Norwich bulletin. [volume] (Norwich, Conn.) 1895-2011, 1911-06-09
FINANCIAL AND COMMERCIAL.
MARKET BECOMES HEAVY.
Publication of Governments Crop Re-
port Has Depressing Effect.

New York June S.-Mevements Of
stocks were governed largely today by
Influences apart from the usual stock
market routine chief among which
were the governments crop report and
the monthly statement of the copper
producers. High expects tons We're
held OF bti3iirf1 exhibits in both cases
and in neither instance were these
expectations entirely fulfilled. The
market. which had been decidedly
strong early in the day, became heavy
upon publication of the reports and
closed with material losses among the
active stocks.
The deterioration OF the condition of
winter wheat from Ssh a month ago
to Se.4 placed the figure below the ten
year average, which in Wall street
was regarded as unfavorable news, al
though 1T was recognized that q de-
cline during the month of May WAS
normal and that weather conditions
last monrh plalriy foreshadowed a set
back. This report served to blight the
hopes OF optimistic traders who had
bought stocks in the belief that the
showing woslsd be more bullish one.
It was pointed cut, however. that the
report reflected the condition on June
/ and that conditions since that time
had been in many ways more favorable
for the growing crops. The unusua lly
good report on spring wheat counter
acted to some degree the effect Of the
winter wheat exhibit, and the state
ment as a whole did not materially
alter conservative expectations of a
prosperous year. Gear traders, how
ever, seized upon it as an opportunity
for a RAID and in their efforts were
assisted by disappointed bulls. The
selling during the last half hour of
trading following publication of the
report was the heaviest Of the day and
M fol 9ff IN ia inf f1< f1a
session.
Many reports of pronounced i'm
provement in the copper trade had led
to such confident expectations of a
favorable showing in the producers
monthly statement that some disap-
pointxTent was shown when an in
crease of 449eee pounds in stock on
hand wes reparted. Anna samatef
Copper rallied for brief interval. but
later Seli away In common with other
metal stocks The encDura sing feature
of the report was an increase of more
than 13.GD0,u0u pounds in domestic COM
sumption.
A determined effort was made in the
early part of the dsy on the stock ex-
change to continue the upward move
ment which was begun late yesterday
and in the hrst hour prices were car
ried up rapidly, gains Of from one TO
two points being made by many of the
to the character of the copper and
crop reports. however. halted the buy
ing. and the market became dull. Prices
ebbed away slowly until the heavy
selling of the late session was begun.
United States Steel showed evidence
of the pressure which has been OBJ
served almost continuously during the
week Persistent buying of the Hill
stocks was continued. though they suf-
fered q setback late in the day in COM
mon with the rest of the list, Canadian
Pacific and St. Paul being the only i'm
portant exceptions. Denver and Rio
Grande preferred dropped four points.
Bonds generally firm. A few active
issues were lower on profit taking.
Total sales. par value, s4,S07 goo.
United states bonds unchanged on
call.