Norwich bulletin., 1909-12-30
Lefts.
GREAT VARIETY OF ADVANCES.
Stock Market Action Reflects Cheerful
 View of the Outlook.


 New York, Dec. 29.-The action of the stock market today may be fairly regarded as reflecting a cheerful view of the outlook for values, tempered by the restraining influence of the sea- sonable restriction of money market supplies. Confidence in a material re- taxation of money after the turn of the year diminished the effect of the present tightness of call loans. The foreign exchange market pursued de- cided downward course and gave no- tice of cessation of pressure on the market from abroad. This was at tributed partly to an oversupply of ex- change resulting from an accumulation to anticipate the year end needs which overestimated these needs. Other in fiuences were suspected to account for the extent of the fall in sterling ex- change. Negotiations for the placing with foreign subscribers of American securities either lately issued or in contemplation may be having an effect on the exchange market. The easing tendency of discounts abroad may in vite a renewal of borrowing through the medium of finance bills on New York account. The effect on the call loan market here was not pronounced. Rates in fact were well held and there was not lacking an apprehension that
 
 the end of the week. The sub treasury has withdrawn some $3,308,0O0 from the New York money market since the last bank statement and some large shipments of currency to Canada and to the domestic interior are reported. Taken in connection with the payments next week that have to be provided for. and which are estimated at over $200, 900, ,000, it is felt that the money of ie n4 the interim. While this may have re- strained the activity of the dealings in stocks. no effect of depression was caused. The strength was traceable to various influences. Not the least was the nature of reports emanating from Washington of proposed modi- fications in the manner of treating the question of a corporation regulation in the forthcoming special message of the president. If the measures to be there presented are to be offered in the sense of safeguarding corporations from harassing confusion In the regu- lations of the separate states by reason of the uniformity of federal control and with a declared desire to further the foreign commerce of the country through corporation activities. 1t was conceived that an influence stimulat- ing to values might be derived from JIG lubICdQ OI QcpTcSSlOn as has been dreaded. Specific reports from Washington of such an intention were factor in the days market. The very favorable showing of net earnings for November of several important railroad systems fostered the rise in prices. The transcontinental railroads were particularly strong in this show ing. The spread of the strength into the better known railroad stocks was an outcome of this development. The earlier movements were nearly all in the minor specialties. These showed great variety of advances without any general cause being at work to account for them. What the individual causes were was not always mentioned in connection with the advances. Belief that the project to merge the copper companies was still being considered played part in the days market. The Wabash group led the activity in low prices railroad securities. The bond market was strong, but specula- tive issues were most active. An nouncement of the quick sale of the new Chicago Great Western bonds