Norwich bulletin., 1910-02-04
FINANCIAL AND COMMERCIAL,
1,e72,ooo SHARES SOLD. inroads in Prices of From One to Eight
 Points.

New York, Feb. 3.-Aggregate deal fngs for the day of 1,672, 1000 shares and inroads on prices of one to eight points for practically all the active stocks of- fer evidence of 8 liquidation in the stock market sufficiently drastic and general to call for some other explana- ton than temporary vagaries of spec u1ative sentiment or merely technical
 conditions in the stock market itself
 The speculative sentiment itself was
 plunged in gloom and was inclined to
 give rein to sensational forebodings ot
 the consequence to ensue from the
 conditions which it saw reflected in the
 action Of the days market. Such a
 state of the speculative mind consid- cred in connection with other points in the situation is calculated to sug- gest a continuation of a movement rathere than it's inception The extent to which the previous decline had al- ready run. it's duration and the techni- cal results involved are some of the points which entitle expectation to view the days events as promising a reversal to follow.
 That all is not as well with the body economic or with finance and industry as was assumed when prices of stocks were 10 to 40 points higher than were touched on the declines today is borne in upon the mind with conviction. That all is as threatening of coming evil as that penetrated the stock market at mosphere today need not be taken for granted.
 The opinion that overlay practically all others and tinged the whole was that commercial recession and indus trial reaction were to be read in the action of the securities market. This opinion is not of overnight growth and has been gathering adherents for sew eral weeks past. It began with evil dence of lu1l in the freight movement over the railroads, with some renewed accumulation of surplus freight cars, and gained force with reports of the falling off in orders for iron and de- cline in the prize of that basic com modity. The itremely high price to which con1mo6 ties in general had at- tained. the vii espread dicussion of the high cost of living and the agitation against high prices with resultant de- crease of conSumptive demand have given force to the topic.
 In the mood of the stock market to- day sharp attention was given to the expression of academic and profession al views that would ordinarily escape the attention of operators in stocks. The economic tendency of expanded gold production and price imitation to bring on financial crises was the point that attracted attention. Another fac tor was the authority given to views publicly stated by qualified legal testi- mOny suppoSted to represent the views of large organizations of capital of the harm to follow from the proposed en- forecment of the Sherman anti trust law The word panic found frequent repetition in these various pictures of the future and the effect was decided ly disturbing to the nerves of the stock market element. There was the fear that with the arrest to the upward course of prices of comm oddities there would necessarily follow @, process of dedation which would arrest the course of prosperous activities all through the channels of commerce.
 This weeks failure of an important firm of dealers in bonds was the text also for unfavorable views. That evil dence of the clogged~condition of the bond market and of the length of time in which old issues had chung to the hands of underwriters unloosed a va rity of conclusions.
 The market had an effective rally of one fo three points in the final hour and the. closing tone was strong and well sustained at the recovery, but the inviting profits on the days decline of fered to the beers obviously supplied much of the inducement for this buy ing.
 Bonds were weak, but with no sign of the demoralized tone of stocks. The sales, par value, totalled $3S23 900. United States rwos declined 1-S and the fours 1-4 per cent. on call.