Norwich bulletin., 1911-08-17
FINANCIAL AND COMMERCIAL.
BIG SELLING MOVEMENT. Prices on Gilt Edge Stocks Drop from
 Three to Five Points.


 New York, Aug. 16.-A selling move ment of greater scope and proportions than any that has overwhelmed the stock market in the three weeks of it's almost uninterrupted decline was wit messed today. Prices fell from three b five points in shares which have long beer accepted as gilt edged, while losses in more obscure and less nego- tiable shares extended to ten points. The day opened with little promise of betterment, Londons market for our securities being one to two points un der last nights closing. The weakest issue in that market was Canadian Pacific. it's loss of two points being soon doubled here. Other stocks in cluding Union Pacific, which has bee1l the barometer of the market, soon fell a point or more and by noon all the active and speculative issues were at tha lowest level of the year. The con- tinued weakness of Union Pacific con stituted the grea test element of alarm, that stock at it's low price today showing a. loss of over 20 points in less than a fortnight. In fact, the selling of the Harrimans has been the most conspicuous feature throughout. New interest was lent to the movement to- day when it became rumored about that the Hartman estate had some time ago disposed of it's holdings in tie transcontinenta1s. These reports were
  and were accepted with some reserve in banking circles. It is nevertheless T fact, however, that the heavy outpour- ings of Hartman stocks, together with the retirement of MT. Prick from the Hartman directorates, have produced a profound impression in the financial community. Canadian Pacific, which at one time was six points under yes terday. was affected by reports of un- favorable crop conditions and heavy selling both by London and Berli I. Thee unimportant failures were an- nounced in London where the fort- nightly settlement was accomplished with some strain particularly in the American department.
 The market rallied in the last hour under the lead of Reading, Union Pa cific and Canadian Pacific those issues recovering from one and half to two points from their maximum declines. but the markets undertone remained uncertain to the close, which was heavy and hestating.
 A notable feature of the session was the weakness of many minor railway shares, few of which had suffered earlier in the reactionary movement In this list were included Wabash preferred. Toledo. St. Louis and West ern preferred. Kansas City Southern, St. Louis and San Francisco second preferred and Texas and Pacific
 Following the close of this market, cables from London reported a panicky condition in Americans in tha open market there. The more important net losses for the day were Lackawanna 10 points. Texas Company 8. United States Pipe preferred 4 1-2, Union Pa cific 5.s, Canadian Pacific 34, Rock Island preferred 3-S and Generui Electric 14 while over a score Of stocks fell over two points. Total transactions approximate one million shares. which is close to last weeks most active day.
 The bond market was heavy, with sharp declines in various speculative issues. Total sales, par value, $2,140,-
 United States government bonds un- changed