Norwich bulletin., 1909-12-22
FINANCIAL AND COMMERCIAL,
WATCHED THE MONEY MARKET.
Stock Operators Suspicious of Possible
 Developments There.

New York, Dec. 21.-Operators in stocks kept one eye on the money market today and seemed to be sus- picious of possible developments in that field, in spite of the superficial tram quillity there. The heavy calling of loans by some of the banks yesterday was followed by a rise above per cent. in the call loan rate late today. The largest of the New York clearing house banks had a credit balance at that institution today of $17, 1000, 900. The action of the foreign exchange market today definitely settled the question of gold shipments to London tomorrow in the negative. Tomorrow's steamer is the last which will deliver consignments in London in time for the new years settlements. Exchange for Fridays sailing commanded lower rates than for current delivery. From this 1t is inferred that exchange rates are likely to decline with the passing of the special demand for remittances incident to the sending abroad of Christmas money and for payments of January first interest and dividends on foreign held American securities. The January foreign exchange mar ket is by no means clearly defined, however, according to the views of in- ternational exchange bankers. The London money market is expected to lace IHe GAlB6UCleS or the e1ecLOrdl campaign and also of the maturity of loans from the Bank of France to the London money market, and which were to be repaid in gold on falling due. The likelihood is pointed out that New York may be called upon to pay this London debt to Paris. This week the domestic interior has discontinued its remittances to New York and is retain ing funds for holiday demands. The sub-treasury, however, is contributing liberally to the banking reserves through large government disburse- ments. This is offset in part by the shipments of gold to South America, Another complication in the January money market will be the large pay ments which are to be made on sub scriptions to new securities which fall due periodically during that month. The body of the security list was inert today and the only perceptible play of prices was in specialties which are not usually leaders in comprehensive stock market movements. Even in these the movements were not sustained Consolidated Gas had another advance on repetition of rumors of a melon cutting, but lost all of it's advance lat CT. The disproof of the rumors which carried up the Atlantic Coast Line group has proved discouraging to fol- lowers of this kind of vague reports. The Atlantic Coast Line collateral bonds today fell back to about the level they started from on the sensa- tional upward movement of last week. The copper stocks enjoyed a brief spurt of activity and strength on no other news than the steps taken in the Guggenheim merger, heretofore report ed, and an advance in the price of Lead by the American Smelling com pany. Rumors of coming dividend in- creases were effective in moving number of industrial stocks. but with out awakening any general response in the market The market leaders, such as the great railroad stocks and United States Steel were under more or less pressure. The report of a set tlement by the Lehigh Valley of the demands of its railroad engineers seemed to be accepted as a precursor of similar action by other railroad companies in the matter of the wide spread demand for increased wages now pending. Bonds were irregular. Total sales. par value, SS,449,0 900. Unit ed States threes advanced Is per cent. on call.