Norwich bulletin., 1910-04-19
FINANCIAL AND COMMERCIAL.
CONFIDENCE NOT SUSTAINED. Demand for Stocks Proved Disappoint- ine-New Crop Conditions Satisfae- tory.

New York, April 18.-The demand for stocks today proved disappointing to those who organized the upward movement of prices last week. Conf dence was manifested at the end of last week that the new week would bring in buying orders for stocks from the country at large, attracted by the rise in prices last week and by the be- lief that confidenfe was being ex- pressed in that way in still higher prices. On the contrary, the events over the week end brought in some selling orders through cos omission houses leaving small opportu iity for the buyers of last week to distribute their holdings to the expected new buyers. An exception was found in the Hill and Gould stocks, which ad- strength of reports that working agreement had been made by which traffic from the HiH roads would be shipped over the Gould roads west of Denver The benefit of this arrange ment to those stocks was more than offset by the fear of harm to other competing roads, whose stocks were sold for that reason.
 The wintry weather in the west since the stock market closed on Sat urday and its continuance today were made the ground for fear of damage to fruit and vegetables in those regions. There was some selling of stocks on that account. AsSura nces that no ee- rious harm had been done to the grain crop rnitigated the effect of the news.
 The further downward course e the price of wheat was evidence of S2.Iis- faction with the new crop conditions It was regarded as proving also that holders of old wheat were inclined to liquidate their holdings and not wait New York bankers have looked for such a development for some time past. Important results are expected. to flow from it. Large liquidation of western 1~, ,--I- Lrruv, n . y0h Yc expected to accompany the movement. Revival of the foreign demand for our cereals and provisions is another re- suit looked for. helping to correct the abnormal conditions in the country'S foreign trade A mixed impression was caused, however, by the steps taken by the law officers of the government against members of the cotton pool for seeking to control the price of that commodity.
 The influence of the decline in wheat was not effective in the foreign ex- change market to prevent engag gements of gold for export to London this week. The easing of the local money market with the strengthening of the banks condition last week seems to have fa- ciitated the further outgo of gold To- days engagement was an influence against the stock market
 The dull and dropping tone of. the iron market and the steps being taken to curtail the output gave turn of depression to speculative sentiment Public expressions of confidence in the trade position by leading corporation officials and persistent predictions of a coming increase in the dividend on United States Steel do not avail to cure this sentiment Copper trade movements also were regarded as un- satisfactory.
 A minor cause of disappointment was a failure of predictions which were made very positively last week that the corporation tax law would be declared unconstitutional by the SUI preme court today.
 Bonds were irregular. Total sales, par value, $1. Se6, 900. United States bonds were unchanged on call.