Norwich bulletin., 1910-01-13
FINANCIAL AND COMMERCIAL.
MIDDAY RALLY
Accepted as Test of Markets Specula-
 tive Position-CIosed Weak

New York, Jan. 12.-The manner in | which the stock market hattened out | today when relieved from selling pres | sure was hardly less discouraging to | speculative sentiment than the active ] declines of the two earlier days af the present week. During the noon hour
 the sales of stocks were less than forty ! thousand shares, and it was during 1 that period of practical stagnation that l prices rested at about the top level of the day. At the same time reports from the loan crowd on the floor of the stock exchange were of a more active de- mand for stocks for delivery than has been witnessed for many weeks. This evidence of the substantial growth Of the short interest coupled with it's tran Quillty in face of the check to the downward course of prices was regard ed as ominous. The lack of resiliency | in the market encouraged the renewal
 of operations for the decline, which be-
 came rrecipitate. So far IS the money
 market situation has been a deterrent
 to speculative operations, the condi-
 ton was substantially improved to-
 day. After opening at per cent, rates
 receded, thus lowering the maximum
 rate of yesterday and of the day before
 and establishing the lowest ruling rate
 that has been touched in the new
 year. However, the conviction is left
 that requirements to be met in the money market outside of stock market uses are so considerable that the sup plies available for that use are likely
 
 Speculative sentiment would be bet ter satisfied with signs of expanding mercantile demendS for money. The refiux of funds from circulation is so heavy at present as to suggest rather a IulI in trade activity. The rapid fall in the price Of cotton was believed to make requirements for additional mar gins, which caused some pressure on the stock market. News from Wash ington also served as a reminder of factors at work which are regarded as unfavorable to the cause of speculation. The advances made by the Union Pa cific autl. critics to the law officers Of the government for a possible compro- mise of the suits under the antitrust law convey an impression of apprehen- sion of the outcome of those suits. The ures proposed for preventing dealings in futures in the commodities markets showed the persistence of the forces at work in directions which are not rel ished by active traders.
 There was the same spirit of appre- hension regarding the outcome of the meeting of the board of governors to be held after the stock market closed, which investigated the Rock Island episode. There has been no doubt of the part played by this apprehension in important liquidation that has been go- action of the committee might go to clear up the whole subject and put it in the category of past in fuences was left entirely conjectural while the stock exchange was in ses- sion.
 The midday rally in the market seemed to be accepted as a test of the speculative position. When it was seen that buying was practically sus- pended at the higher level of prices, selling was renewed with great aggres- siveness and the whole list yielded weakly and closed at about the lowest prices of the day
 Bonds were irregular. Total sales, 1 par value, $3,293,000. United States twos declined Is per cent on call.