Norwich bulletin. [volume] (Norwich, Conn.) 1895-2011, 1912-01-10
FINANCIAL AND COMMERCIAL.
TWO BEAR RAIDS.
Savage Attack Causes PeresPtibe
Depression Of Prices.

New York, Jan. 9.-TWo short, sharp
bear raids depressed stocks. today.
At the opening and again just before
the close the market was attacked
sayagely Both times prices gave way
quickly and on the slump In; the aft
ernoon Union Pacific sank J.ore than
four points below the previous day S
close. Reading and Canadian Pacific
also developed acute weakness. losing
three points. Many of the other i'm
portant stocks, including Lehigh VAL
ley, Southern Pacific, United States
Steel, American Smelling and Anal
gamated Copper fell back one to two
points.
Except for these twg movements the
stock msrket was a dull affair. After
the outburst of activity at the open
ing it subsidized into a comatose state
rom which it was not aroused until
The heavy selling was resumed shortly
before the close. In its dun condi-
ton the market was no match in
point of interest for the fire which
burned all day long in the Equitable
building, q few hundred feet away.
The fire was Of substantial assistance
20 the bears. Reports cabled to Lon
don early in the day caused some
alarm among holders Of American Sc
curities ara prices we're depressed.
Trauers took their cue from London,
when the New York market opened,
and sold stocks. The decline WRs has
tened by selling orders from interic.
points and from London. Traders
whose securities were in safe deposit
vaults which we're inaccessible on &C
count Of the fire, saw no way of max
ing deliveries Of stocks, Which edded
to the confusion. After tina gtooS
exchange governors ruled that deIiv-
cries need not be made today, the
tone Of the market became better.
Aside from the fire. which could
hardly have eXerted sufficient influ
ence to bring about zach pronounced
movements, there was no patent Taa-
son for the action of the market. Itp
iYnpeIiing force appeared TO be con-
centrsted pressure from professional
trsdsTs. The continued weakness OF
Union Pacific wac an unssttling fac
cor Its precipitate fall at the end Of
the day served TO accentuate the
weakness which IT has exhibited sc
frequently in recent weeks. Various
explanations are advanced OF the ae-
ton Of this market Leader, the mos
common being Inside selling" on ac-
count of some unfavoTRhie circum-
stance not yet disclosed
The copper shares made no response
10 the December figures Of tho copper
Producers, although . 6sottns in stock
Of the metal on hand Of 52,B40. eot
POUNDS was revealed Tho ensct O
The report. which WIS IN line Will
expectations. appeared to have heel
discounted and the copper shaTet
Wsnt OF with The rest Of the HSaffEe
1T the close Tbs Hsstal Hnaesss< con
tiuGed strong. Exports Of copper 70
December were tbs laSGast on record
exceeding the export of Ds6ernbsE
s07 the previous Riga record month
by 100, ooe pounds.
During ths Ilili in this stock Gnarke
through the middle Of ma day tAsF,
was st reneFral az activity Avn the Rel,
stocks and Rcci Island preferred rcS
TWO uOints.
The money market was Nfsibss. Tn
business ST several e2 the large kank
Vas interrupted by fae fire, and thAF
Was crnssd eTeble unsst<lsMent thEeuEl
The day.
Bonds were irregular. fetal sales
par vslpe, s4,eBa.66n, Psnsma three
declined Ia On call.