Norwich bulletin. [volume] (Norwich, Conn.) 1895-2011, 1909-08-04
FINANCIAL AND COMMERCIAL.
MARKET oVERcoMEs OBSTACLES
Union Pacific and United States Steel
Stocks Sell at High Records.

New York, Aug. 3.-The stock mar
ket demonstrated it's force in over
coming obstacles again today, although
those obstacles proved more effective
Pin their obstruction than for several
days past. The chief obstacle is the
pressure of stocks on the market to
realize profits accrued. The very high
altitude at which prices stand invites
to securing profits. In the case of
stocks which have risen higher than
ever before it means that anyone who
has ever purchased the stock can sell
it now at profit. Upion Pacific and
both the United States Steel stocks
sold at new high records today and
Central Railroad of New Jersey also
rose through the 300 mark to new alti-
tudes. In the case of some of the con-
spicuous railroad stocks the previous
high prices in times past were fnclu-
sive of valuable privileges and extra
distributions which have since come off.
to the prejudice Of the comparison with
the present prices. This is notably the
case with the northwestern transcon-
tinental railroads which were lifted to
extraordinary figures by the according
of valuable subscription rights to new
stock in the scramble to secure new
capital which preceded the exhaustion
which led up to the financial crisis of
the margin which seems to exist now
below the previous maximum level of
price averages. An important portion
of the realizing sales which the market
had to absorb today came from Lon
don. The market resumed operations
today after a three days closed inter-
val during which some of the striking
advances in prices have been establish
ed here. The amount of these adj
vances seemed to look formidable to
the Londoners and they sold at the
high levels of the opening quotations.
The market had become quite general
" reactionary during the midday ses-
sion and it needed the force of the eX-
ample of a concerted advance in Union
Pacific and the United States Steel
stocks to reassure sentiment and bring
about a steadier tone. News was not
much regarded during the day, but re-
ceived uniformly favorable interpre-
tation. Much was made in this way of
the grain crop advices. An advance in
the price of copper metal in London
corrected a weak point in the situa
ton and brought the copper industrials
into line with the upward movement of
prices Money market developments
received little attention owing to the
continued plentiful supply of cali loan
funds. The rising tendency of time
funds. however, continues. A four per
cent. rate was paid for six months
funds today, although small amounts
loaned at that figure and the amount
offered at that rate was reported
largely in excess of the demand. For
eign exchange steadied today and
turned from its recent downward
course. Reports were current of some
large financing in prospect by the New
York Central. Pennsylvania and the
Missouri Pacific and the effort of these
requirements on the money market are
to be considered Irregular tendencies
persisted throughout. the day. Bonds
We're irregular. Total sales. par value.
ST. zoe 900. United States fours regis
tered declined IA per cent, on call