Norwich bulletin. [volume] (Norwich, Conn.) 1895-2011, 1910-10-27
Cubs Stole Only Three Bases.
FINANCIAL AND COMMERCIAL.
LESS ACTIVITY.
Firnness of Money a Positive Force on
Side of Depression.

New York, Oct. 26.-The waning in
1uence of some OF the factors which
have been relied on to lift and hold the
prices of stocks became evident in to-
days stock market. The growing
nrmness of the money market made a
more positive force on the side of de-
preston. The technical position was in
favor of the party of reaction as re-
suit of the accumulation of holdings
in the course of the advance with no
other purpose than to resall at a
profit. Such selling was heavy at
times, but closing prices were above
the lowest.
The net earnings for the quarter
reported by the United States Stee'
corporation were almost exactly in
agreement with estimates current in
the stock market for several days pre-
ceding. The showing. therefore, had
lost all power to stimulate activity, ex-
cept there were some rea liziTg sales
from those that had counted on it's
favorable effect to make ., demand for
the stock. In the effort to support the
stock there wa 8 a revival of the ruInors
which have supplied the real basis for
the recent strength of the shares. The
report was reiterated that bankers in
Wall street have received assurances
from Wa shington that permission to
the railroads to make at least part OF
the increases in freight rates which
have been requested might be relied
on The runor caused suspicion of it's
reliability owing to the obvious impro-
priety of the understa nding limited at
and the likelihood that the report OF it
might cause agitation for an investi-
cation that might prejudice rather than
help the purpose of the railroads. Much
of the recent speculation has hinged on
this alleged understanding and the eff
fects to flow from it in the form OF
early orders for material from the rail
roads. The close restriction of new
purchases by the railroads up to the
present time is association, in the
opinion of stock market operators. with
a purpose of influence their conten-
tion for higher freight rates by offer
ing the example of the harm TO gen
sral industry OF limiting their re-
sources.
Sub treasury operations took another
large sum from the banks, bringing
the total for the banking week to s4,-
10000. A credit balance for the gov
eminent institutions al the clearing
house pointed to another large addi-
ton to the weeks Withdrawals tomor-
row. The interior demand for cur
rencY has expanded again unexpected
lY this week. This meets the neces-
sity for preparations for the November
first settlements. which include the ma
turity Of large obligations in London
and the running out of the period when
penalties begin to accrue on tie non
payment of New York taxes. The
stiffening of the call money rate yes
terday and today is looked upon,
therefore, as a mere preliminary to
even higher rates next week
The fall i'll British consols to IS ga
ma rixed so ra pid a decline in that pre-
nIier security as to demoralize invest
Hnent issues. The whole problem of
interest rates, investment returns and
the high prices Of commodities is
brought sharply into relief again by
this episode.
Bonds We're steady Total sales, par
value. $2.574.000. United states bonds
were unchanged on call.