Norwich bulletin., 1910-01-12
MARKET STILL pRooPINo.
Buyers Lack Encouragement te Take
 the Initiative.

New York, Jan. 1.-The dropping tone of the stock market persisted to-
 day in spite of a few points of resist ance to the prevailing downward ten
 dency. Encouragement seemed to be
 lacking for taking the initiative on the
 buying side and when the periodical selling movements died down the mar ket fell into neglect and showed little rallyinz power. Some of the severest declines were effected on comparative " light sales, especially in the class of stocks that is usually neglected, but of which many have been pushed for ward recently in speculative advances. Apparently the rurnors which were in- strumental in bringing about such ad- vances fell into d1scredit and efforts to market small lines of stock develop ed an insignificant demand. In the Wabash -Pittsburg and Wheeling and Lake Erie group the collapse in prices demonstrated & feeling of keen disap- pointment with the reported terms of reorganiza ton and combination Of the two properties by exchange of present securities for new, coupled with cash assessments. The reorganiza ton plan seemed to cause dissatisfaction to re- cent speculative buyers of the Wabash stocks as well, and they were inclined to run off sharply in consequence. In other directions there was a persistent selling pressure, mostly unexplained, but which served to discourage accu- mutation of stocks or efforts to bid prices up while it continued. In seek ing an explanation of this selling, ru- nor turned back to the Rock Island market episode and the results which are to follow from the investigation by the stock exchange authorities. The report made by the Investigating com mittee to the board of governors of the stock exchange comes before that body tomorrow. It Is expected that disci- binary action will be taken. It was alleged that much Of the important selling today and for several days past was traceable to sources identical with the buying orders which were reSpOnSi- ble for the conFulsive 31 point jump in Rock Island on the Monday after Christmas, which was followed by an entire relapse, all within fifteen min utes. The evidence of retirement from the market of large commitments in this connection Is of additional senti- mental effect on the tone by reason of the large share attributed to the same interests in the general 4market cam paign for some time past. The begin ming of the fortnight1y stock market settlement ill London revealed a con- siderable extension of the account in Americans which was supposed to be due to transfer of speculative holdings from New York to London. The carry over rate was called stiff fin conse- quence. The New York call loan mar ket is still reluctant to yield to the effects of the usual factors of relaxa- ton after the turn of the year. De- ferred requirements of Syndicates in underwriting securities or in financing the needs of corporations are given as explanation for the unreasonable be- haviQr of the money market. It is ob- serva-ble also that a large number of enterprises are being undertaken through the country in connee ion with which bonds and stock issues are of fered here and elsewhere without ap- bearing in the stock exchange dealings at all. Various combinations of light and traction and telephone companies and irrigation projects are examples of the demands of this sort on the com mon supplies of the money market The reports of a conference at Wash ington between government officials and officials of the Union Pacific and Southern Pacific gave rise to conjec- lures of possible compromise of the governments suit against these com- panies under the antitrust law and