Norwich bulletin., 1909-11-20
FINANCIAL AND COMMERCIAL.
CONFLICTING INFLUENCES
Made Price Movement Excited, Fever
 ish and Irregular.

New York, Nov. 19.-Conficting in fiuences were at work in the stock market today which gave it an ap- pearance of irregularity. The unfa- vorable influence was a doubt about the character of tomorroW's bank statement. In favor of higher prices was the renewal of rumors of the progress of the plan for concentration of the copper producing corporations Wells-Fargo melon cutting on oth- CT bonuses. The latter influence was perceptible in the wide advances on light dealings of a number of high priced investment stocks known to have large surplus holdings in their treasuries, as well as others credited with concealed assets" which do not figure in balance sheets. The equities in Reading properties have been point ed at often as justification for the ex- traordinary price levels attained by that stock in proportion to the four per cent. dividend payment. This in f1uence was dominant in the trading in the stock again today. The market activity of the stock showed signs also of the operations of an organized party in the speculation and was of more or less sentimental influence on the rest of the market. In the case of the
  they started brought in some realizing sales which turned the prices down wards again and resulted in consider ably upsetting the general market. The same was true of Union Pacific, which got an early benefit from the renewal of the talk of the segregation of as sets on its own account and from estimates of the value of investment holdings by Southern Pacific of Wells ETo rryoN nrfo 1f movements in stocks of minor class, as, for example, the Keokuk and Des Moines stocks, which became active af- ter long period of quiescence, the common advancing from a fraction above S7 a share to nearly SIP. The stirring up of this class of securities in so sensational a manner is looked upon with suspicion and is likely to prejudice the feeling against the gen. eral market. Doubts over the com plexion of the bank statement were due fo uncertainty over the after effects of last weeks unexplained loan con- traction as much as to the actual cash loss indicated by the preliminary esti- mates of the currency movement. In these the total of gold for export for the week ran up to s5,400,000. The express movement with the interior, on the other hand, yielded a considerable Ddld1Se III IdNOr OI TNeW 1OIk anu Lne sub-treasury operations nearly half a million more, so that the loss by gold exports seems to have been reduced to under $2,000,0 900. United States Steel was quite steady under pressure throughout the day and closed at a small net decline in spite of the buoy ant rise at other points. The financial district was flooded with rumors of deals in the latter part of the day all leging sensational increases in divi- dend disbursements in view and fur ther changes in corporation relations The price movement became feverish and excited under this stimulating in- fiuence, but did not lose it's irregularity altogether and closed unsettled. Bonds were firm. Total sales, par value, $4,1 252,008. United States bends were un- changed on call.