Norwich bulletin., 1910-04-20
FINANCIAL AND COMMERCIAL.
DECISIVE TONE LACKING. Unce rtainty in Speculatior-Heavy In. dividuaI Transactions in Steel-Cal Loan Rate Below Three Per Cent.

New York, April 19.@There was a | hack of decisive tone to the stock mar ket today which reflected a good deal of uncertainty in the speculation The market was not active, but importance was attached to some very large indi- 1 vidual transactions, especially in Unit ed States Steel. The selling of this stock by the stock exchange firm which was revealed as the largest owner of record of the company's shares of any of its class by the statement given out by the corporation itseA yesterday gay @ rise to much comment.
 The influence of this selling on sen- timent was due to the widespread be- lief that the firms holdings represent | the interest of some of the -called insiders in the corporation The con clltsion was. suggestion that inside sell ing was going on. As the amount of the sales by this firm represented 9 considerable proportion of its total holdings as shown by the record of the books, the action constituted a weight on the whole market. The fact that the same firm is a. leading factor in ence that cotton specuators were Lquidating stocks to protect their po
 sition in cotton. The nervousness of the cotton market, which has followed the action of the law officers of the government against the market pool in that commodity, makes tho necessity for protective measures for the price of cotton. It was reported teddy that
 
 pose of supporting the price. The source of the selling of Untted States Steel was regarded mono the less as on1inous. The effect was to give rise predictions of a coming increase in the dividend. The rufnor was given cur rency also that the quarterly state ment of earnings to be published next Tuesday would prove disappointing.
 The heaviness of Unftea States Steel was supplemented as an influence by the depression in the coppers. It was reported that the publica tlon of month iveries and stocks would be abandoned and the Copper Producers association dissolved. The effect on sentiment was to suggest return to secret methods and a feeling of distrust of the actual trade condition. A denial of the report rallied the coppers.
 The volume of the gold engagements Tor export proved somewhat discon- certing, the total rising to near the s5,000,000 mark, of which $3,0e0, 900 was for London and $1, ,950,000 for Brazil. Part of these were admittedly special transactions, meaning that extra in what would have been a loss on the operations, but others were declared to be regular exchange transactions. Tho action of the money market offered no bar to the movement, the call loan rate ruling below three per cent.
 The prosecution of the cotton mar ket pool would have several phases in the Wall street view. A breaking up of the artificial conditions surrounding cotton sand a price adjustment which would revive the foreign demand would be welcomed by the financial community. On the other hand, legal l procedure against market operators in l another commodity suggests anaIogies l for the stock operator that are not l grateful
 The unreasonable weather conditions l in the west made unsetfhng infiu- ence None of the days factors was | constant in it's operations and prices ended the day little changed.
 Bonds were easy. Total sales, par value &1,766, GOO. United States ponds l were unc hanged ~on call