Norwich bulletin. [volume] (Norwich, Conn.) 1895-2011, 1910-11-04
FINANCIAL and COMMERCIAL.
QUOTATIONS LIFTED.
Forces of the Bull Element Haiiy-Ne~
High Level for Steel.

New York, Nov. 3.-The bull element
rallied their forces today and lifted
quotations. The professe3 grounds for
the movement ere the steel and cop
per trade advices The dealings were
called highly professional and the eff
forts to secure higher prices were
helped by the needs Of the short in
tersst which has been built up in the
course of the reaction this week. The
dealings in United states Steel ex-
banded to a large volume in the neigh
borhood of 80 at which ps'lce stop loss
orders from uncovered shorts seemed
TO be dislodged. The short selling of
the stock and profit taking became
large again at a further fractional ad-
vance, making the waging of a specu-
lative contest between forces nearly
balanca ed. At 80 3-s, a new high level
for the movement, little business was
done, and the whole market closed very
dull on the advance.
The principal news from the steel
trade consisted in the statement of the
Iron Age that buying Of steel rails by
the railroads for 1911 had begun. The
transactions specified were not large
bnt they wore accepted as evidence
that the policy of abstention from buy
ing materials which has been closely
followed by ths railroads during the
progress of the rate hearing was be
ing abandoned. The hopeful statement
issued by Chairman Gary Of the United
States Steel corporation on this sub
ject the day before came IN for re-
newed consideration and helped the
demand for the stock. The dealings
were concentrated i'll THAR sources and
the movement was re1trs ined by COR
sideration of the effect 10 be expected
from the public ton on the 10th Of the
month of the tonnage of untitled or
ders on the books on November first.
From the loWness OF the figure on the
first OF the preceding month and the
knowledge that production on old or
ders has been running well ahead Of
the receipt of rew orders. it is be
Geved that the coming statement will
show a new low record for untitled Or
ders. On the side OF the copper trade
there were reports of some of the prin-
cipal PRODUCERS holding for higher
prices and of sales TO foreign buyers
of large amounts for delivery in De-
cember and January. ~Jch reports
We're unofici5l and Unconflrn1ed, ac-
cording To the custom in the trade
Their influence was enhanced by in
.pired intimations of better conditions
and higher prices to be looked for in
the future. the inputation being that
the policy Of curtailn1ent OF output was
TO be relied on for this result. London
reported ? decline in the price of cop
per m etsl today, and this had the effect
of restraining the movement in copper
securities.
The call money market did not show
the expected relaxation, the rate hold
ing at four per cent. or above for the
first time in the fall season. The New
York city tax collections are a contin-
uing factor In the money market.
The reported revival of demand for
steel products and for copper spread
it's influence to other industrial Sc
curities by the assumption that i'm
provement in these trades must be fol-
lowed by general increase Of activity.
Bonds were irregular. Total sales
par value, $2,142.000. United States
bonds were unchanged on cali.