Norwich bulletin., 1917-02-02
EXCITING SESSION
 OF STOCK EXCHANGE
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 There appeared for some time to be virtually no support and the volume lof offerings was materially increased by sales under stop loss'' orders Urgent liquidation leSsened after the first hour, however, and was followed by irregular rallies which were of mod crate proportions compared with the extent of the previous collapse. These rallies were accelerated by the retirement of bearish contracts, short sellers being quite willing, apparently, to take some of the profits which had accrued to them over night. Moderate Buying. There also was moderate buying by had reached the bargain level. Nevertheless, the market continued ex- tremely nervous and was subject to many rapid changes of tone. In the final hour some stocks made new low prices for the day when reports reach ed the financial district that actual severance of diplomatic relations with Germany was imminent.
 Additional Margins Called For.
 Before the opening of the market and throughout the day brokers were en- deavoring to get into touch with clients all over the country, calling on them to supply heavy additional margins on their lines of stocks. In cases where this margin was not immediately forth looming, the securities were sold '-at the market Selling of this character was to a considerable extent responsi- ble for drastic price readjustments in the first year.
 Some of the professional selling in the stock market was attributed to forced necessities growing out of heavy losses incurred by operators in the commodities markets, especially cot ton, in which the slump was most se- were.
 Extensive Selling from New England.
 The extraordinary activity of com mission or wire" houses indicated very general and extensive selling from out of town points. New England and the middle west were important fac tors. according to reports, in this liquidation Money rates were slight ly firmer, but exerted no apparent in- fiuence.
 The uneasy condition of the interna- tional markets was exemplifed by the weakness displayed by all International issues. notably the so-caIed war fota- tions. City of Paris sixes fell 3-4 points. with 1 S-S for American foreign securities hves, and material fractions for all other issues. Virtually all these securities fell to lowest records, in cluding the premier Angio-French fives. which made loss of 3-4 of a point at 92 S-S.
 Bethlehem Steel 363.
 So far as the general prices in the stock list were concerned, the greatest loss was that of Bethlehem Steel, that stock selling as low as 363. which com pares with the high record price of TOO last November
 United States Steel, which led the list in volume of sales, with about COG. 900 shares changing hands out of total of 2,100,000, opened at 105 to 100, an overnight loss of 12 points, at the minimum, broke further to s9. re- covered to 1e4 1-2, but closed at 162 3-4, showing g 1-4 points net loss for the day.
 Shipping stocks were particularly in fuenced by the international situation, Mercantile Marines breaking g to IS points, with IS 1-2 for Atlantic. Gulf and West Indies, and Il for United Fruit.
 Steel and Iron Division.
 Industrials of the. steel and iron di- vision were lower by 8 to Is points, motors yielded g to II, petroleums 5 to IT, equipments 5 to IA, feathers and sugars to 13, and coppers and zinc shares to F. In addition many spe- cialues not ordinarily ciassed in special groups experienced severe price loss es, ars-Roebuck losing II points and American Can almost 10. Utilities, in. cluding gas shares, were weak.
 Rails Under Pressure.
 Rails were under pressure, sales of high grade stocks of that division be- ing necessary to protect other hold ings. Union Pacific broke more than points, with 2 for Baltimore and Ohio, 34 for Reading, for New York Central, and 1-2 for Norfolk and Western. Minor rails were compara- lively steady, including New Haven.
 The wide selling extended to the Consolidated exchange, where more than 100000 shares of Steel alone changed hands. Prices in general on the Consolidated exchange were mostly at higher levels than on the big board.
 Enormous Volume of Business.
 At the close of the day and late in the evening the clerical forces of the hundreds of brokerage houses were actively at work cleaning up the enor- nous volume of business resulting from the days operations and sending out further calls for margins