Norwich bulletin., 1909-09-04
FINANCIAL AND COMMERCIAL.
U. s. STEEL DOMINATED MARKET.
Enormous Blocks Changing Hands
 Stock Prices Continue to Advance.

New York, Sept. 3.-Prices continued
 to advance today in the stock market
 with a rather desultory demand. The
 transactions in United States Steel
 dominated the whole market, enormous
 blocks of that security changing hands
 throughout the day. The opening sales
 were of 13,500 shares, the orders being
 executed simultaneously at 7S 7-S and
 79. thus establishing the stock on a
 new record basis. A market in which
 United States Steel rose for the first
 time above so, as it did late in the day,
 cannot be called entirely uninterest1ng.
 yet the comparison of sales of United
 States Steel with the aggregate of all
 stocks shows how largely that stock
 overshadowed everything else Trade
 news on steel continued encouraging,
 but the movement in United States
 Steel was accompanied also by signs
 of a highly speculative origin. Pains
 were taken to employ the cable to re-
 port that predictions were current in
 London that the price of the stock was
 to go to 90. Chicago sent report
 that an increase in the dividend to
 per cent was in contemplation at the
 next quarter and to per cent. soon
 thereafter. Longer range predictions
 figured next years business at an az
 gregate of round billion dollars. The
 fact that most of these tips" were in
 capable by their nature, of verifica-
 tion or of refutation did not seem to
 rob them of their influence in the spec
 ulation. The sympathetic effect on the
 general list was considerable, but not universal. The upward movement was uneven and did not affect some of the
 inactive stocks. Covering of shorts
 by the bear party on the eve of the
 three days holiday was given large
 credit for the price movement. The failure of a stock exchange firm Of
 minor importance passed almost with
 out notice, coming. seemingly, without great surprise. The weakness of the local traction group was due to the appointment of a receiver for the Met ropolitap Securities company. this fur ther complcating the involved finances of the companies. Special strength in the Rock Island stocks was accompa- nied by rumors of an early resumption of dividends on Rock Island preferred and on St. Louis and San Francisco second preferred. The copper stocks hung back and reselling of refined cop- per by second hands kept up the un- favorable impression of market condi- tions for that metal. Preliminary esti-
 mates of the. weeks currency move ment compiled by the banks themselves 1 indicate the balance of the movement l still in favor of New York, but for a less amount than last week. A de- cline in cash holdings of near S3,000, 900
 seems likely to be shown by the bank statement. The quiet tone of the l money market seemed to leave no room 1 for uneasiness on the part of specula- tive borrowers. There was some signs of disapprobation on the part of the banks with the volume of loans of some stock market borrowers, nevertheless and some recent selling of stocks was | said to be in response to intimations from the banks. Bonds were steady Total sales, par value, s, 320, GOO. Unit ed States fours registered have de clined one quarter and the coupon one l half per cent. on call since last week