Norwich bulletin., 1910-01-15
LIQUIDATION RESUMED.
Declines of One to Three Points Be-
 came General.

1 New York, Jan. 15.-The resumption z of liquidation in the stock market to- | day set conjecture to work for some | deeper cause to explain it than the
 more superficial influences which nave given responsibility and which are | passing away without relieving the market from depression. Yesterday 8 ! action of the stock exchange gover- 1 nors was considered to have definitely disposed of the Rock Island episode
 and the securities of that company to- ] day were sustaining forces for prices, | so far as they exercised any influence. l The reports of the accession of a large foreign interest to share in the con- | trol of the property seemed to have an encouraging effect on it's stockholders
 as well as alarming those short of the
 stock, and the two Rock Island stocks l led the short lived advance with which ! the dealings opened. This was in con- tinuance of the strong rally of the lat l ter part of yesterday and the demand from uncovered shorts obviously had much to do with it. The call money market also passed from condition of relative to positive ease. but this
 proved powerless to check the unload ing of stocks or to stimulate any new demand. The liquidation of stocks
 continued to put back funds into the
 money market, which is in course of replenishment, as well as from various other sources. This persistent iQuida-
 ton is deemed important and as com
 ing from influential sources having fin
 view a prolonged outlook as well as
 retrospect Continuous and persistent
 accumulation of stocks went on for
 many months during the rising prices
 of last year and there is reason to be-
 lieve that the taking of profits on
 much of this speculation was planned
 for the opening weeks of the new year,
 when easing money markets and rein
 vestment of yearly profits were looked
 to for the inspiration of a general de-
 nland for stocks. Besides this hoped
 for active influence towards assisting
 the liquidation, the period for 1t was
 fixed by consid eration of the need for
 transfer of resources into various
 other channels to provide for the need
 for new capital, which, 1t was foreseen,
 would converge upon the money mar
 ket soon after this time. The large
 subscriptions coming due for new stock
 and bond issues prove the accuracy of
 this forecast and explain much of the
 liquidation. The liquidation was push
 ed with growing precipitation today
 and declines of one to three points
 had become general by the middle of
 the afternoon. In the Hartman Pa
 cifics, St. Paul and a few others it was
 even greater. The breaking through of
 prices to lower levels than had been
 touched on previous reactions was the
 signal for the uncovering of fresh stop
 loss orders and for bringing new bur
 dens on the market Washington
 prospects were said to be a principal motive for the throwing over of stocks
 The widespread activities of the gov
 ernment in the field of corporation reg ulation and the prospect of early de- cisions by the supreme court which it was feared might present ever graver conditions were made the staple of arguments by the sellers of stocks
 The stock market showed no rallyinfy power, lowest prices of the day being reached in the last hour with an even greater outpouring of stocks. The Hartman issues. St. Paul, United