Norwich bulletin., 1909-12-09
FINANCIAL AND COMMERCIAL,
STOCK PRICES HIGHER.
Most of the Gains Wiped Out by a
 Final Reaction.


 New York. Dec. 8.-Prices of stocks moved upwards again today with perl ods of Interruption and hesitation, final reaction wiping out much of the gains. The opening rise brought in considerable volume of profit taking sales from an element in the specula- tion which has come to expect an al- ternating current in the price move ment from one day to another. The way in which these sales were absorb ed decided the later upward course of the market. The renewed operations on large scale in United States Steel on a rising scale also had an important sentimental effect on the general tone. Tho action of that stock was not ex- plained by any news development but tho idea persists amongst professional spectators that the price is destined to rise to par some time before Christ mas. Since it's advance to s47-8 on October Steel has risen above 93 on three separate occasions. and has then fallen back. On Tuesday of last week it touched the lowest level since the 94 7S quotation, selling on that day at 85 Is. Its advance today to s2 1-S has been unusually rapid. The buying of stocks was accompanied by profes- sions of satisfaction with the tone of the presidents message, which was called moderate, conservative, and as warranting expectation of cfrcumspect treatment of the topics reserved for fu- ture special messages. such as the pro- posed amendment of the antitrust and interstate commerce laws. The feeling on the subject was enhanced by the circulation of advices from Washington alleging the likelihood of the suppress sion of attempts at radical measures in congress. One interruption to the rising tendency of prices was due to the acute weakness in Third Avenue, which sold as low as 12 1-2 as a result of the computation of the return to be had by payment of the proposed as- sessment and the price of the new se- curities fixed by nominal transactions in the outside market. There was a show of strength in the soft coal car riers as group unexplained except on the ground of the small part taken by these stocks in previous advances. The advance in fact was spotty and wa5 not comprehensive at any time. Published reports of the ripening of plans amongst raidroad trainmen for a concerted demand upon the railroads for an advance in wages after the first of the year were without apparent ef- feet at any point. The census bureaus figures of the amount of cotton ginned to December 1st were taken as having q widespread interest outside the actu- al cotton trade. The rapid picking of the crop gave the ginning figures early in the season. and undue promise of the final results and the later figures have widened the discrepancy with for mer crops rapidly, and bear out the fears in the trade of shortage and more The rise in price of cotton to the highest price of the season was considered appropriate to the report, and significant, also, or the prevailing high level of prices in materials. A contrary tendency was shown today by the price of copper one of the few materials which has failed to share in the almost universal rise in prices. The Western Union quarterly report of earnings proved unsatisfactory to some holders of the stock and the retention of the previous dividend rate seemed to bring some disappointment also. The fall in Amalgamated Copper was an influence in the sharp reaction late in the day. Bonds were irregular. To- tai sales, par value, $5,133, 900. United States fours coupon declined IA per cent. on call.