Norwich bulletin., 1909-12-03
FINANCIAL AND COMMERCIAL.
MARKET DEPRESSED.
By switchmen's Strike and the Fear of
 It's Spreading.


 New York. Dec 2.-Speculative att tention was diverted from the main current of affairs in the stock market today in some by channels having to | do with special developments concern ing railroad properties and their rela- tions. The separation of the Rock Island and the St. Louis and San Francisco systems has given ground. from the first, for suppositions of read | justmsnts to follow, which might in volve momentous consequences to the existing balance of relations and con- trol amongst railroad properties. To- days announcement from the Lehigh Valley of the coming entry into its di- rectorate of the dominant powers in 'the Rock Island company afforded light on one direction which the readjust- ment was taking. The inference to be drawn from this Isoved so confusing, however, that a state bewilderment was the most salient feature of the sentiment so far as 1t was disclosed by speculative operations in the mar ket. This confusion was increased be- cause the new forces in Lehigh Val- ley were at some pains to disclaim any interest in the Wabash railroad which has been influenced for several days by an assumption that it was to come into the plans for the direction of Le- high Valley. This idea was not en- tirely rslinquished; in spite of the dis chalmers, which lacked full official au- thority. The suppositions regarding the new "deaP' pointed, as an alterna- tive, to the Delaware, IAckawanna and Western as an eastern outlet for the Rock Island, to be linked by the Wa bash. This alternative did not weak en the effect of the Lehigh Valley 1 transaction, owing to the close banking relations between the new forces in Lehigh Valley and the Lackawanna element in the old Lehigh Valley con- trol A
 While the sale of old holdings in Lehigh Valley by the Lake Shore, the Central Railroad of New Jersey, the Reading and the Erie have been re- ported from time to time, no such ru- mors have been heard regarding Lack awanna holdings of that stock, which are assumed therefore to be in friend ly relations with the new holdings now to be represented on the board. The reports of plans for extension of the Western Maryland reorganized prop erty revived the conjecture of pos- sible completion of its linking with the Wabash -Pittsburg for the carrying out of the project for an ocean outlet for the Gould system, supposed at one time to have been abandoned. At tho same time a wide field for surmise was offered by the possible recssting of re- lations to follow the acquisition of the St. Louis and San Francisco as an ad- junct to the Hawley holdings. From this was inferred 9 possible resale of the Missouri, Kansas and Texas. late ly acquired by the same rapidly grow ing power in the railroad world. The main lines of the days topics which are thus indicated, sufficiently show the possible scope of speculative in genuity in suggesting variation and ex- tention for 1t. The joint effect. how ever, was not stimulating to the mar ket. Considerable effect has been felt already from tie preliminary opera tions in connection with these develop ments and it is evidently feared that the consequence of the actual accom- piishment would be Teactionary. The serious effects of the railroad switch men strike in the northwest and the fear Of it's spread had a depressing eff feet. There came a report from Wash ington that national bank holdings in railroad securities were to be scrutin- ized under the suggestion that specuia- tive interest in the stock market, es- peeially by the gfeat New York banks played teo las@e part in their con- duct. Inc stock market element felt nervous ever tsls suggestion.
 Bonds were steady. Total sales, par value, S5,267, ,00a. United States bonds were unchanged on call.