Norwich bulletin., 1912-04-04
FINANCIAL AND COMMERCIAL.
REACTION MORE PRONOUNCED.
Sales Fall Off to Great Extent but
 Prices Yield Little.

New York, April 3.-Although prices of standard stocks yielded but little today, the reactionary tendency of the early week became more pronounced and dealings fell to the smallest total recorded in any full day for more than 8 fortnight. Virtually all the activity was in the first hour, another charaC- teristic wherein today's session was not unlike that of the days inmedi- ately preceding. The trading element inclined decidedly towards the selling side, this attitude finding it's surest
 reflection on the relative hsaViness
 of United States Steel, Union Pacific,
 and Reading, with some pressure up-
 on the coppers. On the other hand. a number of advances were registered
 but for the most part they occurred III issues which have little or no public following.
 Declines far outnunbered gains at ! the opening, which may have been due to Londons failure to transmit the
 usual average of better prices. Ca-
 nadian Pacific was the most conspic- uous exception, opening here with a gain of more than two points as against its rise of almost three points in London. The strength of this stock ] was used as an excuse to advance
 Erie on the now familiar runor of
 Canadian Pacific Erie traffic alliance. Likewise Norfolk & Westerns further l gain was made the occasion of re- i vivNl of the report that "Panhadle," f one of the Pennsylvania subsidiaries,
 IS to guarantee six per cent, divi-
 dend on Norfolk A brisk movement i in Wabash preferred and the four | per cent. bonds furnished 8 basis for
 rumors that Lackawanna interests
 were buying those issues for control.
 Trading in the specialties was more
 clrcumscribed than usual with some , strength in General Electric, A rise
 in call money to 1-4 per cent. in the
 early afternoon induced more selling
 of the speculative faYOrites, out the market assumed an even tone in the
 last hour, under the lead of the Steel
 shares Activity increased a trifie and
 demand broadened; but the movement
 was of brief duration. Amalgamated ! Copper, American Smelling. Union
 PaciHu and Lehigh Valley falling to ! lowest prices of the day with a fur 1 ther rise in call money to four per cent. There was some recovery from
 this level just before the close with 8 spurt in American Can common and preferred, beth of which established high records.
 The sentiment of tine anthracite
 miners which seemed to favor g. pro tracted shutdown was g. factor that made for Encouragement News con- corning the steel trade was conflicting, reports of an arrest in some manu- featuring districts being neutralized | by others that suggested increased demand at Pittsburg. A number of
 large orders by the railroads are in process of negotiation but these, 1t is
 thought, may be held in abeyance until
 prices become more stable
 The only new financing announced today was that of the Erie road. which
 has received permission to sell &C.,
 GOO, 900 of three-year per cent, notes.
 A compilation of the new securities
 issued in the first quarter of the cur-
 rent year shows that the railroads put
 out & smaller amount of notes than i'll inc same quarter of 1911, whils the i industrial companies increased their
 output by over S35,10e.0o0, Total ef- ! ferings of bonds, notes and stocks for | the past quarter aggregate S75s,00O,o00 an increase Of s162r6Qo,Ooo over last year.
 The bond market rpisd firm with no notable feature other than the strength I in Wabash fours and some speculative lssues. Total sales, par value, amount ed to S2,s1s,0o0.
 United Statas bonds were unchanged on caN,