Norwich bulletin., 1909-10-28
FINANCIAL AND COMMERCE
IRREGULAR PRICE MOVEMENT. Easing of Local Money Market Sent
 Prices Up Near the Close.

New York Oct. 21-The feeling of uncertainty which has invaded the speculation in stocks was manifest in the halting and irregular movement of prices today. The principal sources ot this uncertainty were found in the doubtful interpretation tG be placed on the quarterly statement of the United States Steel cooperation and in the problem of the international money markets. The sense of ppointment with the outcome of the tnited States Steel meeting was not disguised in speculative quarters. The result was seen in the selling orders which car ried the price dOwuWards during the morning. The intrilsi" strength of the steel trade position Nhich was reveal ed by the cOTpOF$ ions quarterly re port was recognized. but the unprece- Gented price to whi,h the stock had been lifted and the assertions that have been put in circulation of the facts which were to be disclosed by the quarterly report had prepared eN- pectation for an unprecedented show ing in the various items Of the report
 This the report did not show. AS a consequence measures nf support were found necessary tO prevent the price of the stock from rGn"!9g off and va riOus explanations were found neccs- sary to break the force of the disap
 poiHtment over the financial showing. This was especially true O. the item of thrilled orders on hand at tho end of the quarter. regarding which i, was alrged that an advantage for the cor
 poration lay in having rCirained from filling up it's order books at the lower prices recently prevailing and in d rising market. An echo of the recent runners of a special development which was heard in q new irtimatiOn that some financial plan. instead of being acted upon al yesterdays meeting. is simply held in abeNaucc. Officials of the corporation wore disposed to fronn on this suggestion. without offering any definite statement on the subject. The resumption of special appropria- ticns for additions to property was read as contradiction of reports of all intention to fund such past appro- pTiations- into bond issue. II gave occasion. also for 2 comparison whi, h revealed tj1" excess Of similar auprc- pTiations in tho past us well as those for depreciation over those provided in the September quarter. Develop meuts in the money market were call cd favorable and an easier tone was perceptible roth for call and time funds. Offerings were made by sO1e of the important money lenders who have been practically out of the mar keI for some time past. These offer ings were de smed sieuif, ant Of a change of policy uu the part of nnu ential financial authorities towards the money market. II berame known that the city of New YOris has effected tlc 5 tlc recently of large amounts of reve- nuc warrants and placcG them with purchasers in Paris. This has the ef- feet of providing for fhe maturity o. similar warrants to the amount Of 'S25.0 900 which are held abroad and which fall due on Nov. 1. The relief thus afforded from the pressure to se- cure exchange mi Tt be counted uE on [ h eof c0nsidera ole effect. The cas- iu" of the local money market sent stoI ks upwards in the latter part oi the day and closing prices were well above last night. Bonds were i-regull |. Total sales. par value. S3.740.G00. Unit ed States threes registered and fours coupon declined Is per cent. on call