Norwich bulletin., 1909-09-10
FINANCIAL AND COMMERCIAL.
SLUMP IN PRICES.
Prices Carried Below the Lowest
Touched on Saturday, Aug. %.

New York, Sept. 9.-The stock mar
ket started out today with the suppo-
sition, apparently, that conditions were
adjusted to await the news from Mr..
Harriman's sick chamber. Without
further feverish excitement, the news
of the financier's death came just
thirty-fve minutes after the stock ex-
change closed. The early dealings were
on small basis and prices were only
slightly depressed and showed a ca
pacity to rally easily. The protective
measures in the market were relaxed
later and when the daily crop of ru-
mors and contradictions began to be
received the gradual sag which had
set in was converted into a precipitate
decline. Support seemed to be with
drawn and the market left.to take care
of itself. This was more notable since
the volume of the selling was not large
and appeared such as might have been
taken care OF by the powers which have
appeared as supporters of prices in the
recent past. The conclusion was drawn
that it had been decided by the back
ers of the market that preparations for
an expected shock would be more eff
fective by not attempting to hold
prices artiflcially at the advanced level
That opinion in the financial COM
munity was prepared for an unfavor-
able termination of Mr.. Harriman's
illness was not disguised. The diver
gence of opinions began on the topic
OF the probable effect on the stock mar
ket Of the event. These varied as
widely as between predictions of a
probable rally in the market on ac
count of an overextension of the short
interest and dire prophecies of dis
astrous slump in the whole market. 1t
was noted with interest that an active
borrowing demand existed for Union
Pacific stock in the loan crowd, where
the operators short of stocks assemble
to fill their temporary requirements by
borrowing stocks for delivery This
phase of a short interest Is too readily
simulated to carry much conviction to
professional stock operators. The APP
preaching annual meeting of the I'm
ion Pacific, it was alleged. had stimu-
lated a borrowing demand for the stock
for the purposes of representation The
opinion did not allay apprehension on
the part of stock operators, as it
served to give some points to rumors
of internal dissension in the company
The belief that a break had occurred
amongst interests hitherto acting in
concert in this property gave greater
credence to reports that this difference
had spread into the banking world and
involved important interests which had
been brought into strong accord in the
troubled period during the financial
panic, when a spirit of cooperation
was rife. Gables from abroad indicated
an apprehension amongst foreigners
that the integrity of the market pool
in United States Steel was threatened
by this rupture The amount of the
load which this reputed pool is carry
ing is estimated at enormous figures,
owing to the determined absorption Of
that stock at all levels and against all
obstacles which has been long evident
The special weakness of the Gould
group was due to the supposed inter-
est Mr.. Hartman has shown in the
long contemplated financial plan for
these properties, and which it was
feared might be prejudiced by the new
conditions. Professional bear selling
was a conspicuous feature and the de-
mand from this element to cover shorts
worked and the substantial rally from
the lowest prices of the day. The
break resulted in carrying prices con-
siderably lower than were touched in
the slump on Saturday, Aug. % Bonds
were weak. Total sales, par value, So. =
$4,000. United States bonds We're I'M
changed on call