Norwich bulletin., 1911-06-02
FINANCIAL and COMMERCIAL.
MORE HOPEFUL TONE.
Market Receivers on Strength of Better
Understanding of Tobacco Decision.

New York. June 1.-The strong and
confident tone OF the stock market to-
day seemed to Indicate that the mis-
gfvings which were felt SO recently had
given way to a more hopeful tone. The
weakness of yesterday disappeared, the
recovery which began shortly before
the close of the preceding session be-
ing carried forward steadily. The an
nounced plans Tor readjustment of the
finances of the Hill railroads was per-
haps the most powerful factor in i'm
proving sentiment. A better comrre-
hension of the significance of the
American Tobacco decision and some
indications of improved conditions in
the steel trade also exerted favorable
influences On the market.
That the management of the Hill
roads should have selected the present
time for announcement of such a huge
financial transaction was accepted i'm
Tne0iately as a manifestation of CON
fidence that the present situation at
the bottom was sound 1t also was
pointed out that such a transaction,
lee ding to a closer union Of the Great
Northern and Chicago. Burlington and
Quincy, might have been undertaken
less readily before the rendition of the
Standard Oil and American Tobacco
decisions gave a moro definite idea of
the way in which the Sherman law
was to be construed Great North
ern preferred advanced three points
and Northern Pacific almost as much,
making new high records for the year
Chicago, Burlington and Quincy joint
four per cent bonds advanced from 81
TO nearly par in anticipation of their
possible retirement through new is
sue secured by the $500, 00e,00e mort
gage.
The American Tobacco decision was
viewed in a more favorable light in the
ne r1f,f1 nil hi raf
phasis being placed upon the feature
of the decision which definitely stipu-
lated that reafgnment of the various
companies shall be accomplished under
the supervision Of the courts. The at
titude thus indicated on the part of the
highest tribunal was regarded as dis
tinctly reassuring to corporate inter
ests in spite Of the sweeping terms Of
the decision. Some further ulneasinass
was shown b5- holders of American
Tobacco SECURITIES, although there was
none of the violence of yesterdays de-
cline. The common stock fell 25 points
on the curb" today. and American
Snuff a subsidiary, sold Is points be-
low the transaction last week.
United States Steel. which has borne
the brunt of recent bear attacks was
impervious to pressure and gained
more than a point on the day. In the
copper market there appeared to be q
better sentiment, and substantial in
crease in demand is expected shortly
Demand from domestic users is re-
ported as heavy at present, and q
larger inquiry from abroad is indi-
Gated by the steady shrinkage in the
visible European supply. The fort
nightly statement issued today show
ed a further decrease. the shrinkage
for April and May aggregating more
than 100000 pounds.
The time money market was firmsr
today on account of continued cash
loss by the banks during the week
preparations for June interest and div
idend disburseme and increased re-
quirements for stock market purposes
The bond market was firm. Total
sales. par value $4,S55, 900 United
States government bonds unchanged
on call.