Norwich bulletin. [volume] (Norwich, Conn.) 1895-2011, 1911-05-18
FINANCIAL and COMMERCIAL.
PRICE ADVANCES CONTINUE.
Wall Street Trading on a Confident
Basis Yesterday.

New York, May 1.-THE advance in
stocks which completely changed the
character of the securities market yes
tcrday was continued today. The vol
ume of business was almost as large
as yesterday, and gains were as gem
eral, although smaller. Trading pro-
ceedcd on the same confident basis, with
strong demand, which came in no
small degree from outside sources. Ur-
gent snort covering also was q source
of strength 10 the market. The feeling
was quite general among the profess
sional speculative interests early in
the day that yesterdays advance had
been so rapid that reaction might
be expected. These traders sold heav-
lily at the opening. but the manner in
which their offerings were absorbed
proved that they had underestimate
the strength Of the market. Prices adj
vanced anew after hating for 9. time
and bear traders were compelled to
cover as losses.
While the forces of speculation were
responsible in large part for today's
advances. the underlying cause appar-
emily was confidence in the outlook
due primarily to the manner in which
the market received the Standard Oil
decision. Predictions of leading men
of industry and finance that a trade
revival might be expected to follow the
rendition of the decision helped 70 i'm
facilitated expansion of purely specu-
lative operations, and, with the pres
emit disposition to view only the en-
conraaing features, the excellent crop
prospects and the apparent approach
of peace in Mexico were cited as fur
Their factors which justify optimism. 1t
was pointed out, however, that tho
Standard Oil decision removes only one
of the unfavora.ble features of the sit
uation. that the result of attempts at
tariff legislation is still to be deter
mined, and ths.t IL cannot be known for
some time whether the predictions of
better trade conditions are to be borne
out.
United States Steel was again the
most active stock IN the list and
touched 80 IL, it's highest price since
early III The year Standard Oil show
ed further strength on the curb today
the prospective dissolution of the cor
poration opening up the possibility of
allotment of assets to shareholders
greater than the present value of the
stock. American Tobacco was con-
spicueusly strong. The common stock
advanced 20 points on the curb, to 800,
the hishest,-price since 1895. Lehigh
Valley, the railway equipment stocks
and Southern roads were also buoyant.
Almost a score of issues made new
high records for the year. These in
clude. Athcison, Brooklyn Rapid Tran
Sit, Delaware and Hudson, Erie, South
ern Railway preferred, Union Pacific,
General Electric, American Beet Sugar,
American Agricultural Chemical. Utah
Copper, Corn Products. American To-
bacco preferred, Westinghouse Elec-
trio, American Telephone and TELEGRAPH
and Great Northern Ore certificates.
Closing prices represented gains of
one to two points, with number of
larger advances.
The bond marl<s continued strong
and active, with q large absorption of
speculative issues. Total sales, par
value s5,ssse90
United States government bonds were
unchanged on call.