Norwich bulletin., 1910-04-29
FINANCIAL AND COMMERCIAL.
STORM OF LIQUIDATION. Prices Rapidly Carried Downward
 Stronger Tone at Close.

New York, April 2s-The storm of liquidation which broke over the stock market today was continuation of in fluences which have been gathering for some time past Professional senti- ment has been bearish but operators on that side of the market have been timid because of their fear that the most powerful capitalist groups were opposed to them. The suspicion that these groups were no longer aggres- siveiy supporting the market en1bold- ened the bears to. pursue their advan- tage today. The presence in the mar ket of liquidating orders gave them the advantage and carried prices rap idly downwards when they got started.
 The position in United States Steel was accepted as typical of the whole market It was this that gave the stock it's strong sympathetic effect on the market Evidence that liquidation was in progress in United States Steel was considered conclusive. The fact increase in the dividend on that stock should be taken advantage of to push the selling demonstrated the over-ex- tended speculation in it. This selling might be prompted by the pressure of lenders of money to carry the stock or by fears over the trade prospects on the part of holders. Signs of both mo- tives were discernible in the calling of loans by the banks and the rise in the call loan rate and in the movement amongst iron producers to cu<tail pro duction and thus cheek the excessive supplies which are forcing prices downward. The weekly reviews of the iron trade by the accepted authorities in the trade centered attention on this tendency today and made . strong in fluence in the days trading.
 The importance attached to tho iron trade as a barometer of general trade conditions made this news influential in increasing the feeling of anxiety over 8 possible trade recession This e Ina Q ri Inv aa Ga nf arfz of hesitation in various lines Of buEi- ness and of the high prices of com modities. It is felt that these high prices have involved difiicalties ia all directions. They have parslyzed the foreign demand for the leading agri- culture products and thus piled up the country's debit balance, for the pay ment of which gold is going out Fer felt that speculative deflation was a necessary preliminary to the re-estab- 1ishment of sound conditions
 Anxiety Is felt, nevertheless. over the conduct of this deflation. The so- licitude expressed today over the situ- ation in the cotton market is an exam pie of this feeling Tomorrow being first notice day in the cotton market involves the obligation of buyers of cotton to accept deliveries of May cot ton contracts. The later settlement to come when May cotton sellers are called upon to deliver is still more dreaded.
 The approach of the May money set dement's converging on the weeks heavy gold exports complicated the money position. Loans were called by the banks and the resulting seven per cent. money rate was the highest touched since the first week in Jan uary. A sharp reaction in foreign ex- change showed one effect of the h. Eher money rate.
 The stock market itself showed the relief offered by the days liquidation in the stronger tone that developed be- shorts, of course, made large ele- ment in this recuperative power. The closing itself was decidedly unsettled.
 Bonds were easy. Total sales. par value $sSSSe0o. United States bends were unchanged on call