Norwich bulletin., 1909-12-17
FINANCIAL AND COMMERCIAL.
HATING ANp IRREGULAR.
Many Stocks Dropped Practically Out
 of the Tradinu.

New York, Dec. 16.-Difficulty was
 found in throwing off the lethargic | tendency which crept into the specula- ton in stocks today. The movement
 In prices was halting and irregular and
 there were long pauses in activity when
 many stocks practically dropped out | of the trading. One discouragement
 met by the trader who follows the sud den movements which have been de-
 Neloped in many obscure stocks is the sudden lapse of such securities in-
 to dormant state. From a esmblance
 of great activity and breadth in the
 market, with transactions in blocks
 up to a thousand shares, there will
 suddenly intervene a withdrawal of all orders. speculative holder of a
 small block, on inquiry. will learn that no bids stand In the market for his stocks for several points down. Forced sales under such circumstances causes wide breaches in values and give an impression of hollowness to the mar ket and of manipulative origin for the short lived activity. The principal in- terest. of the traders today was in at tempting to draw deductions from the action of Reading as to the general speculative position. Yesterdays divi- dend increase did not induce sufficient new demand to lift the price Adher- ents of the bull position derived con- siderable satisfaction, however. from the lightness of the pressure to realize on the good news. The increase in the dividend has been so long anticipated and the price lifted to high that a vio- lent reaction has been dreaded in some quarters when the action was taken. AS long ago as early September Read ing had risen to IFS 3-8 in anticipation of dividend increase, and has not risen as high since. In January of 1906, when the stock was newly placed on the per cent basis which it has held ever since, the price was run up to 164 On the expectation of an early additional increase. In view of the prolonged speculative use which has cen made of the higher dividend ex- pectation for Reading, the reactionary force in the stock today must be re- garded as extremely moderate. Its influence for depression on the gen. eral list, therefore, was slight or even in negative way, favorable A more positive factor, towards sympathetic strength was the demand for the high price western railroad stocks. especial ly Southern and Union Pacific Pro- fessed expectations of an increase in the Southern Pacific dividend in Feb ruary was the ground for this move- ment. The demand in the general list. however was scanty, the firmness of
 
 the small offerings for sale than in an active absorption. The passing of the year. end period was felt to be desir- able before attempting large market operations. The question of a gold to London was left open by the active demand for remittance in with year-end requirements. Exchange to go out by next weeks steamers commanded a higher figure than demand bills, that date of sailing making the latest by which remittances can reach London for January 1st pay- ments. The news of the absorption of Independent telephone companies by the banking house which has transact ed recent financing for the American Telephone company strengthened the impression of the uninterrupted prog ress of consolidation of corporate in terests which is in progress. The in- crease in the Louisville and Nashville dividend set up an uncertain fiuttering In the price of that stock, similar to | the action of Reading and in contrast | to the sustained strength in Southrn l Pacific. where the dividend action is | in the rumor stage yet Bonds were | steady. Total sslss, par value, s:,SG2,- | 100. United States bonds were un- on call