Norwich bulletin., 1909-11-09
FINANCIAL AND COMMERCIAL,
UNCERTAINTY
Over the International Money Situation Stock Market in Sluggish Neg feet.


 New York. Nov. S.-The initial up-
 ward impetus to stocks today came from professional buying to cover short
 contracts, and was based on the de-
 cision of the Imperial Bank of Ger
 many to leave its minimum discount
 rate unchanged On Saturday there
 had been reports that the rate would
 be raised today and would compel the
 Bank of England to take similar ac-
 tion on Thursday. With the satisfac- eion of the demand from uncovered
 shorts the stock market fell into slug g'ish neglect, restrained apparently l by the remaining uncertainty over the international money situation. The closing was easy. The weekly return
 of the Imperial Bank of Germany, while showing an improvement in condition,
 went but short way towards making up the deterioration of the previous
 week in connection with the November settlements. The bank regained this
 week but $1,S96.200 of the $10, 900 ! in gold last week and the credit and note contraction also was in small pro- portion to the huge expansion of last
 wek. The Bank of England secured
 the $2,500,000 of South African gold | available in the London market, but the London control of New York S gold was reasserted in the resumption
 of the outgo of gold to South America, engagements to the amount of over a million being announced for that des- tinatioQ on Wednesday. The Bank of England also borrowed from the Lon
 don open market This and the con- temptation of the complexion of the Saturday bank statement published here was a corrective of any langer of over confidence over the clearing of the financial outlook. The move
 ment of the sterling exchange rate at Paris, which advanced full centime to above the par of exchange, raised
 dicussion of possible movement of gold from Paris to London, which
 would be accepted as an important re-
 lief force of the situation in London The money market at Paris is the most abundantly supplied of all the interna- | tional money markets, and the discrep- ancy in the interest rate in London is prompting purchases of financial paper in London by French banks. The in | f1uence of the cotton speculation upon the international exchanges became
 perceptible today in connection with the violent slump in the prices of cot
 ton. Cable remittances by foreigners
 to replenish margins on cotton hold
 ings caused a decline of several points
 in Cables on London while other ma
 turtles were unaffected yet The pub
 lisehd outline of some of the subjects
 to be treated in the presidents mes
 sage to congress recalled attention to the approach of the assembling of that
 body and to the regulative measures
 that may be directed against corpora
 tions by the legislation of the session.
 A notable strong feature of the days market was Amalgarmated Copper
 The influence back of this movement
 was the persistence of rumors both
 from abroad and from domestic sources of the progress towards a working agreement of the various important
 interests amongst the copper produc-
 CTS. The London price of the metal rose in connection with these reports in spite of the expectation that the statistics for October of the Copper Producers association would show a further addition to surplus stocks of the metal A Hull in the sales of pig iron since the first of November was another item of the days news which may have aggravated the selling pres
 sure on United States Steel. The late rise in call loans to per cent. also was against the market. Foreign ex- change rose strongly in face of the .stifening of the nancy market, and New York exchange at Chicago fell back to 45 cents discount per $1,000. Bonds were steady. Total sales. par value, S9039000 United States bonds were unchanged on call.