Norwich bulletin., 1912-04-11
FINANCIAL AND COMMERCIAL.
BUSY FIRST HOUR.
Early Dealings Heavy, Followed by
 Comparative inactivity.

New York, April 1G.-Politics, the renewal of negotiations between the anthracite coal operators and their employees and the publication of the United States Steel corporation's fig ures of untitled tonnage for March were among the foremost developments of the day in the stock market. Of these, the first named came in for pri- mary consideration and exercised the full influence as a factor. The decrease of I50,000 tons reported by the steel corporation was considered favorable in the main, and in point of fact was better than any showing for the past twelve months. with two very recent exceptions. No definite news respect ing the coal conference was Obtainable up to the close of the market.
 Other events which had g. more direct financial bearing upon the market for securities included the underwriting of d large amount of debenture bonds of the Chicago, Milwaukee and St. Paul road by a prominent national bank and an international banking house, with intimations of other large financing in prospect. The bonds offered by the St Paul road bear interest at the rate of 1 1-2 per cent, and are in the nature of rights" to shareholders. The pro
 
 purchase of new equipment and gen. eral bettaTment of the property. It is understood that a large proportion of these bonds will be sold abroad should the market here fall short of the entire offerings.
 Conditions at the opening of the local stock market reflected a degree of hes itatiO1 and caution, with numerous one-point declines. This movement was followed by 8 partial rally, and in turn by another wave of selling, under which prices went lower than at the opening. Dealings were in tremendous volume during the first hour and al- most entirely at the exense of values Before noon the market settled down to a spell Of comparative inactivity with very general recoveries. Erie was an exception to the heavy tendency of the early session, the common stock attaining its best price of the present movement, with marked strength in the first preferred The prominence of these issues was associated with the offering of the company's notes re- gently authorized by the public service commission.
 The market continued duH and reia L. lively narrow during the afternoon. at which time there were upward move HieItS ld AuieftCdN bUgAF and such obscure stocks as American IADsead Central Leather. National Lead and other issues of that class. The active list hardened until it effaced much of the early decline, but the dullness suR- gested further caution by the specuIa- tive element. In the final hour a series of bear drives which met with little opposition, especially in inc copper grouD, sent the general average to ths lowest of the day and resulted in a heavy close except for Reading. nst losses ranging from one to twe points throughout the~l list
 Money on cali and for various lone time matHrities was easier here, due Ae the light local demand. Interior banks continued to draw on their reserves to a moderate extent.
 Bonds fell back today with no ma terial losses. Total sales, par value amounted t9 $2,7T4, 9G6.
 United States government bonds were unchanged on call.