Norwich bulletin., 1910-02-03
SUDDEN FINAL BREAK IN PRICES In Some Cases With Sensational vio-
 Ience- Fisk Robinson Failure.

New York, Feb. 2.-The stock market today had to digest the failure of Fish
 &5 Robinson, announced after the mar i l1et closed yesterday. Manifestly there 1 primary declines, which were within | one point limits, brought out prompt | support and recoveries followed. Super J fcially this measured the influence of | tn episode in the days market, but the 1 feverish break in the last few minutes was clearly traecable to the uneasiness caused by it
 The failure had features about 1t that placed it out of the usual lines of it's parcticular business, notably in the ex- tent to which it's commitments were in bonds of proportions in the con- structive stage. The liabilities while sion for fears of the direct conse- quences to the general market. The incident directed new attention how ever, to the inert market bonds in gen. eral, which has not been effectually re- heved at any stage of the extensive speculative movement in stocks. This makes a serious flaw in the financial situation so far as effective industrial revival is to be hoped for. The enlist ment of capital, even for purposes of refunding the onerOus obligations in cured in short term loans during the period of depression, has been difficult and has not satisfactorily relieved the conditions of these loans. The rail- roads find themselves handicapped also in undertaking new enterprises by the diculty of placing new bond issues. Such as have been placed have been slow of movement from the hands of underwriters.
 It was this we'll known fact that won attention for persisting rumors today of other financial difficulties which would have to be adjusted One reason advanced by bond dealers for the slug giSh demand for high grade, well Se- cured bond issues is the preference of tr,A los- a. higher return. The high cost of liv- ing is blamed for this peculiarity in the situation Thus far the decline in the interest rate on money has failed ket. A diversion of investment from fixed interest securities into stock shares with claims to divide the in- crement of profit, is natural tendency in times of expandipg earnings, or even of price imitation by redundant cur rency or increased gold production. But the fault in the present course of events is that such a demand usually ton of bond issues, while now that demand has not been in evidence at any time.
 The stock market today was almost minds of speculators. A sustaining eff feet was caused for a time by the buy ing of Reading. The news of that stock did not go beyond reports of the source Of buying. There was some further pressure On the specia1tfes which suf- fered most in yesterdays liquidation The copper group was hurt by sharp decline in the price of copper in Lon don and unsatisfactory reports of the general trade position Of that metal. Foreign stock markets, as well as New York. were affected by this factor. The uneasiness over the near eastern ques- ton had some effect on foreign stock markets.
 The final break in prices came with great suddenness, and in same cases sensational violence. United States Steel Southern Pacific, American Smelling and some others sold lower than in the period of greatest weakness last week. The closing tone was very feverish and weak