Norwich bulletin. [volume] (Norwich, Conn.) 1895-2011, 1909-09-16
FINANCIAL AND COMMERCIAL.
MORE ACTIVE MOVEMENT.
Stock Speculation Gives Greater Evil
dence of Vitality-Demand Branches
Out Into New Quarters.

New York, Sept 15.-The specula-
ton in stocks today gave greater evil
dence of vitality and of naturalness
than for long time past. Operations
were not confined so entirely to a
handful of stocks or even, as has been
often the case, to three stocks, Union
Pacific, Reading and United States
Steel Those three stocks were by
no means obscure in the days transac-
lions, but they did not absorb fifty
per cent. of the aggregate dealings, as
they have done on more than one oc-
casion recently The demand branched
out into new quarters and shifted rap
idly from one stock or group to an
other News to account for these
movements was not forthcoming al
ways, or even generally, and conjec
ture was obliged to fall back on some
general explanation which would ap-
ply either to business prospects or to
opportunity for speculation or BOTH
OF the former class was the interpret
alton placed by the financial commun-
ity upon President Tafts speech in
Boston at the outset of his long speech
making tour of the west. The chief
executives endorsement of the plan>for
the establishment of a central bank
of issue as a means of solving the
currency problem had a good effect on
sentiment in the financial district So
had the cheerful belief expressed that
I'VE are on the eve of another great
business expansion and era of prosper
ity." Even the insistence on the need
of further reforms of business meth
DDS and the danger of lapse in old
abuses was regarded in the light Of the
qualification, nothing revolutionary,
nothing disturbing to legitimate bust
ness is needed" rather than in the
light of the main contention. A good
augury of the effects of the coming
trip was drawn by the financial COM
munity from the texture of this pre-
liminary address. Considerable spec
ulative activity seems to have been
prompted by this consideration. In
dustrious use was made also of the
rumors of an approachment between
the two great banking groups usually
designated as the Standard Oil and
Morgan groups. The concrete facts
on which these rumors were based
sifted down to the election of j. P.
Morgan, Jr., as a director of the Ma
tional City bank, a Standard Oil in
stitution, and of James Stillman,
chairman of the board of that bank,
natl. Chicago and st. Louis railway,
one of the Morgan Vanderbilt rail-
roads. Of material influence on the
days market was the report from
Pittsburg of the visit to the steel
works there of French banker. who,
it was assumed, was securing informa-
ton to. pave the way to listing United
States Steel on the Paris bourse. The
ground for his assumption was the
discreet refusal of the French banker to
say anything on the subject. The air
of mystery rather added than detract-
ed from the attract of the repor.
1t was the most influential factor in
carrying United States Steel to it's
new record level on enormous deal
ings Reading also touched new rec
ord price on the belief that some plan
for segregation of its coal company
assets was maturing. The further tight
ening of the money market had not
the slightest effect in checking the
speculation. Most of the days call
loans were made at 3 per cent. but the
rate did not rise above that. Rates
for time loans, however were adj
vanced a fraction for the various ma
TURTLES and the demand was very
strong. Bonds were firm. Total sales,
par value. s4,050,0 900. United States
bonds were unchanged on call.