Norwich bulletin., 1910-12-29
FINANCIAL AND COMMERCIAL.
HARDENING OF PRICES
Brought About by Traders Changing Their Tactics-Extreme Duilress at CIose

New York, Dec. 28.-Attempts to depress the stock market during the last few days having proved more or less abortiVe, traders today changed their tactics and bought moderately, with a resultant hardening of prices The improvement, was none too pro- nounced and did not extend to the en- tire active list, being confined to a few of the leaders and a number Oi issues in the special group. There was some degree of pressure of United States Steel throughout the day and the selling of that stock was accom- panied by the now familiar rumOrs Ot adverse trade conditions. So far as could be learned, there was no reason other than the theoretical one referred to for ths reversal of attitude on the part of the professional element, whose opera tions constitute go large 9 part of the daily business on ths exchange
 If anything the days news was Un- favorable rather than otherwise. Two of the minor lines controlled by the New York Central F0ad-the Rutland and the Lake Erie and Western roads again passed the dividends on the preferred shares, in keeping with their records Of the past year or two, and the Pennsylvania company, an impor- tant part of the Pennsylvania. system, cut it's annual dividend from to per cent In the case of the Vanderbilt
 
 physical condition of the properties, together with their poor earnings, did not warrant a resumption of dividend payments at this time.
 There was some activity and strength in the gas stocks. which had their basis in a revival of the runor that the Consolidated and Brooklyn Union Gas companies contemplate a consolidation of interests. The Steadiness of the local fractions was presumed to have it's origin in the approval given to the latest Interoorough plans by some of the leading local commercial bodies.
 Lehigh Valley was the strongest of the railroad issues, bat the movement ir general was of little significance and enlisted practically no outside in- terest or support. The days business was unusually small and in the late trading the market relapsed into ex- trene dullness.
 London was d buyer of the Hartman issues and Reading. according to re- port. but the sum total of operations for that market was probably under five thousand shares.
 The market for foreign exchange here was somewhat easier, but dull on light offerings of financial bills. Com nercisi paper continues to be In good derand by local banks and the better class of these offerings is being rapidly absorbed at a steady decrease ill the rate of discount.
 The combined reports of the state banks and trust companies of this state. outside of Greater New York, show slight decrease in loans and discounts compared with the previous week. and the decrease in reserves of the trust companies is more than twice as large Ss that reported by the banks.
 The feature of the bond market was the increased demand at better prices for the general four per cent bonds of the Atchison and Northern Pacific roads. The balance of the bond mar ket was steady on q moderate volume of operations.
 Total sales. par value, aggregated S1S40.000. United States government bonds unchanged.