Norwich bulletin., 1912-05-17
FINANCIAL AND COMMERCIAL
NEW HIGH RECORDS.
Canadian Pacific and Scars Roebuek
 Continue on the Ascent.

New York, May 16,-To the dispas- sionate observer additional evidence of inside selling or liquidation was forth coming in the course of today's stock market The tone was heavy, when not distinctly weak, and pressure was more or less pronounced throughout the session. Volume of business was moderately large, not the least signifi- cant fact being the increased activity that marked the declining scale. All the leading shares, such as Reading, Lehigh Valley, Union Pacific and United States Steel tended lower, with losses of one to two points by midday, On the other hand, there were gains of as much and more in some of the semi active stocks including Interna- uonal Harvester, while the more ob sCure issues, anon which may be mentioned Americsu Mating preferred and Texas Company, displayed ftful periods of improvement. American Can at 36 7S went to it's lowest price in over a fortnight, but even today s final quotation represented a handsome gain over it's figure of a month back.
 Canadian Pacific at 270 attained a new high record, with a similar achievement for Sears -Roebuck It is freely predicted that developments of advantage to the shareholders of Ca nadian Pacific and Sears -Roebuck are impending, but the sentimental value of these stocks on the balance of the list may be set down as 1nconsidera,ble. Twin City Rapid Transit, which is supposed to bear some relation to Canadian Pacific, also enjoyed a brief period of activity at higher prices, while Brooklyn Rapid Transit shares and convertible bonds mirrored the change that has come over the local transportation situation.
 It was not until the late afternoon that the market suddenly turned from heaVineSs to acute weakness. Practi- cally every issue on which the list has built its rise of the past two months then declined perceptibly, with the supply far in excess of demand, The decline was materially assisted by the operations of the short interest, which has held to it's position with unusual tenacity. Reading, Lehigh Valley Union Pacific, American Can and United States Steel all felt the force of the impact, while most of the early gains in the low priced issues were speedily wiped out In the absence ot moro valid reason, the street attrib- uted the reversal to possibility of awk-
 
 investigations now proceeding against the United States Steel and American Sugar companies.
 The final hour brought some change for the better The metal shares as a group reflected greater strength than other indusnials, their position being fortified by technical conditions, suct as the reduction in the European SUD- ply, q rise in Rio Tintos in London and better home demand. The closing was dull, with a large percentage of sub- stantial not losses.
 Greater ease in short time money was shown here today, e0-day accom- modations being obtainabie at peI cent, against tho rocent IA rate Another large telegraphle transfer oi currency to San Francisco was made,
 Bond prices were generally lower save for Brooklyn Rapid Transit fpufs which held strong, Total sales, pal value, ss,57s, 900,
 United States government bonds were unchanged on call,