Norwich bulletin., 1910-04-28
FINANCIAL AND COMMERCIAL.
SELLING PRESSURE.
Aggravated by Rise in the Gall Loan
 Rate,

New York, April 27-The stock market put in an active forenoon in the increase in the Limited States Steel dividend yesterday. Without having come to definite conclusions on that point, a rise in the call loan rate di- verted attention to a new element in the situation.
 There was no concensus of opinion on the inferences to be drawn from the United States Steel quarterly re- rate. Operators who bought the stock argued that tine confidence in the bus mess outlook implied by the increase was to be taken as a skilled judgment that was bound to impress the hnan- ctal world at large. The chairman's statement to directors was cited as making a direct opening for recurrent reports with the approach of future dividend meetings of an intention to distribute an extra dividend. The bull party in the speculation answered the contention that the quarters earnings were t7isappoint1nxly small by citing the fact that the successive months of the quarter showed progressive in- ings rising to a record for any March in the history of the corporation.
 The bear party made much of the current reports of subsiGing demand for steel products, the talk of acc1lmu- lating stocks and falling demand for iron. The bear party had asserted it's determination beforehand to sell the stock in the event of the dividend be- ton would exhaust the available help ft1l factors towards advancing the price. Some of the selling of the stock was attributed to liquidation seeking to take advantage of the favorable ef- feet on the dividend action. This in- ffrence hurt the stock and, in fact, the whole market.
 The action of the banks in calling loans aggravated the selling pressure on the market. This action offered no occasion for surprise in view of the cash movements of the week, surprise rather being called for by the almost total exemption of the money market until today from any effect of the gold exports. The shipments of gold by to- days steamer brought the weeks out go to s14.500.000. Sub-treasury oper- ations also are taking funds from the banks with the subsistence of the monthly pension payments, the gain of that institutiony for the week having already risen to $1,444,060.
 The foreign exchange market showed persistent strength. in spite of the large exports of gold and of an easier tone today in the private discount rate in London The rise in the call loan rate here reduced the price of sterling exchange slightly from the high price kept alive Of possible further exports of gold. London joined in the selling of stock in the New York market and the carry over rate on American stocks for the London stock market settle ment was advanced from 51-2 to per cent
 The fa1l in prices of wheat and cot ton relieved anxiety over crop damage to some extent and helped to the morn ing rise in stocks. This did not avail, however, to sustain prices against the late selling pressure, which closed the market weak and at declines of from to 3 points for the principal active stocks
 Bonds were irregular Total sales, par value, $2, ,1S3y90O. United States twos registered declined 1-S per cent on the bid price.