Norwich bulletin., 1910-01-06
WEAK STOCK MARKET. Nominal Explanations Advanced There for-kast Prices the Lowest.

New York. Jan. 5.-SpecuIative 1iqui- dation was renewed in the stock mar l ket today with much the same appear ance of urgency as on the opening day of the new year.
 ! There was no IA per cent. money rate today to account for the weakness of explanations werea dvanced. Many of these bore an appearance of mere sur
 mise, the outcome of efforts to solve the mystery of the large supplies of stocks for sale. The busiest of these surmises centered about Rock Island,
 ifs recent stock market history and the
 personal element connected with it. The
 personal phase of the discussion was
 supplement to the gossip brought out
 by the eccentric bulge of 31 IA points
 in the stock, followed by an equal re-
 lapse, all within the space of fifteen
 minutes on the day after the Christ
 mas holiday interval. The supposition
 that this reckless display of Inanipu.a-
 tive ammunition was to be visited with
 the dis;s provaI of the stock exchange
 authorities hacs been common since he
 Investigation of the incident and the
 submission of the still unpublished
 reIort on the subject.
 Runners flew thick about the stock
 exchange today of the scope and power Of the influences being exerted to make effective the desired disapprova1 of the Rock Island market management The principal selling of the day was attrib- uted to the retirement of specuIa tive COf11INIlIHeIlLS WnlC0 nd0 EGen prompt ed by this disciplinary movement. An early departure for Europe and a re- tirement from influential directorates were whispered as amongst the conse- quences to be involved. The number and variety of these rumors were suf- ficient, in themselves. to brand them as doubtful and the authoritative denial of some of them confirmed the doubts and pointed to the circulation of them as an attempt to conceal the real mo- tfYeS of the liquidation.
 More substantial grounds for the weakness of stocks were found in oth- CT factors. For one thing, the unex- pected stringency of the money mar ket after the first of the year and the absence of investment demand for saocks growing out of the annual dis bursement of profits have proved a diSap pointmen Large speculative hold ings of stocks were held through the latter portion Of last year in the face of difficulties, in the hope that condi- tons would clear with the turn of the year and would awaken a public de- m&rd for stocks. The money market facilities for meeting obligations are now less than expected and liquidation in the stock market in face of lam 5uid spec lative demand is a necessity. The relief afforded to the loan account Cf the banks in November was seCur- ed pertly, it is believed, by large ad- vances from surplus treasury funds of the great corporations These had to be recalled in connection with the enormous annual settlements. The cas- ing tendency of the call money market was arrested today and the time loan department took on strong tone with an active demand for funds.
 7. Ee stiffness of the money market did not rreN ent a rise in foreign ex- change rates, and gold was engaged again for export to South Africa The co1rse of events at Washington divid- cd attention with the happenings with ial the financial district and were si yen their share of responsibility for the ac- 1 tion ottlle market.
 Last prices were about the lowest If | the day and the tone was acutely W salS |