Norwich bulletin., 1909-10-08
FINANCIAL AND COMMERCIAL.
SUBSTANTiAL RECOVERY.
Money Market Also Shows Signs Of
Having Been Eased.


New York. Oct. THE stock mar
ket gave early evidence today that
the liquidating pressure on United
States Steel had subsidized and the
tone of the whole speculation was
shaped accordingly. United States
Steel continued disproportionately
prominent, but not as unduly so as
yesterday. The $4,000 shares of
United States Steel dealt in yesterday
out Of an aggregate OF 100000 for all
stocks do not include the so-called
stop-loss orders. which, under a rule
OF the stock exchange, are not printed
on the tape. That is to say, a custom
err having ordered his broker to sell his
stocks if the quoted price shah recede
to a designated figure. the sale is made
for what price it will bring when the
set price is reached but no report is
made of the transaction. Allowing for
these sales, which are known to have
been on an enormous scale in the case
of Steel, and there is seen to be room
for an extensive clearing up of the
speculative position in the amount OF
business done in the stock yesterday
and the day before. The way was
thus cleared for the substantial recov-
cry of today. Weaker accounts had
been wiped out and transferred to
hands better able to care for them. The
been eased also by the substantial loan
repayments which must have accom-
panied the stock market liquidation of
the past day or two. Funds were re-
ported in better supply early today
although the loaning rate was not ma
terially affected. Bankers closely as
ISOLATED with the United States Steel
corporation offered large sums in the
call loan market 1t was the measure
Of This n raTIaniah h. 1Ixr
that were given responsibility for the
weakening Of the foreign exchange
market yesterday, with talk of early
gold imports and relief of the money
market. The immediate effect of this
development was the advance in the
official discount rate of the Bank of
England today from 2 IL to 3 per
cent. The hardening OF the private
discount rate in London and the
steady inroads making on the banks
bullion holdings revealed by the week
ly return published today made it evil
dent that the advance in the official
rate was imminent anyhow. Word
from Berlin also points to an early
further rise in the official discount rate
OF the Imperial Bank of Germany The
private discount rate rose in Paris to-
sharp decline in bullion holdings. but
with heavy contraction in outstand-
ing note issues and credits. The foreign
exchange market in New York was
greatly unsettled in it's efforts at re-
adjustment to these changes abroad,
which operated as obstacles to further
extension of credits to American Dor
rowers. The supply of funds loanable
on call diminished as the day proceed
ed and other stiffening in the rate
served as an admonition to the specu-
lative borrowers and turned early buy
ers into sellers. The buying movement
had been varied and uneven. The rise
in United States Steel, Union Pacific.
Reading and New York Central sup
piled the most substantial portion of
the movement. The widest fluctuations
otherwise were in minor class of
stocks, both railroad and Industrial.
The soft coal carriers were strong as
group. led by Pennsylvania. The
steel industrials all rose briskly in
sympathy with the movement in
United States steel The low priced
southern and southwestern railroad
stocks had a good advance. An in
crease in the Rio Tinto copper mining
dividend had less effect on copper Sc
curities than had the Increasingly un-
favorable statistical position of the
metal. The reselling OF stocks wiped
out gains in the principal stocks be-
fore the day was over and made the
closing weak. Bonds were irregular.
Total sales, par value. s4.es6, 600
United States twos declined Is per
cont. on call.