Norwich bulletin. [volume] (Norwich, Conn.) 1895-2011, 1910-03-03
FINANCIAL and COMMERCIAL,
STOCK PRICES HIGHER.
Heavy Buying Orders to Stop Losse or
the Short Side.

New York, March Prices of stocks
rose today to the highest level yet
touched on the recovery from the Sc
we're decline which set in after the first
of the year. An obstinate short inter-
est was driven to cover and the buy
ing thus neceSsitated was an important
| factor in lifting prices. The profession
al element in the speculation has been
d1Structful of the recovery and has put
out short lines at various stages in the
expectation of a reaction Buying or
short side were encountered in large
volume in the course of today's adj
vance.
The movement against the shorts
showed evidence of organization, and
the possession of large resources, and
also Of the employment of the usual
methods to push the price movement.
1t owed its effectiveness, however to
the small offerings of stocks for sale,
and this condition, in turn, is due to
the subsistence of apprehension on va
riOus accounts which was the motive
for the selling earlier in the year. In
United States Steel, particularly, there
were signs of activities by an organ
lied speculative party, which gave rise
TO SurmiseS that the market pool in
that stock had resumed operations on
the long side of the market. 1t was
taken as a sign of such activity that
there should be a revival of rugnors
of a new attempt to list the shares on
the Paris bourse, the similar rumorS
in United States Steel in it's most act
i've speculative stage. Yesterdays for
NAL announcement of the retirem ent
from the directorate of John D. Rookie
Teller, Jr., with the accompanying ex-
plantations that the family holdings of
the stock "are not sufficiently large to
justify his giving any time or atten-
ton to the affairs of the corporation"
was OF a kind used with depressing ef-
feet sometimes when speculation is in
q. different mood. The indifference of
the market to it was, in itself, a stril-
ing evidence of the subsistence of all
nervousness.
A quieting of anxiety over possible
trade recession is Dreceptible in q sim
liar way. The improvement reported
in the steel trade is responsible partly
for this better feeling. Even the cop
per trade came in for a share of this
cheerful feeling today by reason of the
reported decline in the European Wis
IDLE supply Of the metal.
The decrease since February Is was
small, but was the first reported for
many months and added significance
from the large exports from this
country which have gone into foreign
supplies in the period ooveerd. The
price of the metal advanced strongly
in London today, and copper securities
there as well as here, advanced
The action of the wheat market was
taken to mean that the lately numer-
Gus reports of damage to the winter
wheat crop were suspected of being
overdrawn.
Discount rates eesed in London. but
hardened in Berlin. Foreign exchange
here rose again, and offerings of funds
TO lend on time diminished, with
strengthening effect ON interest rates
There was little pressure to sell at
concessions at any time, even when
the demand died down late In the day
Bonds were irregular. Total sales,
par value $2,565,000. United States
bonds were unchanged on call