Norwich bulletin. [volume] (Norwich, Conn.) 1895-2011, 1911-08-23
FINANCIAL AND COMMERCIAL.
A SET ssAW MOVEMENT.
Market Ope ms With Slump Followed
by Rise and Recession.

New Yor *. August 22.-Detailed re-
c1tal OF too hy's operations on the stock
exchange would hardly throw much
light on th e general financial situation
and even less on the recent severe de-
cl1nes IN securities. The market open
ed with J. number of substantial re-
cessions, in which Union Pacific took
Its now familiar place as leader. In
its early losses the list simply fol-
lowed the course of London, where all
American s. particularly the Harrimans.
were unt ber pressure.
London rs depression and the result
ant hrea here were generally attrib-
uted to Developments abroad, advices
from Pal his and London Indicating that
another rupture had occurred in the
Franco Moroccan, negotiations. This
found it 8 reflection chiefly in France
where Preparations for war were said
TO be In the making. The German side
OF the siruation did not project itself
with es pecial prominence and local
bankers with Influential foreign con-
nections were not inclined to take the
news cry seriously.
Furtk Rr details concerning the pro-
posed petrenohment on the Hartman
railroat Is were Forthcoming. all tend
ing to show that this important sys-
tenn pr Eposes carrying out it's avowed
policy with little delay
Ate the markets first slump in
which many stocks were sold under
yester Gay the list crawled slowly up
ward on q very moderate volume of
busin' sss, Union Pacific leading the adj
vancu as it had the decline. By mid
day Erices were substantially over the
pretfe hing day. but again fell away
With trading at standstill. In this
weE the list continued to move for
the sgreater part of the session. even
tue professional element refraining
ffoml making any commitments save in
the tsrnallest way.
|. In speculative circles sentiment has
/undrrgone little change. Weakness In
Can Adian Pacific, which had it's origin
In fterlin and was followed by loss
of bmost five points here, precipitated
an 'fncipient selling movement in the
latea. session. which threatened to
make further inroads upon the entire
| list The earnest support accorded
Union Pacific. however. resulted in a
rallSr but prices were not fully restored
and the market took on it's accustomed
lang nor. Baltimore & Ohio was dis
tinctly weak, selling off to par, loss
of two points, Notwithstanding a fairly
good statement of earnings for July.
| Rea ningis consistent steadiness was
acct impanied by intimations that it's
earnings for July. soon to be issued.
would be quite satisfactory, and the
frmmess of Pennsylvania followed an
ann puncement that no retrenchment is
con tempiated on that system
There was more ANNA ton in the
last: hour, and the list denoted con-
sid,era BILE degree Of underlying
strength with free absorption of Steel
ami Union Pacific. the former mount
| ins,,to it's best price of the day.
.fhe day was replete with crop news
wliBch ranged from good to Indifferent.
| A fweH-known expert said that the
Texas cotton crop would hardly yield
| more than last years output while
| Texas & Pacific railway officials look
| ed for a record yield.
i Bonds were steady. Total sales, par
value, $1,266.000.
| Wnited States government bonds
| were unchanged on call.