Norwich bulletin., 1910-02-02
STOCK MARKET TONE HEAVY.
Slump in Interborough- Metropolitan
 Stocks, Third Ave. Sold at 10 1-4.

New York. Feb. 1.-The generally
 heavy tone of today's stock market
 was due to neglect as much as to any
 active selling pressure. In few
 spots, however. there was evidence of
 belated liquidation. The clearing up
 of undesirable conditions in the mar ket has been pushed with determina-
 ton since the Rock Island scandal followed by the collapse of the Hook ing coal pool, made blazing exhibi- tion of unsavory details calculated to do damage to the prestige of the stock exchange
 Todays demonstration invaded a new field and brought with it some suggestion of measures of resentment against the pushing enterprise of a newer figure in the railroad world if such resentment can be supposed to reside in the minds of the higher f. nance The effect on the general level
 or prices was not very marked but the Influence on the speculative tone was against hopefulness. The days happenings were interpreted in a con trary sense. The most notable exam. Die Of deflation was in the Intel+bor- ough-Metropolitan stocks. There were no immediate news developments 10 explain their collapse and it was att tributed simply to previous undue ex- panS1on. The whole of the local trac- ton group suffered in sympathy. Third Avenue sold at 10 1-4, the lowest price in it's history, feeling some direct ef- feet from the preparations for the foreclosure sale.
 The additional speculative purging. the necessity for which was thus dis closed, helps to account for the repres- sion of the speculation. Conjecture continued busy, nevertheless, with at tempts to fathom the more general causes lying back of the heavy decline he hot cession has set in enters into the dis cussion, though concrete examples Of evidence are few. The fall in prices of iron is cited, and the fact of some by the railroads. The agitation Of policies is said to have spread it's effect of depression from the stock market into general business to some extent The com plaint is heard that the large stocks of merchandise which were laid in from first hands when the revival set in after the depression are moving with some difficulty at the high prices which have been attained in many lines. Today'S report of the growth of the European visible supply of cop per and the falling off in our Decem- Der exports of the metal had their bearing on opinion concerning the trade outlook. More gold was shipped from London to Paris today, but the Paris situation was less an influence with the improvement of flood condi- tiOns there- London looks for reduc- ton in the Bank of England official discount rate, in spite of this demand upon that money market. Money worked easier again in New York.
 The Pennsylvania dividend was dis appointing to a speculative party that had looked for an increase. Colorado Fuel suffered from the disaster to it's mines. Strength of Japanese bonds was the result of the new domestic loan to be floated for refunding pur- poses.
 The final rally in prices was the sign of the relief afforded by the days liouidation and left 8 stra ggling show 1 of small net gains. l
 Bonds were easy. Total sales. par |