Norwich bulletin., 1909-12-04
FINANCIAL AND COMMERCIAL,
STOCK PRICES TURN UPWARD.
Explanation for Reversal of Yesterday's
 Course Not Forthcomina.

New York, Dec. s.-Prices of stocks turned upwards today, without any well defined explanation for the rever- sal of yesterdays course The infiu- ences in the market were, for the most part. denials of assertions current yes- terday which caused prices to decline. or renewed assertions of changes in the course of events which were de- pressing the market yesterday. Reports were circulated that the switchmen's s strike in the northwest was not des- tined to a long continuance. Late in the day came a report from Chicago that 1t had been actually settled. The hopeful feeling on this matter relieved the ma srket from considerable pressure.
 There was parallel change of feel ing on the subject of the forthcoming message of the president to congress. It was said today that yesterdays re- ports from Washington of radical rec concentrations to be incorporated in the message were not well founded. Pro- fessed forecasts of the contents of tho message confined them within the lines of the series of addresses made by the president on his tour of the coun- try The tendency to reverse the opin- ion of things was, taken to point to a professional origin for much of the dealings in the market. The announce mei.t of the acquisition of a majority of the stock of the Equitable Life As- surance society by J. Pierpont Nor gan, together with the control of the Equitable and the Mercantile Trust effect. The transaction was viewed in connection with the earlier acquisition of the Guaranty Trust company by a partner of the firm of J. P. Morgan & Co. The prodigious centralization in the directing power of credit institu
 tions resulting from this suggests line of policy dominant in the foremost financial minds of the country which seems to indicate confidence in exemp- tion from effective interference in the process of combination and sonsoli- dation. The incident was an underly- ing influence on the days stock mar ket of considerable force. A resump- tion of the concentrated operations in United States Steel on rising scale was not dissociated from this feeling. Preliminary estimates of the weeks currency movement show some very strong currents in the movement. Sub treasury operations, including deposits for telegraphic transfer to San Fran cisco. have absorbed $6, ,476, ,000, and the gold outgo to South America has talk en $5,350,000 more. Gold has gone to Canada also in large volume during the week. Yet bankers compute a suffi- clenL TeLurn rom VarlOuS QOmeStlC points to cut down the net decrease in the cash item to less than $2,000, ,000. The loan changes are obscure, owing to the effort of the December 1st dis bursements and the deposits against the retirement of Chicago, Rock Island and Pacific railroad collateral fives. in connection with the sale of the St. Louis and San Francisco. The call money rate did not get above per cent and this somewhat easier tone in that department was more regarded than forecasts of the bank statement.
 Bonds were irregular. Total sales, par value, s4.496,000. United States bonds were unchanged on call.