Norwich bulletin., 1912-01-31
FINANCIAL and COMMERCIAL,
sPAsMoDIc MOVEMENTS.
Market Shows an Upward Tendency
by Spurts.

New York, Jan 3O4-Under the spur
of a keen demand for the leading rail-
road stocks, prices moved forward
quickly in the early today's trading.
Shares Of all best known roads and
of a number of industrial corporations
rose from one to two points, with
few more extensive gains. Trading
was active and the market broadeneo
in a way which seemed to indicate
considerable underlying strength. But
the ficldeness which recently has been
the characteristic Of the market again
asserted itself Shortly after noon
prices broke With the exception of
the stocks of the Vanderbilt roads,
gains were either cancelled or largely
reduced. In the last half hour the
market made another of it's perplexing
shifts Prices rose quickly, and in
some instances the high level. of the
day was reached before the close,
which was firm at level appreciably
higher than the last prices Of yester-
day.
A variety Of influences of conflicting
character were brought to place on
the market. The most important were
the reports Of the Hartman roads for
December, the strength of the shares
of the Vanderbilt lines, and the quar-
terly statement of the United States
Steel corporation. Although the steel
figures were not received until after
the close OF trading, the market was
Influenced by the fact that they were
to be made known today, and the IN
certainty as to the character OF the re-
port heightened speculative interest In
United States Steel. 1t rose a point
in the early trading, and although it
subsequently sold off to below So for
the first time this year, it bounded
! back to GA in the late trading.
The Steel corporations net earnings
of S23,105, 900 were well up to expecta-
| lions. It remains true, however, that
the net earnings Of the Steel corpora
ton are nearly s3,000,000 less than
those Of the corresponding period OF
| 1910 when business conditions were
more to good. and that they are bare
" sufficient to pay the dividends on
the common and preferred stock. In
spite of the fact that no appropria-
tious have been made this year for
depreciation.
The appearance Of the Hartman
statements. showing a decrease in net
earnings in December OF s630,OOO for
Union Pacific and OF $4,000 Tor
Southern Pacific, was followed by a
break in the stock market 10 lHe lOW
est point Of the day. Unfavorable re
norts had been expected, however, and
these statements were not effective in
Keeping down prices for long. Union
Pacifc's showing was good by COM
parison with the November statement
Canadian Pacifc's strength was eX-
pIained by it's report Of a gross in
crease of nearly $2,eo0,000 for last
month and a gain in net Of SS1ls,O00
THE pronounced strength OF the
stocks Of the Vanderbilt roads made
them the center of speculative inter
est. New York Central, Northwest
Big Four Nickel Plate and Omaha al
made gains OF two to five points. Cos
SID had it that the movement was the
| result Of plans for further complna-
! tion of the Vanderbilt lines.
st. Paul displayed marked weakness
National Biscuit rose nearly roul
points. to 100, the highest price al
which this stock ever sold. Grea'
Northern Ore dropped more than two
points following publication OF tht
| company's annual report, suggesting
| the possibility Of suspension OF pay
ments on the. Ore certificates.
Trading in bonds fell of, but tht
tone was firm. Total sales, par value
| SO O6S, 600.
| United States twos coupon decllnec
3-S and the Panama threes coupon La
| on call.