Norwich bulletin., 1911-08-11
FINANCIAL AND COMMERCIAl,,
PRICES TAKE BIG DROP. Generally Believed Government Crop Report Does Not Reflect Present Conditions.

New York, Aug. 1O.-The government crop report, issued yesterday, and which is admittedly poor, taking is figures at their face value, was used as weapon for another attack on the stock market values today. Prices seu two or more points in the active list, with materially greater losses else where. The decline, while often pre- cipitated and clearly betokening fur ther liquidation, some of it doubtless enforced, was not of the demoralizing character which has attended several recent movements. Quoted prices sim ply fell away according to the pres sure of offerings, each successive rally of point or so being the signal for another selling movement, which left the list lower than before.
 As matter of fact, all impartial judges of conditions agree that the government report presents a condi- tion much worse than actually exists today. that the damage, save in certain commodities, is far less than yester- days estimates indicate; that practi- caliy all foedstuffs corn excepted are better now than on Aug. 1, on which date the governn ent report was com piled. That being the case. it is puerile to point to agricultural condi- tions as the chief cause of the market S severe reversal.
 Prices have yielded with more or less steadiness for almost fortnight losses in some standard stocks durir 2 that period extending to 15 points. It is just as unreasonable to ascribe the decline to the misfortunes of some over-extended bulls. The causes proo- ably lie deeper and the political situa- ton. as represented in the activities of the federal government, coupled with financial and political conditions abroad may properly be regarded as the more potent factors in the case.
 It is becoming increasingly evident that large quantities of securities have been disposed of by the so-called sub- stantiai interests out of sheer chagrin public events. The attitude of these interests at this time appears to be one of indifference to the fate of the stock market. On the other hand. a continuance of the present movement it is argued, will ere long result in a level which must attract outside buy ing of an investment character. In fact. the market will soon reach the point of being oversold as it was probably overbought few weeks ago.
 In the last hour the list made very general recoveries from the low point on what appeared to be steady ao- sorption, together with extensive short covering. The buying showed more de- liberation than any recent similar movement and indicated that the mar ket had reached a point of equilibrium. Rallies ran from a full point to net gains. with especial firmness in United States Steel, Great Northern preferred, Northern Pacific. Union Pacific, South ern Pacific and Reading. The greater part of the gain was held at the close, which was steady.
 London bought about 10000 shares on balance here. chiefly Union Pacific and United States Steel. Financial af- fairs at the British metropolis were in 8 state of indecision the labor strike adding to the general unsettlement
 The bond list was weak throughout. Total sales, par value, S2,946, 900. Unit ed States bonds were unchanged on call.