Norwich bulletin., 1917-11-06
Violent Upheaval
 in Stock Market
STANDARD STOCKS LOST THREE
 TO SEVEN POINTS
INVESTORS ARE TIMID
Some of the Railroad Stocks Were at Lowest Quotations for Many Years Conference Held by Officials of Stock Exchange and Prominent Bankers.

New York, Nov. 5.-Stocks tumbled again in Wall Street today. Standard railroad shares and representative in dustrials suffered extreme losses of 3 to points, with irregular and for the most part, slight recoveries. Many factors of varying degrees of import ance entered into the selling, chief among them being the emphasis placed by Wall Street on the financial posi- tion of the railroads. It seems to be the unanimous opinion of the substan- tia1 moneyed interests that speedy &C., tion to relieve the strain on the trans portation companies would most ef- fectually offset the timidity now pre- valent among holders of securities.
 Conference of Financiers.
 This phase of the general situation was earnestly considered at a con- ference today between officials of the stock exchange and prominent banking interests, including J. F. Morgan. Hope favorable reply by the Interstate Commission to the plea of the eastern roads, as entered today, was heighten- ed by the statement of the comptroller of the treasury, urging that the rail. ;, roads be given much needed relief"
 Foreign developments also figured actively in the days depression. The further offensive of the Teuton1c armies in Italy and the American loss es ir the western theatres of the war provoked further liquidation from new as we'll as old sources.
 Some of the issues involved In to- morrow's election were also taken into account by investors who are appre- hensive of the growth of radicalism in it's relation to corporate properties. notably public utilities. Stocks of that especial class have experienced gen eral and severe shrinkage recently but suffered only slightly in today'S de- clining market.
 Generalization of Rails.
 Decentralization of the rails was the most discouraging feature, stocks or the highest grade yielding more easily than volatile issues in the special di- visions Former barometers of the country's financial and agricultural conditions such as grangers and. Pa. cifics, supplemented steady losses of the past two months by additional de- preciation.
 Lowest Quotations in Many Years.
 Many of these stocks were at lowest quotations of five to twenty years, and St. Paul common and preferred at 5s and -751-2, respectively, touched low est levels since they entered the di- vision of dividend payers many years ago.
 The various sources of selling were puzzling, but the activity of many commission houses indicated an ac- cession of offerings from interior points. Wall Street has long been Of ing from the war, mainly the heavy charges against incomes and excess profits, will be keenly felt by the rail- roads and inevitably cause a down ward revision of dividends
 This same prospect applies with greater force to the many industrial companies which have built up enor- nous profits from war contracts. U. s. Steel is a striking illustration. to- days low price of 90 7-S, representing a loss of almost 12 points from its f1- nal ouitation of last Tuesday; when the third quarterly report showed an other enormous appropriat1on-aoo bout As her cent. of earnir gs-charged off to government tax requirements.