Norwich bulletin. [volume] (Norwich, Conn.) 1895-2011, 1911-08-25
FINANCIAL and COMMERCIAL.
A BEARISH DAY.
Heavy Liquidation. Many Stocks Es-
tablishinq New Low Prices.


New York, Aug. 24-Another out
break of the liquidation which began
in the stock market almost a month
ago occurred toay. New low prices
were made by many stocks, including
Harrimans, ST. Paul and United States
Steel. The selling again converged
largely around Union Pacific Southern
Pacific and Steel. and for reasons
which were perhaps more clearly de-
fined than before. Rumors of a crisis
in the labor situation on the Southern
Pacific were received with ill-concealed
anxiety, although that situation as af-
fecting that property has long been
tense. The heavy offerings OF Steel
were regarded as a logical outcome of
the unfavorable diagnosis published
yesterday by authoritative trade jour
mails, and received further impetus in
the shutting down overnight of an
important. independent steel plant in
New Jersey.
Other contributing factors to the
days budget of bearish news included
with Paris exhibiting a highly nervous
situation, pronounced depression in
London, where further selling of Sc
curities was induced by the state of
continental politics. and home labor
troubles, weakness on the Berlin ex-
change, and an abundance of evidence
in other ways that in this country the
corporate interests are proceeding in
strict conformity with the existing
trend of events. sharp decline in
cotton, while hardly a market factor,
served to call renewed attention to the
i'll advised speculation in that commod-
ity.
The partial recovery which ensued
after the sharp slump at midday was
followed by the unusual period of dull
ness and uncert ainty which has been
an invaria Bile concomitant of each sue
in 1Fia mot ,ny Sot-
back came in the final hour, with an
other feeble recovery, the list going
from weakness to strength on light
dealings, in which short covering was
observed. After that the list reflected
a degree of earnest support especially
in Union Pacific and Steel and for the
first time of the session grew moder-
ately active on the advance which was
not participated in, however. by the
less speculative issues, notably Penn
sylvania, which also sold under the
years low price on extensive offerings.
The pressure on this stock had it's eff
feet on the balance of the list and in
the final operations much of the i'm
provement was lost, closing prices be-
ing a point or more under yesterday
Local bankers declined to express
any opinions regarding the proposed
plan of western financiers to institute
an indepenent monetary reform move
ment in opposition to that of the A Id
rich commission. 1t was their belief,
however, that such a campaign might
result in sectional feeling. The condi :
ton of the Canadian banks at the end
| of July, compared with the preceding
month, shows few noteworthy changes
| Liabilities are increased by a little
| less than $4,000, 900, reserves are up
about 81, 100000, and call loans increas-
| ed S4,000,000. with total assets greater
! by S14,00O,000. The statement of the
| Bank of England shows a further in
! crease in that institutions proportion
! OF reserves to liabilities, with a gain
! f over $4,00GU00 iii gold. The French
! banks exhibit reports decrease OF
| $2,000,00o in discounts and gain OF
/ $1,500,000 in gold.
The bond market was heavy. with
total sales, par value. of $a,253, 900
| United States governments were mn.
| changed on call