Norwich bulletin., 1909-05-25
FINANCIAL AND COMMERCIAL.
CROP SCARE
 HAMMERED SPECULATION
Net Prices Little Changed at Close of
 Days Business.

New York, May 24.-The specula- tive movement in stocks was nampered today by the appearance of an incip- tent crop scare of moderate propor- tions. The character of some of the assertions made by professional crop experts regarding conditions in Kan sas, Missouri and Oklahoma was dis liked by the bulls an stocks, although highly relished by the bull party in wheat, as witnessed by the soaring of the price of wheat to new high levels. The incident served to bring into prominence the importance to be at- tached to the crop outcome to insure the prosperous course of events which is so confidently foreshadowed in the recent acction of the stock market. It was a reminder, also, of the possibility of working up crop scare of much portentious showing, which might serve to upset an extended speculation in stocks if it were, entered upon dur ing this crucial period of the growth of the crops. This was the only case discernible for the check to the specu- lation, which charted fairly enough in continuation of the movement in prog ress on Saturday. The promise of the Improvement in the banking position was held to be fulfilled by the com plexxion of the Saturday bank state ment. The call money market was ap- preciably easier and the course of the international exchanges seemed to lessen the probability of further ex- ports of gold from New York to Paris. The sterling exchange rate has risen at Paris and receded in New York suf- fciently to wipe out the margin of profit on the movement of gold to Par is from here. Conditions were consid- cred suspicious for the further new bond issues which confront the mar ket, including g, coming sale of $40,- 100000 of New York city 4 per cents, announced during the day.
 London was a buyer of stocks in this market, and better views prevailed of probable foreign demand for new bond issues. London also helped the early strength in two copper indus trials, the metal advancing in price in that market, and a lively speculation in copper mining shares was an &C., compartment. The early efforts to get prices up were furthered by some ru- mors favorable to Individual securities or groups. The conspicuous strength of Northern Pacific and Great North ern preferred was traceable to rumors of an intention to raise the Chicago, Burlington and Quincy dividend to a 10 per cent. rate. The bulk of such a distribution would go to two Hill con- panies through the Burlington stocks
 
 cent. collateral bonds are outstanding There was a movement in a group of the Independent steel industrials which pointed to a common cause, in this e. SC a report of an intended combina- ton or closer working of those com panic stogether. United States Steel itself was strong, touching a new high record. A favorable impression was made by the determination of Fall River manufacturers to forego their privilege of reducing wages under a sliding scale arrangement, the action being received as an evidence of con fidence in the outlook. The successive departure of many men prominent in financial affairs for prolonged absences is taken to foreshadow period of quietude in the working out of flnan- cfal projects. The smart rise in the Fries at the. end of the day was taken to indicate an early announcement of financing. This helped to pull up prices elsewhere and leaves net prices little changed.
 Bonds were irregular. Total sales. par value, $3,46S,000. United States bonds were unchanged on call