Norwich bulletin., 1910-03-16
FINANCIAL AND COMMERCIAL,
STOCKS SOLD FREELY
By the Professionals on the Shore Side
 of arket Weaksrs

New York; March 15.-There was a sudden Tagging today in the resisting power of the stock market to depress- ing factors, which has been its proEni- nent characteristic for many days past The issuance of a strike order to fire men and enginemen on western rail- roads was the only topic to receive much discussion in tho days dofnEe at the stock exchange. The professional element had the market almost wholly in it's own hands and sold stocks free ly on the short side of the speculation. Even the buying, much of 1t, was from short sellers of yesterday, who covered
 at the days declines but proceeded then to put out fresh short lines.
 It is an aphorism of professional operators not to go short of the market
 on a strike. This rule is not always
 followed but special reasons for its
 non observance today were found in
 some of tie technical conditions of
 the market. The rise in the call
 money rate, to above 8 per cent. 4or
 the frst time since the last week in
 January, offers one -contributory ex-
 Dlanation of the action of the market.
 The money market has been hardening
 appreciably for more than a week.
 The hardening tendency, up to this
 time, has been confined to the time
 loan department. influenced by the
 steady tying up of banking credits in
 the notation of new bond issues. Now
 the interior demand for currency has
 set in as a complication. The Feb
 ruary foreign trade statement shows
 also that the value Of exports of mer-
 chandfse fell below the already reduced
 total of February 8 year ago, while the
 striking expansion in import values
 still continues As consequence
 there is established an excess value
 of imports in that month for the first
 time since 1895. This showing and the
 persistent rise in the London discount
 rate explain the brisk rise in foreign
 exchange rates, which went further to-
 daq, but reacted when the call loan rate advanced. 4 possible export movement of gold from New York was discussed. The railroads labor dis
 putes have been expected for some
 time to arrive at the stage where ap- peal would be made, by both sides, for the mediation of the government au-
 thorities for assistance in Compromise. The precedent of the successful settle-> ment in the case of the Baltimore and Ohio trouble was hopefully regarded as favorable augury for similar out come Of the other cases. The sudden reversal of that hopeful feeling today was not explained on the surface of events The professional bears who sold the market enlarged on the significance of the extent to which the recovery had gone after the severe decline of the first of the year. A technical reaction was called overdue from this fact alone.
 The weakness was not confined to railroads which would be affected by the strike. There was disappointment for traders who had bought United States Steel for the dividend which came off yesterday. Instead of nov ing towards recovery of the dividend as was expected, the stock was one of the weakest of the industrfals. Amal- gamated Copper was even weaker and the metal suffered another decline in the London market. The slight re- coveries at the end Of the day were attributed to covering by shorts and they were but languidly held.
 Bonds were easy. Total sales, par value, s3,415, 900. United States bonds were unchanged on call.