Norwich bulletin., 1910-01-18
VIOLENT CONTRASTS.
Presented by Speculative Sentiment Rallying Power Feeble, Closed Weak

New York, Jan. 17-Specufative sen- timent blew hot and blew cold in the stock market today. and the sudden transitions offered some violent con- tracts. Demand for stocks at one time early fin the day was so impressive and seemed to be coming from such inf1uen- tial sources that the tone of the spec ulation became very hopeful One or two items in the news were construed in the seme spirit. That stocks should stream into the market in urgent Hqui- datfon and in overwhelming volume in the presence of this hopeful feeling ar gued weight of offerings overhanging the market that dampened the cheer again to fathom the motives and the sources of the selling.
 The restrospect of the market would have to go back many months to find prices at which stocks could have been acquired to offer any profit on the sales made at today'e prices. This fact ac- centuated the conviction of the thor ouglmess of the liquidation movement on the rart of buyers Of large calibre, who had come into the market at a very early stage of last years advance 7're belief was thus created in a clos duration and widespread extent. An effective distribution of stocks at the highed levels of last year in the course of such campaign would warrant the
 
 nants of holdings at an extensive de- cline in prices.
 There was nothing in the immediate situation to explain the pressure on the market. The money position worked e3sier ard the weekly bank statement e Saturday gave warrant for colf- dence i1 the security of the money market from any further stringency. There was an engagement of gold for South America, but the foreign ex- change market was easier, in spite of the decline fin money rates. This move ment might reflect a renewal of foreign decline which has occurred in that comm odity.
 A survey of the foreign trade state ntent for December, however, goes fur t;-e esr end money markets, which has l1eIred to embarrass the specula- tIve position. The s13S, 742 00o value of imports stood near to the previous months record fgures, while the S17,- O00,0 900 decline in valus of exports left the excess value of exports at only S32. .919, 905 for the month. compared with the $76,s1o,O0o in the December Of foreign exchange, which kept up rates all through December in that depart ment of the international money mar ket. is thus left without any mystery.
 The acute weakness of the Trans continental stocks today indicated mis- givings on the score of decreased traf- fic. as well as possible redistribution of traffic growing out of the opening Of new Pacific coast extensions. This was a factor in the weakness of the Hill stocks and St. Paul. The further post ponenent of the suit to dissolve tho Union Pacific merger was made the oc- casion of some early strength in that stock. but it was amongst the weakest in the later selling.
 Several of the days supreme court decisions, which upheld the conten- tions of corporations, were made some thing of in the effort to rally prIcns. The satisfaction of the demand to cnv- CT shorts on the part of bears Ano,It exhausted the buying at the recovered r -icc IeveI, and the subsequent voi- larsc placed prices lower than the 'Dw prices of Saturday morning. The ra,i-