Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1911-02-24
The Stock Market.

New OTE, CT. "a. Just how liiile
it takes to start slump III the stock
market vas shown during the first
fifteen minutes OF trading today. Tie
bear element, which has been III the
majority for some time, taking its tex;
from the decision OF the Interstate
Commerce Commission refusing to per
nit the railroads to increase rates, raid
ed the London market.
Speculative stocks yielded carrying
the entire list downward. The result
was an avalanche of selling orders at
the opening here with losses in every
thing on the list ranging from one 10
over points. The dealings were ac-
companied by intense excitement, but
it vas plain from the attitude Of the
biggest brokers that the demoraliza-
ton was not to Sc permitted to last.
The railway equipment stocks and
the trunk line systems. OF course, suf
fered the most, as has been the
case in every furry for the past year
The market experts admitted the
outlook was not dark despite the effort
OF the disappointed railroad magnates
to Make the public think it was. 1t
vas pointed out that the decision CT the
Interstate Commerce Commission
showed that everyone OF the big rail
way systems is in an excellent financial
condition.
Far from being compelled TO reduce
dividends or default on bond obliga-
tons, examination Of the balance sheets
Of the roads showed that not only can
present dividends be continued on pres
sent earnings, but that some Of the
roads could actually increase dividends
on present earnings.
1t vas generally expected that after
the first furry is oyer, which will be
in day or SO at the outside, the
railroads will go ahead with contem-
plated Improvements and will find q
way to finance them. Wall street be
licves that now the commission has
vetoed wholesale blanket INCREASE, the
railroads will select certain commodi
lies on which the rate is admittedly
low ana will ask for permission 10
make Increases. BY thiS means, earn
ings viii be increased al least IN part.
After the first hour the entire list
took on strong tone and recoverics
were manifest in every stock Oh the
list The sentiment throughout the
room vas bullish and it was freely
predicted that the losses caused by
the throwing over Of stocks held on
margin account and by the bear raid
would be up before the week ends. At
eleYen thirty the recovery exceeded q
point in moet stocks anS ii several
vas nearer three rointa
Tina. ihn genera! public 9as ':'it .!
Tie stock market Vas shnEu ~ the
mannar IN which 4 heal rad that ct'lm-
heil values 1aa checked Today TAX
ing advantage Of he rahi5al Of The
Interstate Commerce Commission 10
permit the railroads 10 advance raie.',
the haai5 and ihs;r allies forced valued
down, pric,s hairg II; fran' tife iH
seven po.Hts.
There waa quick rush ci ii[aneiera
50 rally the nari:et Win the result that
from the end OF the first hour there
vas a real biiilisf feeling in the market
With prices slowly moving upward
The fact thai this happened n the face
OF aggressive short selling and With oDa
Of the largest Toom traders tT:iuS 70
force further break was accepted b:
the brokers as proof pos;tive that tEe
public is out Ct the market and that the
big financial interests see nc reason ior
q financial panic at this time.
The market showed deci1e6i:
-o-e confident tone in The afternoon,
About tie Only suppl: !he1 il e:idencs
came from the speculative eisaent.
Loodon, Feb 24.-The leading rail.
way stocks slurped dangerously On tns
Stock Exchange today, the break rang
ing from to 7 points, and every share
on The iist NaE under pressure,