Norwich bulletin., 1909-11-11
FINANCIAL AND COMMERCIAL,
PRICE MOVEMENT SLUGGISH. Market Still Under Restraint of Inter
 national Money Position.

New York, Nov 10.-The securities market today remained under the re- straint of the international money po- sition, as was shown by the apathy of the dealings and the sluggishness of the price movement. The check which was administered to the early declin- ing tendency of prices and the later recovery were due to a hope that the
 Bank of England authorities, would leave. the present official discount rate unchanged at their session tomorrow
 The process of recuperation of the
 banks position. which was quite mark ed yesterday, fostered this hope, al- though today's movements showed some exhaustion of the forces making for that recuperation. Paris did trans- init a small sum of gold to London yesterday, 1,250000, but the result was a reaction in the sterling exchange rate at Paris today of one centime. There were additions to the engagements of gold in New York for shipment to Bra gil, which are made on orders from London and represent a relief of re- quirements, which would otherwise fall on the London market. The call loan rate in New York rose at an early hour to yesterdays 5 1-2 per cent. Maxi mum rate and the sterling exchange rate ran off in response, although it steadied again later in the day.
 It is expected that further shipments of gold to South America will be made from New York on London account. There is a. recurrence also of the in- terior demand on New York for cur rency, notably from the northwest, which exchange on New York declined further at Chicago to a discount of 50 cents per $1,000.
 Government payments on Panama canal account relaxed the sub treasury drain on the New York nancy market and yielded a small amount of cash to the New York banks, so that the ab- sorption on that Account for the bank ing week has reached but $1,69S, 900, compared with $4,3sS, 900 in the cor responding period last week. Today's gold shipments to Brazil which reach- ed about S1,500,000, are too added to the Sub-treasury account in computing the cash outgo. These figures keep at tentlon fixed on the fact that surplus reserves on last Saturday were under $5,000,0O0. The call loan rate of the latter part of the day exceeded the maximum of yesterday. The cautious temper of the speculation is directly due to this influence. In the dullness which results consideration is diverted to some of the more distant problems offering for solution. The effects of the reassembling of congress and the taking up of the discussion of legisla- tion bearing on corporation affairs loom larger in the stock market view as the time for them comes nearer The demand for some of the eastern railroad employees for an advance in wages did not escape attention as of- fering possibilities for widespread ef- feet on corporation net earnings in it's expected further development The revelations Of the extent of the loss incurred by the Cleveland, Cincinnati, Chicago and St Louis through defal- pany made an exceedingly bad impress sion which affected the New York Central shares to some extent. Sys- tems of accounting which leave room for so long and continued a drain came in for much criticism and inspired un- easiness on the part of shareholders The publication of the report of the Copper Producers association for Oc- tober had a weakening effect by req son of the addition shown to. the al- ready heavy surplus stocks, although that addition was much smaller than last month. Both the exports and the deliveries into domestic consumption expanded materially, but production was raised another notch to a new record. The resistance shown by the market to the rise in the money rate pfolarted frecr buying in the last half hour and made the finn closing.
 Bonds were irregular. Total sales par value. $406S 0O0. United States bonds were unchanged on call.