Norwich bulletin., 1912-01-17
FINANCIAL AND COMMERCIAL.
NARROW FLUCTUATIONS.
coaiers and Tobacco Stocks and Bonds
 Chief Centers of Interest.

New York, Jan. 16.-The usual lead CTS of the stock market slipped into the background today and the coalers and tobacco stocks and bonds took their place. Under normal conditions at tention Is focused primarily upon Un- ion Pacific, Reading and United States Steel, the great speculative mediums around which, together with a com paratvely few other important issues, the market revolves. Today, however, none of the three leaders attracted a following except Reading, in which there was some interest by reason of It's classification with the coalers. The ! listlessness of the stock, which ordi- narily are in first place, is illustrated 1 by the fact that during one period of I more than half an hour in the forenoon the ticker did not record a transaction in United States Steel The only < change during the day came shortly before the close, when the market be- came more active and prices advanced generally.
 The advances of the coalers and the tobacco securities and the firmness of the general list gave the market an appearance of strength, although with few exceptions fluctuations were mar row. Activity in the tobacco issues was largely in the Leggitt and Meyers and Lorillard stocks and bonds. The value of these securities has not been definitely established in the brief pe- riod since the dissolution of the Amer lean Tobacco company and the oppor- tunlties for speculation before they are established upon a stable basis has at tracted a large following. Leggitt and Meyers rose eight points, the preferred ~d cf, a ha1
 Speculative interest in the coalers aroused by the declaration of the ex- tra dividend on Lehigh Valley and kept alive by conjecture as to possible ex- tras for other coal stocks grew broad CT today and took in some stocks which usually are very inactive, in. cluding Delaware and Hudson and Central Railroad of New Jersey. The rise in Central Railroad of New Jersey was IS points to 935, a new high rec ord. Delaware and Hudson gained three points. Fluctuations in Lehigh Valley were comparatively narrow. It was apparent that no squeeze of the shorts was likely in connection with the issue of the new coal company stock. Rights to subscribe to this stock had been limited to a brief peri cd by the ruling of the stock exchange governors stipulating that the stock would sell ex-eXtra dividend on Fri day. Some operators feared that loan ed stock would be called in, but this fear was relieved by a months exten- sion of the period in which operators may cover. It was also said that ar engagements had been made by inside interests to supply the stock virtual ly in unlimited quantities at figure slowly above the prevailing price.
 The copper stocks after a period of weakness, were inactive today. The fortnightly report of the European wis., ible supply showed a decrease of 1,7oo tons. Sellers of the copper metal said that the recent brisk demand had sub sided. The sharp decline in the price in London has checked buying by do- mestic copsumers.
 The bond market was firm and some what moro active. Transactions in the tobacco bonds were the feature of the days trading, Large blocks of the New York state canal fours were made at 102 6-S, new high record. Total sales, par value, S3,s53, 900. United States bonds were unchanged on call.