this influence dominated the tone of the early market. The prices thus made were better to some extent as the day progressed. but the volume of the market diminished greatly. The United States Steel quarterly report to be published tomorrow came in for some hopeful discussion. Covering op- erations by bears played an important part in the price recovery. Bonds were irregular. Total sales, par value, $3,- 929 LOGO. limited States bonds were lu- changed on call.