Norwich bulletin., 1910-01-21
Irish Five for Basketball.
FINANCIAL AND COMMERCIAL.
VIGOROUS RECOVERY.
Period of UpheavaI Followed Wednes- days DisorderIy Break in Prices.

New York, Jan. 2o.-Yesterday's s
 disorderly break in prices of stocks
 proved to be the cullnination of the
 downward movement of prices for the
 time. There was a period Of upheava1
 early today as the sequel of the anx-
 iety growing out of the business en1- barrassments of yesterday, and one
 more failure was announced, that of
 the specialist upon whom fell the
 brunt of the wild market yesterday in
 Columbus and Hooking Coal and Iron.
 There was evidence of further purg1ng
 of speculative unsoundness in one or
 two special stocks that have shown
 signs of InanipuIative practices. By
 the time the failure was announced the cleaning up process was practical
 ly completed and the way had been
 paved for the vigorous recovery which
 followed Various forces worked to
 that end and were already at work
 when the market opened The needs
 of an uncovered short interest which had expanded to unWieidy proportions
 in the course of the bold operations of
 yesterday made themselves felt at the
 very opening. Resort had been made
 to the London market before trading
 had started here and prices opened,
 therefore, at substantial advances over
 yesterdays closing level in the ma
 jority of the list. The beaIS made
 another stand to dominate the market and fierce contest was waged during
 the whole of the first hour of the
 market. The vulnerabiiity of one or
 two stocks had a sympathetic effect on the whole list and a short period of general weakness intervened. Sufd- clent obstacles to further decline
 were encountered to turn prices Ip-
 wards again. Besides the oVerextend-
 ed short interest in the local market, a substantial factor towards recovery
 was the improved monetary and in vestTnent situation in foreign markets. Financial interests in London professed to see in the gains made by the union ist party in the pariiamentar-- elec- tions a check to plans for radical and socialistic legislative programmes
 even though the gains give no promise of being large enough to displace the present liberal government. An invest ment demand was thus stimulated and American securities got part of the benefit of it. Buying of stocks for London account was an influential fac tor in the days market here. Con1rnis- sion houses with membership in the stock exchange were agreed that an investment demand from domestic cap- ital was developed also by the more inviting level of prices for stocks es- tablfshed by the recent break. The bargain hunter made his appearance in brokers offices, attracted by the signs of sacrifice selling of stocks in yesterdays market. The fall in money rates since the first of the year cOinci- dent with the fall in prices of stocks has resulted in shifting the advantage in investment return to the holding of paying dividend stocks rather than in placing of loans. The declaration of an initial dividend the common stock of the New York. Chicago and St. Louis railroad and the increase in the Cambria Steel dividend were fn- centives to the hopes of investment holders and buyers of stocks. The iron and steel trade reports and re- turns of railroad earnings helped this 1 feeling There was no lack Of funds l offering on call, fin spite of yesterdays stock market disturbance, and buying ] of stocks was thus encouraged. Buy Ing was going on actively at the high est prices of the day when the days | session ended. Bonds were irregular | Total sales, par value, $4,9S2, ,o0o. 1