Norwich bulletin. [volume] (Norwich, Conn.) 1895-2011, 1911-01-13
FINANCIAL and COMMERCIAL.
STOCK MARKET UNSETTLED.
Heavy Selling of Pennsylvania the
Cause-Prices Near Best at Close.

New York, JAN 1.-THE stock mar
ket was more or less unsettled all day
by reason of the heavy selling Of
Pennsylvania shares, following yester-
days announcement that the direc-
tors had proposed to the stockholders
an increase of $100,00o.o0o in the COM
panys capitalization. The action of
the directors was altogether unex-
pected and gave rise to fears that sim
flar steps may soon be taken by vari-
Gus other roads, with q resultant con-
gestion of the securities market.
Pennsylvania sold down to AIS ga, a
loss Of 3 3-8 points from the previous
days high price. on a total Of transact
tions much in excess of any recent
day. Long Island, an allied property,
declined Ia points and pronounced
weakness was shown at times by New
York Central. The balance of the
market was generally firm. with ex-
ceptional strength in the coalers, Har-
riman and Hill issues. and st. Paul.
the latter in spite Of poor statement
of earnings for November.
Industrial shares were fairly steady
which was affected favorably by re-
ports that operations are soon to be
resumed at one of the corporation 8
largest plants, as well as the decision
of the leading manufacturers to main
tain the existing schedule of prices.
ness occasion some criticism, showed
a better tone today. Taking the mar
ket as a whole, however, it's profess
sional tone was even more pronounced.
Trading diminished in the late ses-
sion, but the market hardened grad
| ually until the close prices were near
| the best of the day. Local banks made
further gain of cash from the SUBJ
treasury and Saturdays bank state
ment ought to show a piling up of
money at this center. Rates here show
greater ease and Chicago reports an
unusual accumulation of funds. with
| like conditions at other reserve CEN
! tiers.
| Official figures Of last years exports
| of staples show decline in the move
ment of grain. flour and meat, with a
natural expansion in cotton. An analy-
while last years shipments were al
most 100000 bales under those of 1909
| the value Of the commodity was al
most $70,000,0o0 greater.
A further recession in futures on
| copper was shown in the London mar
het and there we're reports Of slight
| price shadings here, but they lacked
confirmation in official quarters. II
was rumored that large exports of the
| metal are under negotiation, but the
days developments in the local copper
market gave no indication of this.
Among the few interesting railway
reports of the day was that of the
st. Paul road for November which
| showed a decrease of over $750,OO0 in
net Net returns of threescore repre-
sentative lines for November show a
decrease in net of $50 per cent
| The semi-annual report Of the H. B.
! Claflin company, one OF the largest
| drygoods corporations, for the period
ending December 81 last shows a
| comparatively small loss in net earn
! ings, but sufficient to increase materi-
ally the deficit in the surplus applica-
| BILE to the common shares.
Bonds were irregular. Total sales
par value, $2,360,000. United States
government bonds were unchanged on
| call.