Norwich bulletin., 1911-02-09
FINANCIAL AND COMMERCIAL,
PRICES DRIFTED DOWNWARD. Pwblio Did Not Respond ts Tradsrs- No Important Alteration in Prices Looked For.i

New York, Feb. S.-Prices drifted downward on the stocQ exchange to- day. Selling was more general and pressure more constant and effective than on other recent days on which such a movement has been attempted, and there was talk of an impending read0ustment of values to a considera- bly }owsr level Tina basis for this reasoning was found in the belief that interests which were identified with the most important operations in the recent advance had closed out thsir accounts and would be disposed to let the market drift for 2 time. Failure o6 the pubi1c to respond to the yfntiring efforts of traders was advanced as further argument in favor of bear traders. Operations, however, lacked the strength and vigor necessary to carry conviction that an important ai- iteration in the position of the market must necessarily follow. Most of the leading stocks sold at 8 point or more below previous quotations during the day and, though hardening tendency was noted in ths late session and a number of tseues partly recovered thoir losses, there wzs no general ad- final hour of yesterday.
 News of the day afforded little lev craze on which to hinge operations The only important developments were the monthly figures of the Copper Pro- ducers and announcement of the pur- chase of large block of Atchison convertible bonds by a syndicate rep resenting American, English and con- tinental banking interests. The figure disclosed in the statement of the cop per producers were anything but fa- v0ra6le. but had no very adverse effect on copper shares. Not only did copper stocks increase enormously during the month of January, but the consumption at home and abroad was much below that of any recent month. Exports for January declined almost 35,00O, 900 pounds. Detailed comment on trade conditions seem unnecessary in the face of this exhibit, which offers fur ther proof of the dimculties encoun- tered by the advocates of the copper curtaflmsnt plan.
 The importance of the sals of the Atchison bonds seems to lie more in it's foreign participation than in the sale itself. The amount of bonds ac- that French and German bankers are said to bs participants in the purchase was accepted as evidence that the Eu- ropean demand for American securities of the better class had not yet suib- siced.
 Trading in this market for London account was of snral1 proportions There was considerable buying in this market by London brokers, but these purchases were believed to be for New York houses.
 Apart from the announcement that . large order for steel rails had been placed with one of the subsidiary com panies of the United States Steel cor poration, there were no new develop ments in that industry today. Near improvement of conditions in the steel trade is Sugg ested. however, by reports of building expenditures in January in the larger cities of the country, which disclose an increase of 13.S per cent over the previous month, the first gain to be recorded since last August
 Trading in the new 4 1-4 per cent. city bonds was again the feature of the bond market, one block of $500, 900 being sold at 100 1-2, an advance over yesterday. The general bond market was steady. Total sales par value, s3, 115, 900.
 United States government ,threes and the fours coupon advanced 1-2 and the fours registered 1-4 on call