Norwich bulletin., 1911-08-02
FINANCIAL and COMMERCIAL.
VERY LIGHT TRADING.
Crop Reports and Foreign Develop
ments Have Depressing Influence.

New York, Aug. 1.-Unfavorable crop
reports, the illness of a Standard Oil
magnate and the massing of British
troops at AIdershot were among the
incidents employed as pretexts for de-
pressing the stock market today. Re-
garding the first named. the most dis
couraging news came from Iowa, where
a 80 per cent. damage to corn was re-
ported. This was in striking contra
distinction, however to cotton, in
which a percentage condition for July
of e6.9 as against 74.9 last year was
reported In all probability no atten-
ton would have been paid to the re-
ported concentration of the British
troops but for the fact that consols
declined sharply in London, where
that manifested any degree of
strength. Prices were heavy on the
Paris bourse and domestic shares Were
dull and weak in Berlin.
Trading in the local market fell to
slender proportions soon after the first
hour. The opening was irregular, and
by noon losses of point were regis
tered by Union Pacific Northern Pa
cif1c, Reading, American Tobacco pre-
ferred and several of the specialties,
with two-point decline in Canadian
Pacific which ruror aScribed to SELL
ing by Berlin. The list dragged along
at this level for the balance of the
session, alternating between partial re-
covery and further losses, which latter
included Pacific Mail. In the last hour
lower prices were recorded. all active
issues declining under the influence of
a number of unattractive railroad re-
ports.
These included Union Pacific ami
Southern Pacific, with net losses for
June of $233,O00 and s494,000, respec-
lively. while for the fiscal year Union
Pacifics revenues decreased $4,000, 900
and those of Southern Pacific $4,473,-
GOO.
Atchison for June fell over $500, 900
net, but its revenues for the year in :
creased $1.565. 000. The Pennsylvania
and New York Central lines submitted
earnings for June, the figures of the
latter system being the mora favorable.
Illinois Central gained s2,383.000 over
the preceding fiscal year, and Missouri,
Kansas and Texas scored a net in
crease of over $1,000,000.
COPPER stocks were lower in sympa-
thy with the general market. although
exports of the metal for July were
almost 10000 tons in excess of those
for the same month last year.
The monthly bulletin of a promi-
nent national bank which sometimes
reflects the views of high finance deals
largely with politics. In the opinion
of this institution general interest in
the special session of congress has al
most ceased The bulletin refers to
this country's large foreign trade and
.dWells on the outlook for our manu-
featured exports, which. it adds, are
likely to pass the billion dollar mark
in the current fiscal year.
On the curb, Standard Oil lost fifteen
points, selling down to $40.
Almost the one feature of the money
market was the hardening of rates for
commercial paper. This betokens a
revival of trade in various lines. par
ticular1y to metals.
The. bond market was lower, with
further weakness in American Tobacco
issues. Total sales. par value. were
1851, 900. United States twos de-
clined is per cent. on CALL