Norwich bulletin. [volume] (Norwich, Conn.) 1895-2011, 1912-05-03
FINANCIAL AND COMMERCIAL.
sTAGNANT MARKET.
Undertone Firm, But Speculative In.
terest Generally Light,

New York May 2.-The day in the
stock market was dull and in most re-
spects undressing. The undertone
was generally firm and in places de-
cidedly strong. but speculative inter-
est was light, with an utter absence Of
participation BY the public. Active
dealings were again restricted to a
handful Of speculative favOrites, these
naturally including Reading and Unit
ed States Steel with a revival of the
recent extraordinary activity in Amer
lean Can, which once more distin-
guished itself by selling at a price
higher than before. Reading after
some early hesitation rose to III rs,
with a sympathetic rise in Lehigh
Valley. Steel seemed to have recover
ed in q measure from the chill prOduc-
ed by its very unfavorable quarterly
report. and resumed first place in the
list. The usual ill-assOrted specialties
were conspicuous at odd moments,
some advancing two, three and even
four points in the course of the ses-
sion, but the sources from which most
Of them derived their impetus were too
vague for conjecture. American To-
bacco and some Of its former subsi~
diaries, including Liggett and Myers
and p. Lorillard, were among the very
weakest issues, declining sharply in
connection with the report that the
resolution recently adopted by the
United States senate, providing for a
review Of the American Tobacco de-
cision. would probably pass the lower
house. The metal shares We're little
more than steady, their backwardness
being attributed to the general theory
that the report of the producers for
A rfsf1 re- IikaIU n show an iOrrp9 gad
production.
Stagnation overlook the list in the
early afternoon. after another rise in
Reading and American Can. Interest
in these issues being confined to but
small part of the. Trading element, the
movement failed to excite more than
slight degree Of activity elsewhere. 1t
is now an accepted fact that the di-
version in Reading was made largely
at the expense Of the short interest,
rather than because Of the prospects
OF any immediate action designed to
benefit shareholders. As for Can, a
canvass Of the leading commission
houses gives color to the theory that
the movement represents little more
than speculative manipulation.
Greater strength and activity in Steel
was the one striking feature Of the
last uouE5 lHe NOV eIheit Dtl0B cOiQ-
cident with advices from Pittsburg and
other active trade centers to the eff
feet that another advance in finished
products is contemplated. Prices shad-
ed in the final dealings, but the clos
ing was fairly steady.
London took no active part in the
trading here, although it sent over 9
range Of higher prices to meet our
opening.
The recent light demand for money
in this market continued today, al
though the cash movement to interior
points was undated Today's outflow
included another Geographic transfer
Of S500, 600 to the Pacific coast. Rail
road reports submitted included an
unfavorable statement by Louisville
and Nashville for March, with an eX-
cellent showing by New York, New
Haven and Hartford. Further light
was thrown on the state Of the Stee
company, one Of the prominent indie
pendents. which reported an increase
in It's deficit Of over 100000 for that
period.
Bonds manifested a better tone, but
price changes were unimpOrtant aside
from the Wabash refunding tours
which made a material advance. TotaI
sales. par value, amounted to $2,421,
GOO
United States government bonds
were uuchange on call.