Norwich bulletin., 1912-04-05
FINANCIAL AND COMMERCIAL.
STEEL UP TO 71 1-s.
Best Quotation Since Last September
 Reached by This Issue.

New York, April 4.-Contrary to general expectations, which were quite natural in view of the approaching holiday, today's stock market threw off It's apathy of the two preceding ses- sions and resumed it's upward march of last month. The movement differed in some essentials from the period re- ferred to in that the copper and allied securities were less conspicuous par ticipants. while United States Steel assumed its former leadership and sold up to Il Is, it's best quotation since last September. Dealings in this stock aggregated about 260,00 shares, or al- most 30 per cent of the whole. The activity and strength of Steel was con- current with the public offering of the S30, 100000 five per cent. subsidiary bonds recently issued by the corpora tion, and the celerity with which these were taken was regarded as a favor able sign, not only in it's bearing upon the general financial situation, but in the confidence 1t appeared to imply in the future of the steel industry.
 Today's advance embraced some of the equipment shares and the Ameri- can Can issues, both the common and preferred making new high records. In fact, Can common was one of the most active stocks in the entire list, but the rise in both issues was accom- panied by some adverse comment be- cause of its seemingly manipulative character. Public interest in these and kindred securities has at no time been especially keen, and the floating supply of the stocks has invariably been limited. These same conditions apply to the tobacco stocks, all of which moved in spectacular fashion. I E l3,,fs !, advances of 9 1-2 in Lorillard, 3-4 in American Tobacco and 4 5-S in Ameri- can Snuff. Undoubtedly some impetus was given to these shares by the de- cision of majority of the judiciary committee of the United States senate which held that the opposition of the Independent manufacturers to the dis solution of the American Tobacco was without valid foundation.
 Dealings fell off in the later session but the movement at that time was most prominent in the standard rail- way group including the Hill issues St. Paul, Union Pacific and Louisville and Nashville. Renewed strength in the Wabash issues, including the re- funding fours, was attributed to the entrance into tue company of a. new and independent financial interest Money on call rose to five per cent the highest figure since last January, just before the cloSe, but it failed to produce any impression upon prices, final quotations being at or very near the days best.
 Judging from todays market, the interests back of the rise are giving themselves no concern respecting the monetary situation. Local banks sui fered another drain by the heavy with drawals for out of town institutions especially in the west and southwest where money is in demand to meet revived business conditions. It ig eS- tinated that the banks in the clearing house will lose not less than $5, o00, ,00C on the week but the effect on the re- serves Is as yet uncertain. It is well within the range of probability how ever, that this item may show further depreciation
 A further rise of 3 3-4 in Canadian Pacific was explained in the roads gross gain of ss3O0o0 for the fourth week of March. Norfolk and Western increased its February net by S142,- 000; Chesapeake and Ohio by $12s, ,0O0, and Burlington bv $117,o00, with 8 nominal increase for Denver and Rio Grande Seaboard Air Line fell be- hind by $1S0,0e0.
 Bonds were firm, with no especial feature. Total sales, par value, amounted to $3,755,00O.
 United States government bonds were unchanged.