Norwich bulletin., 1909-08-20
FINANCIAL and COMMERCIAL.
FURTHER DECLINE IN PRICES.
Unusual Excitement and Activity at
the Start of Business.

New York, Aug. 19.-PrlceS IN the
stock market declined further today
on selling for both accounts. Unusual
activity and excitement prevailed at
the opening. when transactions were
most heavy and strongly suggestive of
general liquidation. Supporting orders
helped to steady the list, and after the
first hour the market grew more quiet
and orderly. AS on the previous day,
report, rumor and conjecture dealt
largely with the physical condition OF
Mr.. Hartman and the possible effect
of his reported ill health upon the
much discussed plans of the Hartman
roads. Continuance of the severe
drought in the corn belt was offset by
the ideal weather prevailing in the
spring wheat territory. Amusement
rather than alarm was found in the
pessimistic utterances of a New Eng
land operator whose fiambuoyant ad-
vertisements in the local newspapers
were replete with all manner Of dire
forebodings as to the immediate future
of the country. London gave this mar
ket little encouragement, as interna-
tional stocks were all lower there, and
later that center disposed of some
30 900 shares here principally Union
Pacific Southern Pacific and United
States Steel Initial transactions in
the local market sufficed to give more
than a hint of what was to follow.
Union Pacific, Southern Pacific, Cana
dian Pacific, New York Central. Hi
nois Central and Chicago and North
western all fell a point or more with
very substantial losses in numerous
other issues. Atchison was one of the
few active stocks to resist the selling
pressure. Before the expiration of the
first hour, in which almost 100000
shares changed hands, Union Pacific
Do,
BY midday there was some recovery,
but business fell off to marked de-
gree and the undertone continued
feyerish and confusing. The final
hour brought further recovery with
especial gains in the local fractions,
Missouri Pacific and Central Leather.
The rise in the latter stock was con-
current with an announcement that a
plan had been evolved to overcome the
opposition to it's merger with the
United States Leather company. The
Hartman group made little Roadway
upward and in the final half hour a
vigorous onslaught directed chiefly
against Union Pacific, Reading and
New York Central sent prices to q
fresh level Stocks poured out in enor-
NOUS volume and the decline proceed
ed with little interruption. Absolute
w no news was heard to account for
sensational of it's kind in several
weeks, but the consensus of board
room gossip was that the raid had its
origin in a very aggressive bear fac
| ton which chose this particular occa-
sion as the psychological moment. Al
the lowest prices of the day Unior
Pacific Reading and New YORK Cen
| trail recorded maximum losses of ovel
five points each and but very little re-
covery was shown. The balance Of tho
| list was affected to a greater or lessel
degree and the close was not wlthou
| its moments of semi lization
| over 100000 shares were traded II
during the last half hour, ana OF ina
amount over two-thirds came out II
the final twenty minutes. The days
total was well above 100000 shares
| The bond market was easy. Tota
sales, par value $5,000,0O0. Govern
ment bonds were unchanged.