Norwich bulletin., 1909-11-27
FINANCIAL AND COMMERCIAL,
UPWARD COURSE OF PRICES.
Apprehension Over Standard Oil De.
 cision Disappears.

New York, Nov. 26.-The opportuni- ty for contemplation afforded by the Thanksgiving holiday seemed to have resulted in an almost entire disappear ance of apprehension over the Standard Oil decision, which has been an unset ting influence in the stock market throughout the present week. Prices of Americans had been lifted smartly on the London market in the interval, and New York accepted the altered ap- praisemRnt at the outset and added something to the gains in the course of the days transactions. The volume of those transactions was not large and the speculative tone was somewhat subdued yet as the aftermath of the anxictieS of the earlier part of the week. The abatement of uneasiness over the effects of the Standard Oil de- cision was owing to large extent to te revival of credence in the project to consolidate the leading copper pro- ducers. The constant gatherings of influential copper men in company with the bankers credited with the advis- orship of the project foster the belief in the continued efforts to work out the combination on the lines followed by the same hnancia. minds in the formation of the United States Steel corporation. United States Steel it. self felt the influence of the passing of the influence of the antitrust decision. There was resumption, at the same time, of aggressive operations for the advance in Reading, with reiteration of long standing rumOrs of a plan in pros pect with distribution of port of that companys concealed assets" An ef- fective leadership was thus afforded for the. upward course of prices. Some irregularity attended the movement and 1t was not without It's Interruption. Pennsylvania showed some sympathy as being similarly situated in the pros pect of addition to share capital.
 Importance is attached to this kind of manifestation. owing to the large new capital requirements that are to be met shortly. The large stock and bond issues already announced have provision for payment almost all de- ferred until the turn of the year. This and the belief that other Issues impend is responsible fer an opinion that the money market is likely to be held at tension by these future requirements, after the usual priod of relaxation. The estimates of the weeks currency move ment show a decided ref1ux of funds from the interior to New York with the waning of the crop movement, which is one of the first signs of relaxation of the money market. The high pre- mium to which New York exchange at C0lCdSO ndQ risen LO LHe course Ol In6 week was a forerunner of this show ing. the balance in favor of New York having rnu apparently to over s6,000,- 900. The demands of the ub-treasury and the shipments last Saturday of gold to South America have to be reck- oned with in the computation of the net effect on bank reserves, which promises. for that reason, to be small. The loan changes are in doubt, but the continued demand for remittance abroad suggests that some foreign loans have been paid off, which the To- cal banks may have been called upon to take up. The sudden rise in the Chicago. St. Louis and Pacific bonds secured by St. Louis and San Francis co stock as collateral gave corrobora- tion to rumors of coming of disso- ciation of these properties. The price of all the securities concerned rose on this prospect. Bonds were strong. To- tai sales. par value, $3,6e2,000. United States fours registered declined 1-s per cent. on call.