Norwich bulletin., 1910-11-08
FINANCIAL AND COMMERCIAL,
SEMl-STAGNATIoN.
Time lnoPportune for Large Extensio.
of Speculative Commitment.

New York, Nov. THE stock mar
kst came to the eve of the elections in
a state of semi-Stagnation. How far
that action was due to solicitude over
the political outcome and how far to
renewed consideration of possible
further 1nfaYorable DEVELOPMENTS in
other directions did not clearly arnear
The shrinking volume Of the transac-
tons made 1t clear, however, that the
time was considered inopportuns for
large extension Of speculative COM
Iaitnents. Union Pacific came forward
into greater relative procinence, sup
planting Reading III the position sec
on6 to limited States Steel. The pro-
portion OF United States Steel to the
total dealings was maintained at near
one-third and the combined dealings
in Union Pacific and Reading exceed
ed slightly the transactions in United
States Steel. The reason for the in
creased attention given to Union Pa
cific was not forthcoming. beyond the
assertion that the buyers who were
influential in last weeks movement
III United States Steel had diverted
large share of activity into the rail-
road stocks. The market closed ir-
regular but with renewed upbidding
of Union Pacific for sustaining pur-
poses.
The statistics Of the Copper Produ-
Cers' association for October were q
sanguine of tho expectations which
have been f0stered by stock market
tips for some time past. The pub}ica-
ton, also, was made in advance OF the
usual period for It's appearance. with
the result of suggesting a purpose TO
hasten the disclosure of it's contents.
The early publfcatf ton coincided with
active circulation OF new rumoFs con-
corning the copper trade and a sup
posed intention to advance the prices
OF the copper industrials. Copper
stocks were reduced to the extent of
1851, 500 pounds during October. but
this compares with decrease Of 90
0s7 ,53l in September. Production III
October was almost 100000 pounds
greater than In September. and daily
averages IS well as the total expand-
ing. Deliveries for the game period
fell off especially those for export.
which were 100000 pounds below
those for September. Thus the re-
suits of the promised curtaifnaert of
production are still further postponed.
The effect of this showing on the cop
per industrisls vas partly neutraliEed
by the revived runoTs of harmoniza-
ton Of the principal American copper
interests
Railroads in the southern group
showed some special strength owing
to the decision Of the interstate COM
merce commission in favor of rate
advances asked for.
The money position remained I'M
certain. Time loans were strong and
call money again touched 4 "a per
cent. last weeks maximum. The pri-
waite discount rate advanced in Lon
don. The foreign exchange market
here continued to recede, the Paris
exchange rate especially yielding
sharply. This was corroborative of
the assertion that Paris bankers are
advancing funds to New York borrow
ers on finance bills The threatened
tariff dispute with Germany over the
potash trade regulation was reflected
in weakness in the fertilizer stocks.
Bonds We're irregular. Total sales.
par value. S2.3g7 900. United States
bonds vera unchanged on call.