Norwich bulletin., 1909-12-08
FINANCIAL AND COMMERCIAL.
uPTURN IN U. 6. STEEL.
Had Sentimental Influence on Entire Stock List-Constant Price Fluctu- ations.

ations.
 New York Dec. 7-The butness done at the stock exchange today dwindled to small proportions and the constant fluctuations in prices argued an un- certain frame of mind on the part of operators in stocks. The action of the market mifTored vegaries of specula- tive temper rather than any develop ments in affairs. So far as could be perceived there was no new business of important origin. The room traders took first one view and then another of the same event. The presidents message was called conservative from the point of view of financial interests, but as it's contents had been accurately known and acted upon in the market, its actual publication left little for the speculation to do. The postponement for future treatment in special mes sages of the subjects of most interest to the stock market, those of changes in the antitrust and the interstate commerce laws, left little for immedi- ate appraisement in the securities mar ket. The rise in American Sugar was ascribed to the stand against a con- gressfonal investigation, lest immunity should thus be given to some of the prosecuted. Pacific Mall rose on the ship subsidy paragraph. The fact that prices fell sharply early last week in professed apprehension of unfr4endly treatment of corporations in tho nes- sage and Pebounded violently on Satur- day after the real tenor of the message became known. measures the financial opinion of the case more reliably than did today's market. The belief that the intense dullness of the early market was due to the desire to see the mes- sage received slight confirma ton from the growth in activity after the publi- cation. The growing attention given to the exports of gold had some re- straining influence on the speculation. More gold was engaged here for Ar gentina, and a further rise in. sterling exchange brought rates nearer to the point at wEich shipments direct to London would become profitable. Fig ures of British foreign trade for Mo- vember indicated some gain in the months trade balances by this coun- try. the increase of $ss.50S, 800 in value of British imports coming in part from the rise of $15,000,000 in the value of our cotton taken for the month. On the other hand, heavy maturities seem edness to foreign lenders, and the paying off of these obligations is be- lieved to keep up the foreign exchange rate. The torpid state of the bond market is attributable partly to these conditions, the effect being seen in the scanty issues of new securities dur ing November. The Journal of Com merce estimate makes these but $17,- 465, 900, compared with $206, ,172, ,000 in November of last year. In December and January, however large payments are called for on account of issues al- ready made, and more are looked for. The call loan rate was rather firmer, the ruling rate being nearer per cent. Denials of reports that a general strike of railroad employees was in con- temptation gave some help to railroad stocks, but the question of wage read justments is stifl discussed with gray ity. The increase in the dividend rate on St. Louis Southwestern preferred gave a cheerful feeling to holders of other stocks mentioned as likely to receive like fav0rs. Reading and Rock Island preferred were in this list. An upturn in United States Steel was a sentimental influence on the whole list. The governments estimate of the very large area planted in winter wheat and the high percentage of condition at which that crop Is entering the winter proved a stimulating influence on the late market. The last hour of the Ses- sion was the busiest and the days gains were mostly made in that time Bonds were irregular. Total sales, par value. s4.064,0 900. United States regis tered declined 1-4 per cent. on call.