Norwich bulletin. [volume] (Norwich, Conn.) 1895-2011, 1911-10-03
FINANCIAL and COMMERCIAL,
TRADING WAS DULL.
Upward Movement Followed by Z
Slump and ListIessness.

New York, Oct. 2.-For a time after
the opening of the stock~market today
renewal of the upward movement of
late last week appeared to be under
way. Advances were general in the
early transactions. In the cases Of
Union Pacific, Reading, Lehigh Valley
Missouri Pacific, American Smelling
and American Tobacco preferred they
amounted to q point, and United States
Steel gained nearly as much. But the
market did not retain its advantage.
Offerings at the higher prices were un-
expectedly large and quotations soon
began to fall. Gains were cancelled
and the market thereafter moved list
lessly within an unusually narrow
range. Net changes in most instances
were nominal.
A lessened demand from the short
interest, which in view of the down
ward trend of prices was less DESTROYS
o. covering deprived the market of it's
main source of strength. No attempt
was made. however, to bring about
another break, and spectators on both
sides of the market merely held their
ground. Compared with the wild
fluctuations of last week, the day was
extremely dull. More business was
done in an hour on some recent days
than during today's entire session
most attention was the announcement
of the engagement of s2,oOo,000 gold
for shipment to Paris, following the
expectation of s1,500,o00 to the same
point on Saturday Bankers were
doubtful today whether the movement
" ould be restricted to small proper
tons The ultimate destination of the
gold and the significance of the demand
from Paris at this critical time in the
European political situation were of
course matters for speculation. Paris
appeared also as a bidder for the
c . Va aRf nfr n
gold in London today, obtaining a part
Of the offerings.
The unfavorabie tenor of August
railroad reports was emphasized by
the Pennsylvania's showing of a de-
crease of s4s6, 900 in net operating rev
enues. The New York Central system
however, was marked exception. Net
earnings of the parent road and it's
principal subsidiaries increased large
ly. In the case of Lake Shore q
shrinkase in gross of $4,000 was ac-
Compa MED by a reduction in operating z
expenses Of more than 800. 900. result
ing in a net increase of s6s7.o0o. which
was only slightly more than the net
gain made by the New York Central
proper. The strike on the Hartman
lines, the government cotton report
and war news from abroad was with
out effect upon the stock market, the
movement of which was governed al
most entirely by technical conditions
Ira ding in the steel stocks fell off
with the remainder of the market. Net
earnings of the United States Steel
corporation for the quarter Just ended.
it was announced today may be some
what larger than for a time appeared
probable, owing to the stimulus to be
lent by price reductions. A consider
able shrinkage in the European visible
supply of copper was reported in to-
dav's fortniehtly statement
Transactions in bonds shrank pro-
portionately with stocks, and the
movement was extremely narrow
Prices We're firm. Total sales par
value. 2.15O. 900. United States bonds
were unchanged on call