Norwich bulletin., 1911-01-11
FINANCIAL and COMMERCIAL.
EXTREME DULLNESS.
undertone Uncertain All Day-Market
Closed Heavy With Net Losses.

New York, Jan. 10.--Detailed recital
of tho day on the stock exchange
serves little purpose beyond calling at
tention to its irregularity and extreme
dullness. Busienss fell Off to q mark
ed degree in stocks and bonds, and
while prices reflected no great weak
ness until the final hour, the under
tone was uncertain ali day. A rise of
seven points in Canadian Pacific fol-
lowed yesterdays late announcement
of proposed increase in the dividend
to 10 per cent, and stimulated some
demand for affiliated issues.
The balance of the market rose and
fell alternately within narrow limits
for the greater part OF the day, but in
the late trading heavy selling of GER
weakness, and the market closed
heavy, with a majority Of net losses.
HeaVinesS was most pronounced In
Central Leather and American Hide
and Leather. and the decline in these
issues was attributed to the reported
neries because of unfavorable trade
conditions. American Cotton Oil and
Corn Products were affected and yield
ed under slight pressure.
United States Steel was fairly steady,
and the company'S report of untitled
crease Of $500 tons. was in Line with
general expectations, even though it
marked a new low record in the his
tory of the corporation and demon
strated anew the unsatisfactory state
of that industry. According to trade
authorities the price of many finished
products in steel and iron are now the
lowest in thirteen years. which min
imizes the prospects of any further
concessions at the meeting OF these in
terests here tomorrow. A conserva-
tive estimate Of the extent of opera
lions by the leading mills at this tins
is about As per cent. Of capacity.
Copper shares inclined to heav4ness
here and abroad, and in London flu
lures in the metal declined over II
Shillings. The increased domestic pro
duction shown in yesterdays report OF
the producers is still a matter OF mys-
terry, and provoked soma adverse COM
ment in trade circles.
The street continued to ignore the
progress of the freight hearings at
Washington, despite intimations from
tho interstate commerce commission
that furrther delay in making ne~
rates effective is likely. The call OF
the comptroller Of the currency for q
statement of condition Of national
banks as Of last Saturday came a lit
tie sooner than usual, but will prob
ably find those institutions Strongez
than at this time last year, when a
huge extension of loans and discounts
in the west and southwest caused
some apprehension.
The only change In local monetary
conditions was better inquiry for
time loans. without effect on rates
Bankers in adjacent cities are replen-
inshing their reserves here, and nc
change from present conditions is ex-
pected for the balance of the month
at least.
NO additional details concerning the
proposed issue of $60,O00,000 new city
bonds were obtainable today, but II
appears to be accepted as a fact thai
the issue will bear interest at the rate
of Ala per cent, which is the figure
the city authorities hoped for.
The general bond market was irreg.
Mar. with declines in most city issues
Total sales, par value, s9.046,0O0. Gov
eminent bonds unchanged on call.