Norwich bulletin. [volume] (Norwich, Conn.) 1895-2011, 1910-09-24
FINANCIAL and COMMERCIAL.
FRACTIONAL PRICE CHANGES
The Outcome of the Market at Close
of Business.

New York, Sept. 23.-The stock mar
ket resolved itself again today into a
series of testing operations by the pro-
fessional element. As the news of
events comes TO hand the traders put
out commitments in accordance with
their appraisement of its significance.
hoping for success in anticipating the
action which will be prompted by the
more substantial interests in the prop
critics when they have digested the
news If no such action follows. the
professional trader retraces his steps
and cancels his venture. That is what
is happening from day to day and
almost from hour to hour in the pres
ent market. Profound indifference is
maintained by the general public and
the capital interests more Immediately
concerned with the affairs of corpora
.tions. Such a movement as that which
developed late today in Reading seems
to represent an ebullition of impotence
on the part of the traders in despair
of any movement of real significance
and driven to resort to a concerted
movement in a matching of agility
amongst themselves. Only fractional
price changes again proved to be the
outcome at the end of the day.
The first movement of the market
towards lower level was quite pre-
cipitate and was the response to the
remarks by Commissioner Lane yes
terday at the commerce commission
hearing into railroad rates at Chicago
His assertion that I'VE must work out
this problem on other lines than by the
proposed method of raising the tariffs"
was seized upon as definitely outlin-
ing the decision Of the commission on
the petitions now before it for speci-
fic advances in rates. The quick check
to the downward movement showed
that there was no widespread agree
ment with this view. The com So on
ers assertion was regarded rather as
academic protest against the ar
sument of the railroad compa MES that
the growth of traffic in the railroads
involves constant increase in the cost
per unit of service; an argument said
Mr. Lane. which would mean that
there is no time when We can say
that the maximum has been rea ched
The effect Of the early Interpretation
of the statement was heightened by
the report of the steps taken by Min
nesota officials to contest the decision
of the master in chancery against the
railroad law of that state, which had
sent stocks upwards when first an
nounced.
The particular weakness in Anal
gsmated Copper was due to the re-
ports that the Calumet & Hecla had
lowered its asking price for lake con
per by IA cent to IL "a cents The
nervousness of the speculation over
the copper situation permeates the
whole speculative ia brio and any signs
of break in the copper market are
feared for the widespread consequences
which might ensue.
Many old rumors were revived in
connection with the speculative out
burst in Reading, including capital re-
adjustment, distribution of concealed
assets" and 50 on.
There was some re-selting of stocks
bought yesterday on account of the
report of the foreign bankers action
on cotton bills of lading that were not
borne out by authoritative advices.
The banks report a heavy outgo of
currency for the week. southern points
making particularly heavy demands,
evidently to prepare for any possible
outcome of the cotton bill dispute.
Bonds were steady. Total sales, par
value, SS2s6.000 United States bonds
were unchanged III the bid price on
call