Norwich bulletin. [volume] (Norwich, Conn.) 1895-2011, 1909-10-21
FINANCIAL AND COMMERCIAL,
PRICE ACTION CONFUSED
BY Contrary Movements Going On at
the Same Time.

New York, Oct. 20.-The dull and
hesitating tone of the speculation in
stocks was unrelieved today Prices
did not move long in any one direction
and the action was confused by con-
trary movements going on at the same
time. The more prominent issues in
which the greatest part of the market
dealings have been concentrated for a
long time past were heavy in tone. At
the same time special stocks of less
conspicuous class, including some low
price in the non-dividend payers, were
pushed upwards. As none was offered
to explain these movements it was in
ferred that they were designed for sus-
tanning effect on the general list. The
immediate condition of the local money
market was not such as TO force liqui-
dalton, in that the banks were not
actually calling loans. Supplies Of
loanable funds, in fact, were somewhat
more liberal. The suspicious DISPOSE
ton of the trading element towards
he market was manifested in the way
tEev interpreted even this seemingly
fsv orable development. 1t was argued
that these funds were supplied by for
mer large holders Of stocks who had
been selling out at the profitable level
OF prices recently prevailing and were
lending the money on account of the
more attractive interest rates at pres
ent. Beyond the Immediately easier
tone of the local money market, how
ever, the money outlook was regarded
as unassuring. The sustained strength
OF the foreign exchange market this
week, and which persisted today, has
been ascribed to paying off of extern
sive obligations by the New York
money market to foreign accounts.
This process, instead OF operating to
relax foreign money markets, has been
accompanied by steady rise in discount
rates abroad. The private discount
rate in London today rose to above the
official discount rate established last
week, and it was taken for granted
that tomorrow would see a further rise
in the Bank of England official dis
COZ mt rate, probably by one-half per
cent. and possibly by another full one
per cent. Continental exchanges moved
moderately in favor of London today
and the private discount rate at Paris
advanced in response TO these develop
ments In this country the exchange
at Chicago moved against New York
again and a resumption of interior de-
NAL DIS for currency was looked for.
A report of a contemplated issue Of
new Chicago and Northwestern stocks
was greeted with a sharp decline in
that stock and was q reminder of other
necessities for new capital overhanging
the market. Bonds of the International
Pump company also were offered both
here and in foreign markets. The
placing Of new American issues abroad
suggests another phase of the question
of securing new capital in a way that
might operate as a substitution or
funding of temporary borrowings from
foreigners and thus relieve the imme-
diate obligation to repay them. Money
factors are sufficiently mixed to
explain the hating tone of the specu-
lstIon, which kept prices within a re-
stricted range throughout the day.
Bonds were heavy. Total sales. par
value SS,0040O0 United States twos
declined Is and the tours registered
Ia per cent. in the bid price on call.