Norwich bulletin., 1911-09-09
FINANCIAL and COMMERCIAL.
=. DAY OF FLUCTUATIONS
Downward Drift Of Prices With Sow
eraI Sharp Rallies.

New York, Sept. S.-Trading that
was unsettled and at times feverish
resulted in sharp fluctuations today on
the stock exchange. The drift was
downward, though there were several
sharp rallies which temporarily re-
duced losses. Several issues, including
Missouri Pacific, Baltimore and Ohio,
Denver and Rio Grande preferred and
Amalgamated Copper, fell to new low
points for the year, and at the low
figures of the day elsewhere, virtually
the entire gain made during the re-
sinking back to the bottom level of the
long August decline. Union Pacific,
Southern Pacific, Reading, United
States Steel, Northern Pacific, Lehigh
Valley, New York Central and Ameri-
can Smelling came within fractions of
the years low. Losses ranged from
one to two points, with partial recov-
cry at the end.
The nervous, cratic movem ents " ere
apparently due to the rnanoeuvreS of
the professional traders. whose opera
tions were the principal factor in the
market. Selling converged largely on
Reading and United States Steel. OPP
erations were governed to some extent
by the crop report, the cotton ginning
report and the copper producers state
ment. The heaviest selling of the day
followed publication of the crop fig
ures. The slight improvement in the
condition of corn was no more than
had been looked for, while the falling
off in spring wheat Of more than three
points was unexpectedly favorable to
the bear party. The report of cotton
ginning, the first of the season, was
exceptionally favorable, disclosing the
largest amount on record and its pub
lication early in the day was followed
by a rally in stocks.
Copper shares sold off before publi-
alton of the report, and later rallied.
The report was considered favorabl
While some surprise was expected at
the increase of more than $500, 600
pounds in production in August as
compared with July, domestic deliver
les and exports surpassed expectations.
The decrease in stocks brings UP the
total shrnkage in the last three
months to s2.504oeo pounds.
In connection with the heavy selling
Of United States Steel and the obvi-
ously bearish attitude of many traders
toward this stock. there was noted to-
day slight falling off in steel mill
operations compared with the average
during August. The United States
Steel corporation was reported to be
at present operating about IS per cent.
of its capacity, decline of about three
per cent
The call of the comptroller of the
currency for reports of ma tionaI banks
as of Sept. 1 disclosed the fact that
large New York ba nks did not reduce
their holdings of stock during the
August decline as greatly as might
have been believed. Notwithstanding
the heavy liquidation of stocks. the
reports of seven of the largest national
banks show a total decrease in hold
ings of securities between June Z. the
date of the previous report. and Sept.
I. of. only about $3,400.o00 An in
crease of more than $4,000 900 since
Sept. 1, 1910. is shown as the result of
the heavy output of bonds during the
year. in conjunction with easy money
conditions.
The bond market was heavy. Total
sales, par value. $1.S62,0OO United
States government bonds unchanged on
call