Los Angeles herald., 1909-12-04
STOCK PRICES
MOVE UPWARD
SETTLEMENT OF STRIKE OF
SWITCHMEN HOPEFUL
PRESIDENTS COMING MESSAGE
INFLUENCES MARKET
Perpont Morgan's Acquisition of Cons
troll of Equitable Life Assurance
Society Has Important Effect
on Speculation
Associated Pressl

NEW YORK, Dec. 3.--Prices of stocks
turned upward today without any we'll
defined explanation for the reversal Of
yesterdays course The influences in
the market were for the most part de-
malls of assertions current yesterday
which caused prices to decline or re-
newcd assertions of changes in the
course of events which were depressing
the market yesterday.
Exports were circulated that the
sWitChmen'S strike in the northwest
was not destined to a long continuance
Late in the day came report from
Chicago that it had been settled The
hopeful feeling on this matter relieved
the market from consid iderable pressure
The break in relations in this labor
dispute has involved a good deal of
uneasy feeling i'm financial circles. The
necessity for wage adjustments on
comprehensive scale has been admitted
for some time, but there was apparent
confidence that negotiations would
bring peaceful settlement.
There was a change of feeling on the
subject of the forthcoming message of
the president TO congress. 1t was said
today that reports from Washington of
radical recommendations to be incor-
porated in the message were not well
founded
Profcssed forecasts of the contents
of the message confined them
within the lines of the series of
addresses made by the president on his
tour of the country. This tendency to
reverse the opinion OF things was taken
to point to a professional origin for
much of the dealings in the market
Morgan's Deal Has Effect
The announcement Of the acquisition
of a majority Of the stock of the Equit-
able Life Assurance society by j. p.
Morgan together with the control of
The Equitable and the Mercantile trust
companies involved, was of important
effect. The transaction was viewed in
connection with the earlier acquisition
of the Guaranty Trust company by "A
partner in the firm Of j. Z. Morgan q
Co. The prodigious Capitalization in
the directing power of credit institu-
tions resulting from this suggests a
line of policy dominant in the foremost
financial minds of the country which
seems to indicate confidence in eX-
emption from effective finance IN the
process of combination and ConsOlida
tiOn. A resumption of the operations
I'm United States steel on rising scale
was not disassociated from this feel
ing.
Preliminary estimates of the weeks
currency movement show some very
strong Cross-Currents in the movement
Sun-lI treasury operations, luCluulnB bc-
pOsits for tclegraphic transfer to San
Francisco. have absorbed S647G,00O, and
the gold outgo to South America has
taken E5.350,00 Gold has gone to
Canada also in large volume during
the week. Yet bankers compute a suf-
ficient return from various domestic
points TO cut down the not decrease i'm
the cash item to less than $4,000 O00
The loan changes are obscured, in
consequence of the effect Of the De
cember l disbursements and the de-
posits against the retirement Of Chi
Cago. Rock Island & Pacific collateral
rs, in connection with the sale of the
St. Louis q san Francisco. The cali
money rate did not get above per
cent, and the somewhat easier tone i'm
that department was more regarded
than forecasts of the bank statement
Bonds were irregular Total sales
par value. Si496,000. United States
bonds were unchanged on call.