Norwich bulletin., 1909-12-11
FINANCIAL AND COMMERCIAL.
cHoPPY MARKET.
Stocks Move UnevenIy - Disquieting Rumors Caused Weakness in Some Stocks

New York, Dec. 10.-The choppy and uneven movement of stocks today was
 partly traceable to the profit-takine
 operations based on the considerable
 rise in prices for the week. Disquiet- ing rumors caused weakness in some
 individual stocks and added to the ir-
 regularity of the market. The under
 tone of the market, however, still
 showed the beneficial effects of the interpretation placed on the president's message and the clear of the money
 situation by the reduction of the Bank
 of England discount rate. The dis
 turbing rumors had to do mainly with Reading, which was said to be in- volved in some contemplated action by tion with the commodities clause of the Hepburn law. Inquiry failed to bring out any definite information on this subject and the later market showed some relief from it's influence. The special strength shown by the Pennsylvania group was accompanied by rumors that the directing control of Norfolk and Western was to revert to that system through the medium of the Pittsburg, Cincinnati, Chicago and St. Louis. The statistics for November of the Copper Producers association lack ed stimulating influence. The nominal decrease in stocks in the hands of pro- ducers resulted from reduction in output, the deliveries for consumption and export falling slightly below those
 for October, in spite of the stimulating effect of the runors of a combination of producers to restrict the output which enlivened the market for copper early in the month. A good deal of interest attached to the report that sales had been effected of the block of United States Steel stock which was taken by 8 syndicate of French bank CTS at the time the project for listing the stock on the Paris bourse was at tempted. This block of stock was re- ported at the time to amount to 1OO,- 900 shares and 1t was inferred from the price ruling in the market at the time the transaction was accomplish ed, that the price paid was in the neighborhood of SO. It was the gen. eral belief that the placing of this block by the banking house closest to the United States Steel corporation carried with it implied obligations re- garding future dividend action and also market management and that it was an integral part of the great market combination in the stock which gave signs of origin when United States Steel broke to 41 3-4 after the open market for steel products was an- nounced in February. Today's report gives additional interest to recent ru- mors of repayment of enormous loans to foreign lenders in which United States Steel figured as collateral. These repayments were an accredited infiu- ence in the persistent strength in the foreign exchange market for some time past. How far the closing up of a stock market transaction of great mag nitude is to be inferred from these in cidents may furnish food for conjec- tufe. Estimates of the weeks cur rency movement showed the strong counter currents still in force. The express movement with the interior has yielded heavy balance in favor of New York, enough, it is supposed, to leave a small net gain in cash for the banks after allowing for the $4,- 46e,00O absorption of the sub-treasury operations and $1,700,000 of gold ex- ports. The bids received for $12, 800, 900 of New York city bonds, opened late in the day. gave no suggestion of stimu- lation of investment demand. Bonds were irregular. Total sales, par value, $4,27S,000. United States bonds were unchanged on call.