Norwich bulletin., 1909-12-23
EXTREME DULL NESS
Due to Restraining Influence oi Tightness of Call MoI iey Market.

New York, Dec 22.- The extreme dullness into which the stock trading fell today was traceab le to the re- straining influence of u le tightness of the call money market It is the as- sumption of the profe ssional trading element that this cond ition is tempo rary-an incident to u ae year-end re- quirements-and to be succeeded, con- sequently, by relaxati0 with the turn of the year. This expe citation probably explains the underton of firmness in the market, the dispo sItion to adopt a waiting attitude, and the perceptible though slight responf to helpful fac tors. Special stocks rose from par ticular causes, in SD ite of the weight of oppression on the general list caused by the narro wing of credit re- sources. The call loan rate touched the highest of the year, and large amounts were plac ed at the higher rates. The largest of the Wall street banks was reporte to be out of the call loan market. Aside from the im- portant subtraction of actual supplies thus caused, the in cident was of senti- mental influence on account of the drawing of lines between parties of capitalists suggest ed. It is commonly assumed in stock market circles that the great specula tive campaign of the past year, while acquiesced in by all
 
 has been most la rgely entered into by the group cente ring its interests in United States St eel The illness of E. Fl. Hartman, his sudden return to this country in disI iatisfied frame of mind with events in his absence, and his subsequent des tn pointed to some withdrawals an abstentions from the grand strategy of the market. It has been occasion of remark more than once that capif al was being placed in stock market ] pans rather than in di- rect stock market commitments through source IS usually credited with acting for tn principal group now most active in the speculation. rise in money ratf $ at this time would be of more dires tt benefit to this group, in such circu instances, than would an extension of the upward movement of prices Of stO cks It is the conviction Of stock maj ket observers that much Of the yeariS accumulation of stocks in pursuance of the speculative cam paign remab as undistributed. A lack of hearty Incorporation amongst the most impon ant groups of capitalists in carrying the speculative campaign to a succersful conclusion might in volve great changes in the ultimate outcome. There were occasional re- sponses to-day to favorable dividend developmer it's, the effect being to add to the crt dence WHh which rumorS were regar ded of othhr prospective in creases. Pennsylvalia responded to the large, disbursehent to the stock holders oi, it's two subsidiary compa- nies, the Pennsylvania company and the Pittsburg. Cincinnati, Chicago and St. Louis. Belief in a special distri- button to Reading stockholders seemed to be str engthened. Industrial stocks here and there reflected the hopes of stockhold ers of increased dividends. There wa IS another revival of the cop per meri Ter story and that group of industria Is showed the effect tempo rarily. None of the days influences proved apermanent in their effect, the traders pursuing an opportunistic pol icy from. hour to hour In view of the uncertain tone of the speculation some attentio was given to reports that railroad officials were admitting some contrac lion in the volume of traffic. The dtiIlness in the pig iron market