Norwich bulletin., 1909-12-31
STOCK MARKET CHEERFUL
At the Drawing to Close of the Year
 Active Nancy Market

New York. Dec. 30-The drawing of the year towards it close was marked INby characteristic developments in financial markets today. Preparations for the unprecedented disbursements of interest and dividend payments in January went forward more actively today, and the restriction of money supplies which resulted in the stock market kept operations there under re- straint. There was enough desire man. fest to break through this restraint to depict the sentiment of hopefulness and satisfaction on the part of secur- ity holders and to color the tone of the whole market.
 The per cent rate touched for call loans marked a new high rate for the present year, comparing with the per cent. maximum on several former occa- sions. The comparison, if carried be- yond the present year, marks very moderate degree of stringency for the season, which has had a higher rate in every year but two in at least a decade. Last December, when but 1-2 per cent. was reached for call loans, the country was just emerging from it's period of industrial and fina- cial depression, and demand for com mercial credits was at a minimum. The same was true in lesser degree in 1904, when per cent. represented the high quotation. At the other extreme Ifas the 125 per cent. rate of December. 1905, when speculation in the ,Stock market was rampant and refused to re- gard the imperative recall of credits from London which had been advanced earlier in the season in furtherance of the speculative campaign. not only is the present condition one of compara- tive ease. but supposition is fostered that marked relaxation is to occur after Inc ks.w <GA T., discount rates in foreign money mar kets and the weakness of the foreign exchange market as well as the easy tone of the time money market give color to this suppoSition. Its certainty is not altogether conceded by bankers, who point to the heavy requirements for corporation financing which have to be met with the new year. The needs of the government loans which will have to be made both in England and in this country are to be consider ed also.
 In the cheerful spirit prevailing in the stock market today there was a disposition to make a favorable inter- pretation even of the active money market. The heavy disbursements are pointed to as evidence of large profits to be distributed. and the large bond issues in prospect are looked upon as
 
 tive enterprise. Suggestions of chances for dividend increases are sufficiently numerous to keep alive this confidence. The resumption of dividends on Pitts burg Coal preferred after a suspension since 1905 avs the case in point today, although that stock dropped back from the extreme advance which has occur red in anticipation.
 Further returns of railroad earnings for November continued the favorable showing of the net return for that pe- riod. The tightness of the money mar let conduced to the special favor shown towards low priced stocks, owing to the smaller amounts required to carry the stocks of those securities with commis- sion houses. This class of securities was stimulated also by the special de- mand in evidence for the Wabash group. carried an impression of deter mined accumulation and kept alive conjectures of special developments in progress regarding those properties.
 There was a certain amount of re- alizlng going on in stocks in which past