Norwich bulletin., 1910-08-04
FINANCIAL AND COMMERCIAL,
SALES IN MODERATE VOLUME.
Strong Special Movements Here and
 There-Most of Declines Recover

New York Aug 3.-The stock mar ket today disclosed it's narrow lin1ita- tions under circumstances as they ex- list The sharp rebound of the day be- fore seemed to exhaust the demand from the shorts and there was none Forthcoming of a more positive na = ture. While there was no renewal of the urgent selling which has arous- ed the suspicion of forced liquidation form time to time, there was a pres sure Of stocks for sale to realize prof it's on the rebound of yesterday. Sales were in moderate volume, but the de- suid that no absorptive medium was provided, and prices gave way. Here and there were strong special move nentS, but their sustaining influence on the general list was very moderate. Any measures of support by the larg- CT financial interests seemed to be withdrawn for a time, after the warn ing administered to the bear party that they would not be permitted to pur- sue aggressions on market values of the day the requirements of the shorts asserted themselves again and caused recovery of most of the day S declines.
 The news offered no striking changes in conditions bearing on values. The growing crops hold a large share of attention, and their passage through the critical period for their welfare is the 1ndln 1aCtOf cOnStralnC on the stock market at present.
 The money market offered nothing g to supply the depressive influence on stocks. Movement of cash into New York bank reserves continues a large scale. The gain for the week of s4, 4,1sJ.000 on sub treasury operations is helped by large deferred payments from the assay office for gold arriv- ing from London. Additional ship ments are arriving. and yesterdays engagement of over s3,000,000 in Lon don remains to go into account. An existing actual surplus reserve of up wards of fifty million dollars, com puted from last Saturdays actual sur plus of over $47,000, 900, sems a, war rantable assumption from these fig ures. The withdrawals of gold had the effect of hardening the private dis count rate in London today, but the excessive value of loans on time in New York over London remains so wide that continued movement of gold is indicated. A good impression was made by the reported assertions of Chicago bankers that the balances of country banks in the western reserve centers are being largely replenished as result of the liberal movement of wheat to market. Study in detail of the national bank returns to the con- troller affords reassurance as to the reserve position of the country banks, which are responsible for the loan ex- pansion of the three months preced- ing June 30.
 Rumors of price cutting of steel products by independents were accom- panied by a suposition that the Unit ed States Steel corporation would meet the cuts. The selling of United States Steel was a decisive sympa- ehetic influence on the general list. The rally in that stock afforded cor responding relief. The dealings in it. Union Pacific and Reading accounted for over half the days total business.
 Bonds were irregular. Total sales, par value, $1.444. 900. United States bonds were unchanged on call.