Norwich bulletin., 1910-01-26
HUHLY-BUKLY MAHKEIs Drastic Liquidation Forced Prices to the Lowest Level for Some Time.

New York. Jan. 25-The drastic liquidation which was renewed in the
 stock market today forced prices to, the lowest level since the crest of the
 speculative wave was touched in Au-
 gust of last year, and, consequently.
 since early in the year 1908 in ,the course of the rise which began at that period. Declines over night between three and seven points in a majority of the active issues, with, however,
 some conspicuous exceptions. The ex-
 captions were significant as being amongst stocks where effective Hquida-
 ton has already occurred or which
 have been free from speculative ex- ceSses during the past few months. Instances were found in the Hill Pa
 cif1cs and in the eastern trunk lines, in which stocks had been consistently
 marketed in the period preceding the
 present season of urgent pressure. The
 speculative character of the holdings which were being forced on the mar
 between those mentioned and the ex- ceeding1y active speculative stocks
 which were mest severely handled in the days market. The case was az
 previous evidence of manipulation or
 of active operations by market pools.
 The burden of discussion in stock mar
 ket quarters was all of the danger from
 with the law and with the activities Of the government authorities of Wash 1ngton. The attention paid to the Sub-
 tect in the mornings despatches from
 Washington aggravated the apprehen-
 sion which began to grow acute yes
 terday. It was not until the statement on the subject made by President Taft
 was published in Wall street that the
 bangs of the market were at all as
 suaged. It is true that by that time the purging process had proceeded to an extent that entitled the market to some relief from a normal reaction. a rs11 7es0 r1f and effect in the hurly- -burly of the market. There was evidence, for in stance, that the banks were engaged in cleaning up their credit accounts and Were discriminating with severity againet such stocks as justified sus- picions of pool manipulation. Critic isms directed against the banks for their part in countenancing such mar reprobatfon by advancing funds for such purposes have had their effect. The present growing abundance of loanaible funds did not prevent the drawal of credits today where such considera tions ruled. Hooking Coal is not the only stock that has been the subject of manipulation. Instances occurred today where attempts to mar ket small accounts of such stocks. in compliance with the demands of money lenders, failed to discover single bid within many points of the nominal quotation which has been maintained for the stock. The overhauling of loan accounts by the banks had it's incen-- tive, in part, from the apprehensions aroused by the treatment of corpora tions by the law, as well as by the criticisms of the purely speculative position in the market. President Taft's approximation with the presump- tions indulged in by stock market in terests of the purpose of the adminis- tration- helped to cure some Of the fears caused bv the assertions If the past few days of new and aggressive departures in contemplation but did not restore earlier hopes Of a compla- cent mood towards the transgr gressions Of corporations under the antitrust law. Consideration of the expected