Norwich bulletin. [volume] (Norwich, Conn.) 1895-2011, 1909-09-14
FINANCIAL AND COMMERCIAL.
DULL TRADING IN STOCKS.
Few Remaining Traces of Feverish
ness in Union Pacific Movement.

New York, Sept 13.-The dull trad
ing and the narrowing price f1uctua-
tions in today's stock market marked
the normal rate Of subsistence from
the violent contortions of the adjust
ment of last weeks leading event. No
one supposed that the death of a cap
italist of Mr. Harimans power and
grasp contained any positive force for
retirement of values of securities. The
early termination OF the headlong adj
varce of Friday was expected, there
fore. and the agency of the uncovered
short interest in causing it was quite
Justly recognized The reactionary
tendency which developed on Saturday
was pushed by various professional de-
vices today in the effort to widen the
spring of the price movement, on
which professional trading profits de-
ponds. The growing exhaustion of last
weeks powerful motive forces was
manifest in the restriction of the re-
action and the later auttering vibra-
tions of prices. Such action repre-
sents the settling down of the market
to await new developments. The re-
naming traces of feverishness in the
movement of Union Pacific were &C
countable by the steps taken towards
the continuity of its administration
and to some of the rumors bearing on
the future policy of the vast interests
and the powerful influences thus in
volved. The prompt election of new
members of the board of directors
and of the executive committee was
regarded as intended to put stop to
some of the rumors of alleged contem-
plated changes. The expectation that
a member of J. P. Morgan & Co. was
to be admitted to the board was thus
disappointed. The disturbance of SEN
timent reported from London as due
to rumors of antagonism between
powerful banking interests was sup
posed to be connected with this sub
iect. London also took an unfavorable
view of our monetary outlook and was
disquieted. as well, by the American
copper statistics as showing a rate of
production still running heavily in ex-
cess of consumption. The relative po-
sition of United States Steel and Anal
gamated Copper, which changed on
Saturday when the former rose above
the latter for this time, was unaltered
today. The unsettlement in the mar
ket was aggravated by rumors that
embarra ssments of brokerage houses
was threatened as consequence OF
the violent fluctuations of the recen,
past. The denial of these rumors gave
the market its show of strength dur
ing the mid-session. but a fresh reac-
| ton in Union Pacific later proved its
influence on the general list still main
tanned. The complexion Of the week
" bank statement, published after the
| market closed on Saturday, came In
for much discussion and prepared SEN
| tlment for future hardening OF
money rates. While firmer rates arr
quite generally expected, bankers dc
| not anticipate tight money markets
| this fall, in spite OF the narrow mar
gin OF the surplus reserve of the
banks at present A rise in Chicago
| exchange to twenty cents discount pc
81 eco was a development of the day
| but the tide of the currency movement
| is strongly towards the interior. IL
London, Russian competition for tn
gold arriving caused a sharp jump il
| the marfiet price. In the local none,
| market the feature was an active de
tmand for money carrying over the en'
| of the year, for which A Ia per cent
was paid. There is an increasing sup
ply. also of commercial paper ant
| prime grades for the regular maturi
ties were marked up to 80 and
per cent. The range for call loans wa
| not changed, but. some of the bank
are said to be calling loans. The fal
| in Union Pacific, allowing for the div
/ ident off today, carried 1t on 3
from the high point OF the rally touch
| ed on Saturday The closing OF tn
books today for the coming annua
meeting ends any demand FOR repre-
sentation at that meeting.
Bonds were weak. Total sales. pa
value, 1856, 900. United States bond
were unchanged on call.