Norwich bulletin., 1911-09-13
FINANCIAL and COMMERCIAL.
A MORE CHEERFUL MOOD.
Day Closes With Small Fractional
Gains on a Number of Stocks.

New York, Sept achievement of
prices on the stock exchange today in
dicated that, for the time being, at
least, Wall street was in more cheer
full mood. The market developed its
customary irregularity and there were
no signs that any substantial support
had been rendered. But trading began
with a higher level of prices and dur
ing most of the session the list ranged
somewhat above the previous close. At
the end of the day small fractional
gains were general. with few stocks
a full point higher
The heaviest selling occurred during
the fore part of the session. when for
a short period there seemed to be q
recurrence of the enforced liquidation
so often Deserved in the markets of the
past few weeks. For a time the mar
ket depressed sharply, though the only
result was to cancel the earlier oains
Only. two of the active stocks were
forced to new low levels of the year.
Pennsylvania receded to 119 Is and
Missouri Pacific to 80 is. The market
soon reversed it's position and united
TO well above the final range of yes
terday.
The advantage resulted largely from
the covering of short contracts on the
part of operators who believed that
the market had been oyersold The
market became dull on tho advance,
the demand being limited largely TO
the trading element. In spite of the
long extended downward movement,
there has been no apparent increase IL
the amount of public participation in
the market.
One of the most important factors
in determining the markets tone was
the demand from abroad Europe was
source of strength. the foreign liqui-
dalton of recent days being replaced
by purchases of about $4,000 shares.
(ly,lx rt ~ u fcs
for London account, Paris and Berlin
taking the larger part. Foreign advices
failed TO relieve the uneasiness s to
the Moroccan situation, which has been
a potent influence on this market as
well as those of Europe. The prevail
ing uncertainty over European nolitical
complications is reflected in the for
eign exchange market in a decline in
the sterling rate at Paris and some
frmness in the sterling rate at Berlin.
Changes in the Paris exchange market
have caused slight advance here in
sight francs. Although bankers pro-
fess to sec no likelihood of war. they
admit that the present situation is
causing some unsettlennent in exchange
aiding.
Outside the market leaders there was
much irregularity. 1nterna tional Har-
vester yielded about two points on a
reiteration of the report of approach
ing proceedings by the federal govern
ment against the company. Pacific
Mail was one of the strongest of the
specialties with an advance of two
points. Prices were influenced but
slightly by the failure of a stock ex-
change firm. assurances being given
that the failure was not connected
with the present unsettlement of the
market and that it involved no other
interests. American Tobacco issues
were exceptionally strong. Heavy buy
ing of these issues Was supposed to be
in connection with the expected early
completion of the plan of reorganiza-
ton. The advance in the four and six
per cent. bonds. which later reacted,
was the feature of the bond market
Bonds generally were firm. Total
sales. par vaIua. s2.435. 600. United
States bonds were unchanged on call.