Norwich bulletin., 1911-05-11
FINANCIAL AND COMMERCIAL.
A DRIFT DOWNWARD. Demand for Stocks Limited with Ten deney to Get on Short Side.

New York. May io.-The state of poise which has been maintained in the stock market in the last few days was preserved today, the opposing forces of speculation remaining vir- tuaAy at a deadlock. Trading received no fresh impetus and price changes were nominal. although there was 9 more decided drift downward. the leading issues with few exceptions re- ceding by small amounts. Demand for stocks was limited and traders showed an increasing inclination to veer toward the short side, although the amount of business was teo small to have decided effect upon the mar ket. Shortly after the opening and again late in the day selling move ments were attempted, but they failed to bring out long stocks and were not permitted to gain headway.
 The heavy undertene was described IS being due to the cuxHulative effect of the decline in general business and the unsatisfactory political outlook. Reductio of railroad dividends was another unfavorable factor, yester- days cut by the Boston Maine be- ing followed today by similar action on the part of the Vandalia, a sub sidiary of the Pennsylvania system. Following announcement of the reduc- ton by the Vandalis, Pennsylvania sold below 122 for the first time since 1908, although the revenue derived from the Vanda4A does not constitute an important item in the earnings of the Pennsylvania system New York, New Haven & Hartford fell nearly three points today. presumably on ac- count of the change in payment on Boston and Maine stock of which it is large holder. The sentimental eff feet upon the market as a whole was regarded as of greater significance hA a of he -fn ds f1t- concerned
 Publication of the monthly state ment of the unified orders of the United States Steel corporation did net rouse the market from it's iner- tia, the price of United States Steel itself scarcely moving when the an nouncement was made that thrilled tonnage at the end of April was 2as,ooo tons less than at the close of the pre- ceding month. In view of known con- ditions in the steel trade, the state ment was not surprising. Of more general interest were the statements of chairman and president of the United States Steel corporation at the recent steel and iron mems dinner, ss now male, public. Their frankly ated belief that it was the activities of congress which must be considered largely responsible for business de- pressicn furnished an unaxpectedly
 
 interests high in the business world toward the present political situation Whatever changes may take place iT the aspect of business as a whole the belief is accepted by many inter ests in the financial community that the situation there will not be clari- fled until soEle definite indication shall be obtained as to what may be expect ed in the way of legislation affecting the tariff and corpora tions generally
 Trading in bonds was somewhat mere active today than yesterday, but the volume of business was still muct below that reached short time ago and it seemed probable that a reces- sion from the recent high level was to be expected. A block of $3S4, cot of the New York city 1-4s was solc at 104 3-s. and subsequently, there was sale at 104 12. the high record price Railroad bonds were easy. Total sales par value S3.440,003.
 united states government bonds un- changed.