Norwich bulletin., 1910-01-25
1.-THE SILENT PANIC" RECALLED. Manner of Stock Selling Yesterday
 Created Bad impression.

1 New York, Jan. 24-The manner in 1 which stocks were sold today created a ] bad impression of the speculative posi- l tion and gave rise to some questioning i Of the financial situation in it's larger ] aspects. The effect of the large and i persistent offerings of the most inn l agination. awakened "reminiscences of 1 the markets of March, 1907,whtch gain ed the title of "the silent panic in the chronicles of that year. Subsequent l history disclosed that the over-exten- sion of credits by capitalists of tho first class in attempts to push indiVid- ual enterprises was largely responsible for the liquidation of that period The sources and the motives of the hquida-
 ton since the first of the present year,
 and which was manifestly renewed to- day. has not become clear yet. The persistence with which stocks were
 convincing opinion that undue import
 tance had been given to adventitious
 causes for last weeks break in prices,
 such as the Hooking Coal episode. Deeper causes are again sought for the efforts to convert stock holdings into
 cash and to tighten holdings of securi-
 ties.
 The doubtful relation of corporations
 to the low was generally accepted as
 the principal underlying cause of the
 present weakness of stocks, according
 to the consensus of opinion today in
 stock market and financial circles.
 The doubt centers at present on the
 outcome of the American Tobacco and the Standard Oil cases pending before
 the supreme court at Washington. As
 the time rfpens when the handing down
 of decision becomes possible, anxiety
 over the outcome becomes more acute.
 The fear has grown up that a decision
 in terms which would uphold substan- italy the conclusions of the lower courts on these cases would present embarrassments in carrying on the
 business of the great combinations of capital in the principal corporations or in readjustment to the new condi- tionS to be presented that might seri- ously dislocate financial and business arrangements. It is assumed that the present stock market represents an at tempt to adjust the position to receive a possible shock from this cause.
 The action of United States Steel was of special sentimental effect on the speculative tone, in view of the persistence of reports of favorable de- meeting. Estimates of the good show ing to be made of net earnings for the December quarter did not vary from last week, and the expectation contin- ued confident that stockholders were to receive an extra dividend disburse ment in addition to the regular one per cent. quarterly dividend. The enor- nous selling of this stock in face of this hopeful prospect was considered highly significant of the disposition of well informed interests to sell stocks on good news. The OpenneSS Of soma of this selling, however, suggests the desire to influence the market as much as a purpose to sell to the best ad- vantage. The desire to prevent spec ulat;ve discounting of an extra divi- dend was advanced as a possible ex- planation of this movement. The ex- tent Of the days declines is best judg- ed by the approximation to last week 1 lowzprfces in some of the most prom in ent stocks
 Such raIlyins power as the market showed was attributed to the demand from uncovered shorts and it became as prices got further away from the low levels. The tendency was downwards at the end of the day.
 Bonds were weak. Total sales, par