Norwich bulletin., 1911-09-07
FINANCIAL and COMMERCIAL,
FURTHER RECOVERY.
Gains Were Smaller But Improvement
Broader in Scope.

| New York, Sept. 6.--The recovery in
stocks was carried further today. The
movement was less vigorous than yes
terday and gains among the important
issues were smaller. but the improves
nent was broader in its scope, extend
| ing to many of the semi active railroad
and industrial stocks. 1t was even
more evident than was the case last
week, that the liquidation which led
| to the long decline had ceased. Stocks
werenot pressed for sale. AS on 9TH
/ er recent days there were signs Of
nervousness on the bear side.
| Covering of short contracts was per-
! haps the most important influence in
bringing about the advance, but there
| appeared to be greater activity on the
long side of the market. One of the
| important bull traders who has been
inactive for some time was reported
today to have resumed operations.
That somewhat better feeling existed
was evident, though the upward ten
dency was not generally regarded as
marking any important change in the
attitude of the more powerful inter-
eSts. So far as is known, the chief
financial agents are not investing heav-
lily. The public, moreover, is still with
holdip' it's patronage, the lower scale
of prices not having led to extensive
investment buying. In line with the
course of stocks was the increased
activity in the bond market.
Transactions in listed bonds were
considerably larger, and private sales
also were reported as having become
heavier. The inactivity of this depart
| ment of the securities market has been
one of the noSt disappointing features
of the retrogressive movement to deal
ers who expected a diversion of in
veStmentS to bonds as a natural ac-
compartment of the decline in stocks.
The stagnation which prevailed in
the investment market last month was
shown by the output of new railroad
and industrial securities in August,
which fell to 1,516, 900, as compared
with s129,912,000 in July and s23S, 397,-
600 in June. The railroad offerings
amounted tc- the abnormally small fig
ures of $14, 345, 900, or only half the to-
tai for the corresponding month of
1910. The higher level of stocks estab-
lished in the early trading was main
tanned most of stlle day. There was an
increase in selling late in the after
noon and prices declined somewhat,
though not to such an extent as to dis
turb the more bu1lish feeling. The SELL
ing converged on United States Steel,
one block of $500 shares being dis
posed of. The price of this stock fell
back nearly point, but a large part
of the days gains elsewhere were re-
| tanned. Following the many reports of
| slackening trade activity, todays esti-
mate of the country's iron output in
was regarded as of especially favor
able import. Moreover, the daily pro-
ducing capacity on September 1 was
larger than the August av s-age. Aside
from this report the day was without
Developments If Importance. The week
ly weather report of the government
reve aled somewhat more favorable
conditions. Recent heavy buying of
! Interurban- Metropolitan securities was
explained by today's increase of the
dividend on the st 1ck of PETERBOROUGH
Rapid Transit, a subsidiary. The Haw-
ley stocks made another squirt, which
was responsible for revival of the
report of a pending alliance with a
Canadian railroad.
Bonds were firm, with speculative
interest censcrinS in Interborous h Met
ropoIitan 1-2s and American Tobacco
issues. Total sales, par value. 3d.
019,000.
United States bonds were unchanged
on call.