Norwich bulletin. [volume] (Norwich, Conn.) 1895-2011, 1910-10-26
FINANCIAL and COMMERCIAL.
CONFLICT OF VIEWS
Between Strong Speculative Operators
Price Movement Almost Suspended.

New York, Oct. 25.-The contrary
sufficient to hold the price movement
almost suspended. Dealings were
highly concentrated, both on the buy
Ing and the selling sides. This was
true not only OF the congestion of OPP
erations in three Or four stocks, but In
the large orders executed by single
firms The effect was to suggest a con-
f1ict of views between strong specula-
tive operators. The dealings fell to a
low point of activity in the intervals
between the transactions on a large
scale. The rise in the call money rate
shifted ths waverins sentiment TO the
side of depression and made the weak
chasing.
An attentive eye was fixed on the
developments in foreign money mark
cts in conducting operations in stocks.
There was considerable pressure of
selling orders for foreign account in
the opening dealings and these were
an element in the early weakness dis
played by stocks. Tho London selling
was accompanied by intinlations that
fears we're felt there that the Bank of
England would make another advance
in it's official discount rate at an early
day This view seemed to be modified
to some extent by the gain of $1,000
600 gold on balance by the Bank of
England on the days operations. This
sum agreed with that named as the
amount advanced by the Bank Of
France on three months discount bills
from the London money market yes
terday. The decline in the London ex-
change rate at Paris today served as
additional confirmation of tho report.
While the amount is comparatively
small the transaction is significant as
indicating the policy of the Bank of
France to accord assistance TO the
English money market, and, preSum-
ably, to operate against another rise
in the Bank of England discount rate.
The prospect seemed to relieve anx-
iety in New York and was called a
factor in the firmer tone developed in
the stock market. The call money rate
went to 4 per cent. in the afternoon,
the highest since May. and counter
acted on the London money influence.
The sluggish resistance of the gen
eraI list to depression was helped by
strength of individual stocks and
groups which was not explained by
special news. The New York local
fractions advanced in concert. suppos-
eddy on account of reorga nization plans,
prospective new subway bids or re
ports Of expanded traffic. The price
of copper declined in London and there
We're weak points in the metal group.
United States Steel was supported on
the assumption that a favorable con-
struction could eb placed on the quar-
terly statement, though that return
was not to be published until after the
close of the days business. The con-
fdence in an early revival of demand
from the railroads is relied on to offset
the fact that present production.
though on a reduced scale. is so far in
excess of bookings of new orders as
to indicate a substa initial shrinkage in
the amount of untitled orders for the
next monthly showing. There was a
mixture of misgivings over the steel
trade position. dislike of the strong
advance in the cotton market and I'M
easiness over the advance in the call
loan rate involved in the late weakness
of stocks.
Bonds were irregular. Total sales
par value S2,969, 000. United States
nouds were unchanged on call.