Norwich bulletin., 1910-05-24
FINANCIAL AND COMMERCIAL.
sPEcuLAToRs DISAPPOINTED.
Expected Demand for Stocks Not 1T
 Evidence-DecidsdIy Weak Close.

New York, May 23.-Today's stock market was a disappointment to those who took on stocks in the latter part of last week in the expectation that a broadening of demand and a rise in prices were to be looked for this week. The sagging tendency of prices was directly due to selling to realize by
 such disappointed holders, while the expected demand was not in evidence.
 Tgse deeper ca uses for the action of the
 market, or it's lack of action, still re- main obscure The tone became de- cidediy weak by the end of the day. The decisive hardening of discount rates in London carried its admonition to aE other financial centerS. The pri- vate discount rate moved up to within a. shade of the official Bank of England rate. The direct cause of this Is the collection of arrears of taxes that is still going forward, SO that the money market is obliged to borrow from the Bank of England to secure resources for this purpose It Hes in the power of the Bank Of England to relieve the
 situation by the purchase of British
 exo1lequer bills from the market, and
 it was expected that this would be
 done n connection with the tax collec-
 tionS. The fact that it is not done
 marks the policy of the bank authori- ties to control the money market, to keep up the rates for money and d.s- counts, and thus to influence the in ternatienal exchanges. This it did ef- fective1y teday, as was seen in the quite sensational rise of three centimes in the Paris rate of exchange on Lon don. In Berlin. also, London exchange rose one pfennig and the New York price for demand sterling rose to 4sTs0.
 There was an attempt to create an impression that the rise in the Paris sterling rate was caused by remit tances to London indirectly on account of subscriptions in Paris to American bond issues. There was no correspond ing relaxation in London's pressure on New York for roTnittanceS to bear out this claim, and international banking houses here did not countenance it. New York exchange on Paris, however, was lower.
 The alleged progress of negotiations for the sale of bonds to Paris bankers was subject of tficussion again, with the old assertion that official an nounceTnent was imminent. There was also insistence on the prospert that States Steel on the Paris bourse was near it's consummation. The stock market was not influenced by these claims, but whether from skepticism or Indifference could not be told. The re- ports of signs of revival in the iron trade were equally without effect.
 The sharp break in wheat prices bore out the news of increasingly fav- which made for the difficulties of the speculative position in that market.
 Thee Gould group of railroad securi- ties stood out rather prominently from the prevailing heaviness of the general stock list today, but nothing was ad- vanced in explanation bearing on the value of these properties.
 The receivershtp for the Chicago City Railways, following that for the Hooking Valley property, was disliked as an evidence of the miscarriage of plans of leading financial groups rath- CT than for any direct effects on the market.
 Bonds were irregular. Total sales, par value, S1,26S,00c. United States bonds were unchanged on can.