Norwich bulletin., 1910-07-30
FINANCIAL AND COMMERCIAL.
RAPID PACE SHOWS EFFECTS.
Usual Results of Sudden and Violent
 Turn in the Market.

New York. July 29.-The stock mar Aet today showed the effects of the rapid pace at which the recovery has been going on from the acute depres- sicn of the early part of the week. The usual after-results of a sudden and violent turn in the market began to appear The substantial reduction of sfort interest diminished the urgen cy Of the demand and made it less easy for the opposing speculative party to
 bid up prices. The more substantial demand from those seeking to secure actual holdings of stocks also fell away with the movement of prices away from the inviting low prices when the turn came. The recovery from that low point has been SO extensive and so rapid that attractive profits have ac- orued for those who bought to advan- tage.
 The action of the market had the inevitable effect of modifying specu- l> tive opinions of conditions in them selves unchanged. This was seen in the suggestion of flaws in the effective EeSS Of the settlement of the Pearson syndicate's difficulties. The question was heard whether the concentration Of power over a railroad system of the country, which would result from the surrender of that syndicate's large con trol to banking interests already afil- lated with rival and competing inter ests, might stimulate renewed agitation against the power of centralized capi-  tres of legislation for the repression of these tendencies. This view of the transaction was foStered by the clearer perception of its scope and the appre- citation of the rivalries involved, not only in tho railroad but in the indus trial field. and which are believed to have played their part in the pursuit that forced the surrender
 The determination to discontinue dividends on the Atlas Portland Ce- nnent stock was used to contest the rise in prices The incident scarcely lends itself to a supposition of declin- ing business, as the possession of large contracts with the government for sary to divert resources for increase of capacity. The special nature of these contracts also detracts from their importance as showing any sign of general trade expansion. As an evil dence of the difficulty Of eniisting new capital in enterprises. however. the in cident has real importance. The point is accentuated by the persisting slug gishness of the demand for bonds, in spite of the growing abundance of re- sources in the money market. In spe- cIal stocks the misgivings over the n -aintenance of dividends were at work Sloss Sheffield Steel recalled the Ma tional Lead dividend episode.
 Preliminary estimates of the weeks currency movement gave a rate of in flow to New York bank reserves that carried it's suggestion of decreasing trade requirements for money.
 The gain for the week from various sources seems to have reached an az gregate of over 12,000,00O. The drastic of the earlier part of the week would be expected to operate to wards reducing the loan item, but the syndicate transactions which came with the later settlements would eff feet the other side of the account. The action taken towards forming 8 cur rGncy association by the New York banks passed almost without notice owing to the general understanding u at the step is taken in compliance with the expressed desire of the trea sury rather than from any belief that the machinery thus provided will be needed for any emergency
 Bonds were firm. Total sales. par value, S2934 900. United States bonds vera uncfansed on call