Norwich bulletin., 1917-07-24
FINANCIAL AND COMMERCIAL
MARKET cIRcUMscRIBED.
Erratic and Conflicting Currents Man
 ifested in Mondays Doings.

| New York, July 23.-The cratic and l conflicting currents that have appear 1 ed in the stock market in recent weeks | were again manifest in today's cir cumscribed market. Prices receded l from last Saturdays slight advances | for more or less specific reasons, all ! though speculative issues yielded 1 mainly from sheer inertia, public in 1 terest being at lowest ebb. ! The more favorable bank sta tement, ! with it's strengthening of reserves and the easier money market as seen in the renewal of call loans at per cent. were more than counter balanced by fresh concern respecting the Russian situation and the time-worn questions of war profits and taxes.
 Steamship shares, which furnished far more than their usual quota to the days moderate operations, were all most the only strong features of the first half of the session, rising 1 1-2 to points signs of a settlement of ;he shipbuilding controversy. These gains were more than surrendered lat CT as a result of Washington advices to the effect that the administration is 70 act with this cOuntry's allies in eff tecting a material reduction of pre- vaiIing marine freight rates.
 Movements in other stocks, inc1ud- Ing the most important industrials and war descriptions were attended by all most steady attrition gross declines ranging from to points in rails,
 
 specialties-
 United States Steel reacted from it's top price to 123 Is to 121, closing at a net loss of 1 1-4 points, the Beth lehem Steels, new and old. fell 3-4 and 3, respectively, and others of the same group an average of two points. General Motors and Chandler were heaviest of the automobile issues. fall ing 1-2 and 1-2, Utah, Anaconda and American Smelling led the two to three point declines in metals, oils yielded one to 3 1-2 and sugars 1 to
 The four point recession in Cana dian Pacific lacked explanation and other high grade rails made no re- sponse to Southern Pacific's statement of June earnings which showed a net gain of s1,35S, 900.
 Total sales of stocks amounted to
 Bonds were irregular, with free sell ing of Anglo French 5's at a slight de- cline, the Liberty issue varying from 99.45 to 9949 Total sales (par value) aggregated g., ,S25, 900
 U. S. gold bonds were unchanged on call
 Only 20 per cent of the loan, or s400,000000, was due June 30. The treasury by subscribers ahead of time totalled only ta15. 100000 under a round billion dollars.
 Out of the proceeds and other reve- nueS treasury certificates of indebtedness, | issued in anticipation of the loan, to s626, ,O0o, 900, June 30.
 Liberty Loan Increases.
 Washington, July 23.-The f1eavy | payments on Liberty Loan account | ran up the governments balance of | cash on hand June 30 to the record | figure of s1,o64, ,oS6,250. This was af- | ter the treasury department had re- deemed certif1catks of indebtedness to $e25,o00.000. The last day of the fiscal year also ranked | high in ordinary revenue receipts, the | total being more than 20,000,000.
 so-eaIIed Baby Bonds.
 Hundreds of thousands who bought so-called baby bonds, those of $50 | and $100 denomination, availed them selves of the privilege of paying in full at once. Purchasers of large al- lotments were required to give two l weeks notice of their intention to pay in excess of the departments install ment programme In hundreds of in large a1lotments also paid in full for their bonds.
 Statement is Delayed.
 Because of the immense amount of clerical labor involved in tabulating payments and checking reserve bank June 30 was delayed a record time this year. Usually it comes out two or three days after the fiscal year ends. Even today's later figures a footnote states, are subject to revis- ion. In other respects than those af- fecting the loan, the statement of the governments financial activities for the fiscal year is record breaker. Total receipts from all sources touch ed the new high level of $347515s 1885, of which approximately $2, ,30O, 900 900 was from the loan and the sale of certificates of indebtedness. Ordinary revenue receipts increased nearly s35O,000.o00 over the preceding fiscal year, reaching a total of S112257 ,29