Norwich bulletin., 1909-12-21
FINANCIAL AND COMMERCIAL,
HOPE DISAPPOINTED.
Stock Market Enthusiasm Chilled AL
 most at the Outset.


 New York, Dec. 2O.-The specula- tive hope that the approach of the holidays would be signaiized by a brisk advance in prices of stocks was disappointed today. The spotty ad- vance at the outset met selling pres sure of such an effective kind that enthusiasm was chilled. A factor in this result was the setback in the At lantic Coast line group of securities, which followed the putting out of de- nials, with appearance of authority, of the rumors which accompanied last weeks advance in those stocks. The denials covered the alleged intention to issue new Louisville and Nashville stock, with valuable subscription rights to stockholders, which would, of course, have benefited Atlantic Coast line in that capacity, and also the supposed intention to retire the Allan tic Coast line collateral boads as a preliminary to & sale of the Louisville and Nashville stock which secures these bonds. There was a sharp fall in the price of all the securities named which was of some sympathetic effect on the general list. Another depress- ing influence was the calling of loans on large scale by several of the large banks, which necessitated the replac- ing of accommodations. These were
 
 rate above 5 per cent. One reason given for this calling of loans was the appearance of increased supplies of commercial paper and the desire of the banks to provide themselves with means to take it. A payment of $12,- 600,0o0 of an instalment of subscrip- tions to the new stock of the New York, New Haven & Hartford made an additional demand upon the money market The $1,500,000 gold to be shipped to South America was with drawn from the sub treasury during the day, but meanwhile that institu- tion had contributed over $2,000,000 to the banks since Friday through the medium of some heavy government disbursements. No engagements of gold for shipment to London by We'd nesday's steamer were announced, the exchange rates ruling below the point of profit on the transaction. The London supply of gold was taken for for Germany. but the discount rate in London was easier The Chicago ex- change, on the other hand, moved against New York. falling to a small discount. compared with fifty cents premium no longer than two weeks ago. These signs of the working-o out of the year-end money market ac- counted for the restraint on the spec ulation. The extent of the shifting of loans by some of the banks gave rise to a conjecture that an adjustment of accounts might be in progress looking to mergers in the banking world. Re- cent operations in connection with the purchase of the Equitable Life Assur- ance society and market movements in some of the bank stocks have fos- tered an expectation of such develop ments in the New York banking sit uation. The reiteration of the report from Paris that the effort to list Unit ed States Steel on the Bourse had been definitely abandoned with the dissolu- tion of the syndicate which took a block of the stock in connection with the project, weighed on it's price to some extent. The census bureaus cotton ginning report was held, in the cotton market, to confirm the aeri- cultural departments serious view of the crop shortage matter of grave import to industry and to the high cost of living. The progress of the demands for higher wages by railway trainmen and conductors in the east seemed to awaken languid interest American Sugar suffered from the prosecution of the customs frauds. Special stocks made a ready response to suggestions of dividend increases, Reading Consolidated Gas and the Rock Island issues offering examples. Bonds were steady. Total sales, par value. $4,674,0oO United States twos advanced IA per cent. on call.