Norwich bulletin., 1911-08-30
FINANCIAL AND COMMERCIAL.
PROFIT TAKING
 CHECKED ADVANCE. Early Forward Movement Game to Stop Before Noon.

New York. Aug. 29.-Further progress was made today in the for ward movement in stocks which began yesterday before a reaction occurred which, Tor the time at least, put an end to the advance. In the early part of, the day the standard issues were Tn steady demand. and yesterdays galns were increased substantially al- though the three speculative leaders Reading. Union Pacific and United States Steel, were less conspicuous than in the preceding session, gain ing only fractions The Hill issues were the features of the railroad list, which Canadian Pacific, St. Paul, Ere first preferred. Lehigh Valley and d number of industrials gained a point or more. Before noon. however. re- actionary movement set in. Prices re- ceded slowly until the gains were can- celled. In the last hour selling became active and the losses were extended Southern Pacific. Missouri Pacific. Rock Island. Lehigh Valley and Inter- national Harvester sank to the low points of the year. while a number of other shares ended the day only frac- tonally above the bottom prices reached in the extended downward movement of the month.
 No new developments occurred to in- fiuence speculation, and the recession appeared to be in the nature of profit
 
 was heightened by a renewal of shor; selling late in the session. Though the slump resulted in some sales of long stock. there was no indications of a renewal of the heavy liquidation which characterized trading earlier in the month. It was said in some quar- ters that stocks were beinG purchased on a fairly large scale by interests which believed the recent decline of 10 to 20 points to have discounted un favorable factors such as crop disap- pointments chances of labor disturb ances of the railroads and hesitation in trade owing to uncertainty regard ing the political outlook. The lower prices. however, have not led to any considerable degree of public buying and bear traders found little difficulty in bringing about reversal late in the day.
 The appearance of Canadian Pacifc's report for the fiscal year ended June 30 was followed by a temporary gain of nearly two points in that stock. The report showed an increase of S9.11S.000 in gross earnings and S2.s59.o00 in net Favorable July reports were made by several railroads.
 The chief of a large steel company was quoted as saying that. while or ders for structural material were be- ing received in larger volume, business in other branches was tagging and the
  The trade as a whole was described as marking time. Orders now being re- ceived by the United States Steel cor poration were reported as more than 1000 tons daily in excess of the amount of new business at this time of the last year.
 Animation was lent to trading on tn "curb' by rise of 46 points in Stan dard Oil to 645. The rise was accom- panied by various reports of the progress of dissolution of the corpora- tion. but no further official information was obtainable
 T.opdon trading amounting to about 15.000 shares. was divided between buying of railroad shares and selling of steel issues.
 Bonds were steady. Total sales. par value. $1.005.000. United States bonds were unchanged on call