Norwich bulletin., 1910-01-08
THE MESSAGE IN WALL STREET.
State Approaching likeness Followed
 Presidents Recommendation.

New York, Jan. 7.-Whatever may be thought of the influence of the presidents message on the stock mar ket, it cannot be supposed that there was anything in 1t that was news in that region. The full text Of the mes sage was distributed to brokers of fees within a few minutes after its delivery to congress. advance copies having been on hand for that purpose. The preparation of the document, however, has involved such widespread consultation and such free preliminary discussion by the author in public ad- dresses that scarcely any passage of it could be regarded as a noveHy.
 Ever since the conference of rail last Monday for the purpose of offering their objections to the recommenda- tions to be made, the stock market has devoted most Of It's attention to talk ing measures prompted by the views of the forthcoming paper. The result was seen In the state approaching g idleness into which the market fell after the message was published. The element immediately in touch with the stock market had already taken such steps as they deemed appropriate to the conditions presented by the ex- ecutive recommendations. Such steps on the part of speculators are. natur- ally, in the effort to anticipate and take advantage of what the more scat tered general 7ilblic may do
 In the movement of special stocks here and there which has occurred during the week 1t is possible to SUD- pose that action was prompted by particular passages of the message The proviso suggesting that a corpor- ation now owning not less than one half of the entire issue and outstand- ing stock of any other railroad com pany shall not be forbidden to acquire all of a remainder of such stock might have prompted additional ac- emulation by present holders of a minority of stock in other railroads The Union Pacific's holdings of South ern Pacific and the Pennsylvania 8 holdings of Norfolk & Western offer examples, the present control of these holdings The past week has seen large accumulation at advancing prices of both of these controlled stocks.
 Putting aside the question of how far speculative action may have an- ticipated already the effect of the pro- gramme here set out, the opinion in financial circles Is clear that grave weight must attach to the comprehen- sive and reasoned plan set before con gresS for dealing with the corpora tion problem. The means of comply ing with the proposed law for federal charters received more attention than any other phase of the subject. The view of the ultimate effect of such Q system was not wholly unfavorable from the viewpoint of capital and of corporation interests
 Other influences, so far as they were effective in the days stock market, were mixed. Some influence was ex- erted by the reports of the widespread damage by the storm.
 The easing of the money market helped the speculation. The ruling rate for call loans was below per cent. for the first time during the week. Preliminary estimates of the weeks currency movement pointed to a heavy cash gain by the banks, tle high call loan rate early in the week having served, apparently, to attract large sums here from the interior. Es- inmates of the weeks gain ran as high as $10,000,000. Opinions on the loan changes are still at sea. The