Norwich bulletin., 1912-02-02
FINANCIAL AND COMMERCIAL.
HEAVY TRADING.
But Net Changes in Prices Were Not
 Great as 3 Rule.

New York, Feb. 1.-Although stocks moved actively today and trading was heavy, net changes in most cases were not large. The eecentricitieS of the market of late were emphasized today by the entire lack of stability, and it's rapid and perplexing changes in ap- pearance, At times stocks rose easily and traders on the long side appeared to be operating with confidence, In the other periods acute weakness developed and it appeared as though there might be a renewal of the steady, compelling pressure which undermined the leading issues effectively yesterday. The mar ket was on an upward swing when the session came to an end, and final prices showed a majority of gains.
 The marked increase in speculative activity during the last two days, on which trading was by far the heaviest of the year, is still without an ex- plsnation which finds general accept ance. Traders argued that the market had been waiting for some time for United States Steel's quarterly report and the December statements of the Hartman roads, and that as there was little or nothing in either exhibit to encourage bullish sentiment the bears seized the opportunity as a suitable
 
 said without apparent authority, that large interests had been quietly liqui- dating their holdings of standard stocks in the belief that business conditions would become less favorable before there was a definite turn for the better. Prices were forced below the low points of yesterday, and Unitad States Steel toUched 5S 5-S, the lowest price since last November.
 The most pronounced upward move mentB occurred at the opening and luss before the close Bull traders attempt ed to make capital of reports from Washington that the proposed inves- tigat1On of the money trust would be either abandoned or postponed, and succeeded in lifting prices substantial ly. There was no apparent change in sentiment, however and the chief req son for such success as attended the efforts Of the bulls seemed to be short covering. Traders on the short side were more cautious today. fearing that the market had been oversold. and there was heavy covering in some of the leaders,
 Reading developed exceptional strength In the late trading and rose 3 1-2 points on the day. St. Paul. New York Central, Lehigh Valley. Atchison, American SmeltinR. United States Steel and a number of others gained q point or more on the days movement. The death of Edwin Hawley did not disturb the market seriously. Stocks of the railroads in which he was most interested play but a small part in the | market. Chesapeake and Ohio, the most prominent in this group, sold of l two points, and some of the others a point or so, but the movement was without influence on the general list,
 Some of the largest eastern railroad made their December reports today and the showing as whole was de cldedly favorable. The New Yepk Cen tral system was able to report a gaiE in net earnings of s1933 GOO, due ir greater part to reductiGn of operating 1 expenses. pennsylvania's gain in ne' | operating revenue was S1.27e,000 and l New Haven's s5e8, eco,
 The bond market was again irGegu. 1 Jar, with 8 yielding tendsnryfor time Total sales par value. s3.0l5,ee0 United States bonds were unchanged on call.