Norwich bulletin., 1911-02-10
FINANCIAL AND COMMERCIAL.
MARKET eRoMsEs STRENGTH. Bears Drove Prices Down at Opening
 But Rally Followed.

New York. Feb. s.-The aspect of the esoek market changed decidedly dur ing the codree of today's operations, and conveyed the suggestion of greater stnengtA of undertone than was gen. erailS believed to exist. At the open- irS bear operators, hsartened by the Advantages which they had gained on epe preceding day. resumed their oper- ations with increased ardor, and a hard dravs ct the list forced prices Bank of England to reduce it's discount rate and increased possibility of an e<tEA session of congress ware used a0 instgumenks for tho decline. Tow ard midday, however, the list gave evidences cf decided strength. Erie issues came into sudden demand, the common stock advancing a point. to the highest level of several months. Reading rose nearly two points from t<s low figure of the day, United States Steel and Missouri Pacific gained a point, and other issues improved so generally that most of the day's losses were wiped out in a comparatively short period, sonae net gains being es- tsbiished. There ware no news devel- opments to explain the change and the generally accepted explanation was that the markets source of strength lay in support lent by banking inter- ests opposed to an extended decline at this time. The improvement was as- sisted by the charged technical condi- ton o< the market slAort interests ap- parsnt1y having been extended largely on tho recent reaction.
 Tho nonchalanoe with which the street accepted tho purchase of a large block of Atclison bonds, partly for foreign account, and tho continued ease of money at ths worlds principal mon etary centey0 seemed to speak well for the outcome o< negotiations for impor- tant financing now proceeding at home and abroad. Banking interests which are identified with these negotiations arc credited with the disposition to do recessions on the stock market pending the consu1nmatioA of these negotia- tions.
 Whatsoever effect maintenance of the Bsnk of Engiand's discount rate at 1-1 per cent. had on the stock mar ket was pasgine aS with the issuance of the weekly statement it was seen that tine directors decision to make no change did not arise from failure of the bank to strengthen it's position.
 Strength of United States Steel re- fected expectations of . favorable
 monthly statement tomorrow. when a report of a lar9s increase in untitled orders is looked for. If this be so, the increase will be the first reported since the quarterly statement as of Dec. 31 at 1909. The unfllled tonnage reported for last December was 2,6S4,00o An increase in now orders of at least 200, 900 tons was indicated by Chair man Gary's recent statement, a1thoug h in the absence of ohcial figures as to January shfpments there is room for considerable fluctuations from that amount in the report of unified ton mage. Pig tin declined today both here and abroad
 Bonds were steady. Erie generals and convertible issues were bought heavily at sharp advances. New city 1-4s were, dealt in for large amounts and advanced to 1sf s-4, the highest figure reached since the allotment of flpe bonds. Total sales, par value, $4,- 104, GOO.
 United States bonds were unchanged on call.