The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1909-12-04
PRICES OF STOCKS
TAKE UPWARD TURN
Depression of Previous Day Il
Lest Sight Of Quickly
MANY RUM0RS ARE HEARD
Report That Switchmen's Strike VIII
Be Shortlived and Transfer OF
Equitable Life Are Main Fac
tors In Advance.
MANY RUM0RS ARE HEARD

New York, December s.-Prices of
stocks took an upward turn today with
out any well defined explanation for yes
terday course. The influences IN the
market were for the most part denials
of assertions current yesterday which
caused prices to decline or renewed as
sertions of changes In the course Of
events which were depressing the mar
ket yesterday.
Reports were circulated that the switch
mems strike In the northwest was not
destined to long continuance. Late in
the day came a report from Chicago that
it had been actually settled The hope
full feeling on this matter relieved the
market from considerable pressure. Tho
break In relations in this labor dispute
has involved good deal of uneasy feel
ing in financial circles. The necessity
for wage adjustments on a comprehen-
sive scale has been admitted for some
time but there was apparent confidence
that negotiations would bring peaceful
settlement.
There have been reports circulated at
various times of a general movement
on elno part of the eastern railroads TO
advance wages as a concession to pos
sible demands expected Since the switch
men went out in the northwest the fear
has grown up that the trouble would
spread and overturn the arrangements
for smoothing over troubles. Sentiment
was correspodingly benefited by the 1dea'
which spread today, that the interference
with traffic would be stopped.
There was a parallel change of feeling
on the subject of the forthcoming Pres
ident's message. 1t was said today that
yesterdays reports from Washington OF
radical recommendations to be incorpor-
ated in the message were not well found
ed Protested 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 coun-
try This tendency to reverse the op1n-
ion of things was taken to point to a
professional origin for much of the deal
ings in the market.
The announcement of the acquisition OF
the majority of the stock of the Equit-
able Life society by j. P. Morgan, to-
gether with the control of the Equitable
and Mercantile and other trust companies
involved, was of important effect. The
transaction was viewed in connection
with the earlier acquisition of the Guar
anty Trust company by a partner in the
firm of J. P. Morgan & Co.
The prodigious Capitalization in the di-
rection power of credit institutions reach
ing from this suggested line of policy
dominant in the foremost financial MINDS
of the country, which seems TO indicate
confidence in exemption from effective in
reference in the process of combination
and consolidation
The incident was an underlying IN
f1uence on the days stock market OF
considerable force. resumption OF the
concentrated operations in United States
Steel on rising scale was not disasso
ciated from this feeling.
Preliminary estimates of the week
currency movement show some very
strong cross currents in the movement
Sub-treasury operations, including depos
its for Geographic transfer to San Fran
cisco, have absorbed s6.476ooo and ths