Norwich bulletin., 1910-02-08
FINANCIAL AND COMMERCIAL,
SEVERE INRoADs ON PRICES.
Sources and Motives of Heavy Liquida
ton Subjects of Dispute.

New York, Feb 7.-Extreme pros
tration of demand was the conspicuous
feature of the stock market today The
heavy liquidation, in consequence, made
severe inroads on prices. These bald
facts almost exhaust the reliable data
on the days events. The sources of
the selling and the motives which
prompted 1t were subjects of doubt and
dispute. The extend of the selling last
week and the resulting declines, follow
ed by the end week rally, had inclined
speculative sentiment to look for quiz
eter and Steadier market. The renewed
outpourng of stocks and the determin-
ed abstention of effective support threw
the speculative sentiment back into the
depths of depression. In the neighbor-
hood of the low prices of last week
there were slight signs of resistance in
few stocks. indicating a purpose to
protect accounts which had escaped the
ravages of last weeks margin exhaus-
tons. When prices broke through
these points there was no further eff
fort to sustain the market. Buying on
a scale down is to be relied on always
except in periods of downright panic,
but orders of this class today were en-
countered only at steady concessions
in prices and any attempt to bid UP
prices in face of the flood was not to
be detected. That every sale was
matched by a, purchase goes without
saying. and that such purchases have
represented a passing of stocks from
stronger to weaker hands for some time
past is the conviction of a consider
able body of opinion in the stock mar
ket. Such opinions are subject to fire.
quent revision and concession, how
ever. in face of the disappointments
and suprices in the action Of the mar
ket witch have succeeded Neach other
since the first Of the year. As to the
sources of liquidation, there exists a
fairly defined division of opinion. On
one side is the view that the great
capitalist gorups, which accumulated
ron a ct q n
tunity to sell out at the high prices by
attempting to carry their campaign
over into the new year. being over
come meantime by the requirements of
the money marekt and the conviction
that the political outlook threatened
the welfare of the corporations. Anoth-.
er view is that distribution of last
years accommodations was actually eff
fected while prices weer held up by
manipulation, following which the fall
in prices is seen with coTuplacency by
the powerful capitalist groups if not
actually fostered by profeSsed alarm
and by recall of credits through the
control held over the great banking
institutions.
Visits of influential financiers to
Washington are followed by eager in
quirics from associates in Wall street
about the information which was Sc
cured or the impressions which were
f. rmed. OPEN expressions of return
ing satisfaction in such cases were OBJ
tainable today but the renewed out
pouring of stocks in the market caused
some slzepticism as to the genuineneSS
OF that satisfaction. The point on
which formulated assurances seem to
be sought is the corporate condition
which can feel assured to be sought is
the corporate condition which can feel
assured of security and immunity from
prosecutions in the event of the Amer
lean Tabacco and Standard Oil decisions
unfolding a sweeping construction of
the antitrust law. Such action as
that in today's stock market is con-
stfued to mean the absence of such hy-sl
pothetica1 assurance.
Foreign securities and money markets
were undisturbed. The rally in prices
when the bears covered late in the day
was poorly held. and the closing tone
was very nervous and unsettled. The
days extreme declines ran between four
and six points for the stocks in which
the bulk OF the transactions occurred.
Bonds were irregular. Total sales,
par value, $2S01,000. United States
threes advanced IA and the tours cou-
pom declined IA per cent. on call.