Norwich bulletin., 1910-01-04
MONEY MARKET PINCH
Proves Drag on Stock Market Opera
 tions-Prices Lower.

New York, Jan. 3.-An attempt was
 made to start the new year with an dd-
 vance in prices of stocks as a. demon
 stration of cheerful confidence in the
 eve~, the higher prices encountered
 S cling orders sufficient to turn them
 downwarGs. The pinch in the money
 market pf owed a drag on stock market operations on the long side, but senti-
 clent was more or less depressed bJ a number of other factors in the out look, particularly the governments at- tftude towards corporations and the prospect of labor disputes. The rate for call loans had risen early in the day to higher level than was touched during the whole of last year, and, in fact, the year before which ran into the after-panfc depression of all forms of enterprise, following the disappear ance of the money stringency in Jan- uary of 1908. The highest call loan rate in the month was per cent, com pared with today's IA per cont The complexion of the bank statement pub lished after the close of the stock mar ket on Friday made clear the reason for the constriction of supplies in to- days money market. The surplus re- serve was depleted to a slender rem nant, while the huge money settlements are still to be provided for, in large part. Reduction of loans by the clear ing house institutions was thus made imperative.
 The fact that relief was not forth coming from other sources, as has been done so often in the recent past when the money situation threatened, gave rise to inferences that the powerful financial leadership had become un- friendly to the speculative position in the stock market. The great private banking houses most largely concerned with the financial operations of the principal railroad and industrial cor porations of the country have given such evidence of abundant cash re- sources in the recent past as to imply ample ability to relieve a furry in the money market Absence of such relief today prompted an inference that high CT rates for their money was more desired by these powerful sources than higher prices of stocks. AS the same forces have been credited with foster ing the long speculative movement dur ing the past year, there was a corol- lary inference that extensive nQuida- ton of their stock holdings had been already effected.
 In other directions the speculation saw Encouragement. Railroad presi- president at the White House to voice their opposition to his proposed rec concentrations for extending the pow CT of the interstate commerce commiS- sion over the railroads. From various courts came reminders of the progress of legal processes against the great corporations-the Standard Oil com pany, the American Tobacco company, dItQ 1Ile OIIOu Rac11lC ra1lrOaO. I'm port ant decisions in these pending cases are to be locke forward to as possible influences on the future stock market.
 An effect was produced by reports of differences between the United States Steel corporations and some of it's em- ployes and the sentimental influence of the special weakness of United States Steel on the whole list was consider able. The large attention paid in the annual summing LID of conditions by the great authorities in economics to the high level of prices prevailing and the consequent high cost of living gave
 The special weakness of United States Steel, Reading and Union Pa cifis constrasted with the resistance shown by Rock Island, Chesapeake and