Norwich bulletin., 1909-12-15
FINANCIAL AND COMMERCIAL.
WINDOW DRESSING
Suggested by Sudden Activity of Not
 Usually Prominent Stocks.

New York, Dec. 14.-The stock mar ket today was still characterized by the wide movements in stocks not usually prominent in the dealings. The sudden awakening into activity of these at advancing prices was accompanied in some eases by "deaP' rumors and in other cases had no other apparent cause than the purpose of market packers to adjust the price level to conform to earlier movements at other points in the list Many of these move ments carried with them a suggestion of window dressing purposes in prepa- ration for the period of the year when current market quotations appear in balance sheets and annual reports to mark the valuation of investments
 Here and there were slight signs of reinvestment demand, in anticipation of the profits to be available for use after the first of the year. At other points were the effects of palpable ef- forts to stimulate the work of this reinvestment demand, which sometimes makes it's appearance at this time of year, which has been disappointingly scanty this year. In the bond market, where it Is usually most marked, it has made no perceptible impression at all the demand for bonds continuing inert up to this time Such signs of investment buying as were seen today were in some of the high grade rail- road stocks. The speculative move ment today was halting and irregular. The active strength of the first hour seemed to be taken advantage of to effect some distribution of stocks and the tone was dropping thereafter. The action of Reading was of large sym pathetic effect in this result. That stock, after early strength, sold off on reports that the meeting of directors A- k1.- [. | . tomorrow. The rumors persisted of an intended increase at that time The speculation was less impressed with so imminent prospect than with the similar rumors of projected increase in the Southern Pacific dividend to be acted on in January. Attention was attracted by a report that the United States Steel corporation will assign preferred stock for subscription to em- ployes this year in pursuance of the profit sharing plan, instead of common stock, for which the employees were al- lowed to subscribe at 50 last January, with satisfactory results in the years movement of the stock. There is a feeling in stock market circles that the pendency of the American Tobacco case decision by the supreme court at Washington will prove drag on spec ulative enthusiasm. Preparations for enforcement of the corporation tax and the incidents of publicity involved in the process are a cause of disquiet to corporations. Adroft use is being made of the speculation of the varying ru- mors of the merger of the so-called Guggenheim copper properties. Official details were still lacking today. In- terest rates for sixty days and six months loans were lower today, with increasing offering and lessened de- mand Call loans again touched five per cent, although heavy dlsburse- ments for tomorrow, including the Standard oil dividend, did not seem to affect the market. Bonds were irregu- lar. Total sales, par value, $3,522, GOO. United States twos advanced 1-8 per cent. on call.