Norwich bulletin., 1910-08-12
FINANCIAL AND COMMERCIAL
ADVANCE NOT CONTINUED.
Additional Evidence of Dying Down of
 Forces of Recovery.

New York, Aug. 1.-The stock mar i ket today gave additional evidence of the dying down of the forces of recov- cry which had been at work almost continuously for two weeks previous until the day before The investment | demand, which developed at the attrac tive prices offered on the decline, seems { to be satisfed, and the more specula- 1 tive operations for the advance show growing caution prices get further away from the point at which the re covery started. There were new factors developed which are considered of positive weakening force but the news fails to offer incentive to continue the advance. Return Of stocks borrow ed for delivery reflects a reduction of the uncovered short interest, and when prices start upwards the amount of selling causes a suspicion of realizing or some of the holdings that were talk en over for protective purposes at the time conditions threatened serious damage two weeks ago.
 The market having lost the adVant- age of the urgent demand from uncov- cred sRorts, speculative attention turns back to some of the pre-existing con ditiOns which were held responsible for the fall in prices. The statement is sued by the bureau of statistics of the value of agricultural reports for the month of July disappointed the hopes Of a decisive favorable turn in foreign trade conditions, which seemed to be
 
 Nearly every important item of the statement slows a contraction from the figures of a year ago, the total con traction reaching s6,253,0O0, compared with July of last year. The complete foreign trade statement in July of last year showed an excess value of inn ports over exports already esta blished, SO that the prospect of assistance in building up foreign credits by the workings Of commerce in July of this year is poor.
 Statistics of permits for new build ings-for New York and twenty six other leading centers for July aggre- gate s45,432,77s, compared with s6o.- S27,T74 in July of last year. This show ing bears out the assertions of exten- sive curtaiment or credits in New York for new building purposes which lending institutions have been practic- ing for some time. An important de- partnaent of the steel trade is thus af- fected and the response of United States Steel to the showing was evil dence of the significance attached to it. That stock was sympathetically af- fected by the special weakness of Am erican Smelting, which reflected some influence on the whole of the metal f1roup. The movement in Smelting was in face of public expression of conf dence in the copper trade situation and the hopeful promise for trade and in- dustry in general on the paxt of a dom inant power in American Smelling. The price of copper warrants receded in the London market.
 The dividend declarations on Union Pacific, Southern Pacific and General Electric had some temporary sustain ing effect, but it passed.
 The time money market was easier, with increased offerings for periods maturing before January next, for which there was little demand
 Bonds were irregular. Total sales, par value, $1,4S6 900. United States twos coupon advanced 3-S per cent. on call.