Norwich bulletin. [volume] (Norwich, Conn.) 1895-2011, 1909-10-19
FINANCIAL AND COMMERCIAL.
FREQUENT FLUCTUATIONS
Indicated FeVerishness and Great >lr
resularity-High Prices at Outset.

New York Oct 1S.-The FREQUENT
fluctuations in the prices of stocks to-
day gave the market an appearance of
great irregularity and feverishness.
Some of the movements were traceable
to special influences, but the action
of the market as a whole was regard
ed as normal sequence of last week s
market. The more frequent and mar
rover movements today represented
the dying down of the influence which
caused the wider and more sustained
movements of last week. The violent
rebound in prices of the latter part of
last week was due manifestly to short
covering operations. The rebound was
extended at the outset today. but the
reduction which had occurred in the
uncovered short interest, and, by con-
sequence, in the potential demand for
stocks, made itself quickly felt The
high opening prices and the inflow of
outside buying orders which accom-
panied them afforded an inviting OPP
portunity to sell stocks and this was
taken advantage Of During the re-
mainder of the day the market under
went many vicissitudes. The profess
sional element was alert and the quick
turns in the tide of the market were
due often to these waves Of suspicion
and to no other apparent cause. The
conspicuous place taken by the stocks
associated with the name of Hawley,
and the comparative Responsiveness
of the general list in these movements,
was one cause of suspicion which is
sued in free selling of the general list,
and especially in those stocks which
have made up the bulk of the specula-
tive operations for long time past.
The contamination of the Missouri
Kansas & Texas deal last week was
the ostensfble ground for the con-
centrated movement in the HaWley
group and the attention it attra cted
was emphasized by the supposition
that the operations in the INTERIOR
ough- Metropolitan stocks were from
the same source. The professional
element deduced an inference from
certain operations in the loan crowd
in which United States Steel figured
as collateral that there had been no
concealed liquidation going on in that
stock, which, it was feared, might
come from Informed inside sources
Hence the free selling of that stock
which followed, and which caused a
decline of almost points from the
high 10 the low quotation. This move
ment carried with it all the stocks
which have been most affected in SYM
pathv with the prolonged rise I'm Unit
ed States Steel. The securities con-
nected with the copper industry were
q strong factor in the early market.
This strength was accompanied by
rise in the price of the metal in the
London market. and by rumoT from
Paris Of tht projected formation of a
syndicate of American copper inter
ests which would exercise closer
control of the production and prices
of that metal A later reaction in
the London copper market and reports
from the domestic trade of declining
consumptive demands in face of the
record rate of production left those
securities vulnerable to the reactionary
tendency of the whole market. The
weakness of the mid-session was at
tributed to some extent. to the ex-
pectation of possible decision from the
supreme court in Washington on one
or two cases that are deemed import
ant from the standpoint of security
values. The rallysin the market came
after it became known that no decis-
ions would be handed down today but
this was regarded rather as coinci
dence than as cause and effect. The
tone of the muI.cy market was called
easier. following he strong bank
statement of saturday. Foreign rates
Of exchange are strong and the de-
mand for remittance was active. Con-
sidering the wide price fluctuations
during the day, fnal changes In stocks
are surprisingly small. Bonds were
irregular Total sales, par value S..
5l3 900. United States bonds were un-
changed on call.