Norwich bulletin., 1911-01-10
FINANCIAL AND COMMERCIAL,
PRICES AGAIN ADVANCED.
Improvement in Local Banking Situa
 ton Felt on Exchange.

New York, Jan. 9.-Absence of any further complications in the local banking situation was of material aS- sistance to today's stock market. The concerted and effectual methods em- ployed by powerful interests to contine the trouble to it's source were received with lively satisfaction in stock ex- change circles. The stand taken by these bankers was accepted as proof of the intrinsic strength of underlying conditions, and on this theory, perhaps, as much as any other, prices were again advanced. The short interest, whose proportions are now 8 matter of much debate, joined in the move ment by a hasty covering. Practically all of the better known securities touched the highest level in some weeks. with concurrent gains in the more obscure issues.
 Another favorable feature was the continuance on even q larger scale of the inquiry for bonds. As has been the case for some weeks past, the greater part of this business was by direct sales and total transactions of this character were probably the largest of any day in the recent history of the bond market. It was announced shortly before the close that the city had completed arrangements for the fiotation of see,ooo,0o0 new bonds, but the interest rate and other details were not then disclosed.
 Prices receded and the stock market languished during the early afternoon, chiefly on further realizing for profits, but the early activity was resumed in the last hour, the closing showing general gains, though below the days best prices.
 Yet another contributing factor was the greater ease in money, which opened at per cent, and soon de- clined fractionally on offerings in ex- zA h-y7 6A large cash gains from the sub-treasury over the week end, and surface condi- tions point to steady gains from that quarter with resultant strengthening of reserves. Foreign exchange was slightly lower on offerings of cotton bills. Discounts abroad held firm and advices from London, where the mar kets were dull and heavy, suggests e renewal of the recent inquiry for gold from Indian and continental centers.
 Large volumes of traffic are beirts handled at the important railway cen- west and southwest. but some falling off is shown, compared with the heavi- est business of the previous month.
 This weeks meeting of the steel manufacturers seemed to excite little interest, but the strength of the steel shares betokens little if any change in prices. The December report of the Copper Producers association showed decrease in supplies on hand of over s,000.000 pounds, compared with the previous month, while production was about 100000 pounds greater. The nestle demand fell over 17,000, 900 pounds, but this movement was re- versed in exports. which increased all most 21.0O0,000 pounds. The increased production was matter of surprise in trade circles. and copper shares were under pressure throughout.
 The slight activity in Pacific Mail was associated with the introduction of ship subsidy bill in congress to- day although the proposed measure eliminates the trans-Pacific lines and favors only those serving South America.
 Bonds on the stock exchange were firm in sympathy with the stock mar ket Total values, par value ss.446. .0o0 United States government bonds were unchanged.