The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1911-02-25
N ew York
Stock Market

New York. February 24.-The most
Violent decline in stocks which has
taken place in many months occurrel
to-day as 4 result of the decision OF
.lAc Interstate Commerce Commi sion
against the railroads proposed freight
tate increases, The financial district
WAS entirely unprcpared Tor SO COM
llete rejection Of the claims OF the
transportation companies, ana the
carl! session on the stock llNchange
WAS characterized by extensive liuul-
dation which almost verged upon de
Specialization.
Prices Of all the active issues de-
,!ined one 10 seven points at the open
ing on enormous liquidation, coupled
Ivith a series Of bear assaults This
WAS followed by a concerted suppo:t-
ing movement, presumably OF tie part
OF the most powerful factors in the
financial world, which Was effective
in bringing ABOUT partial recovery be-
fore the end OF the first hour Then
The market became icvcrish anu unset
tied. and at midday grew duh. out In
the later session trading AGAIN became
avtivo on What seemed like a contin-
i;ance Of support from the INTERESTS
.ilTcady referred 70, In the final hour
the market grew steadily stronger
and recoyeries ranging from one to
three points We're resistnrej Cprra
tons for the day were the heaviest in
many weeks, aggreSating $4,000
Shares, as compared With 26S.0oo YES
terday, sales OF the first hour to-day
siiDlnted 10 4is,Uuu SndTcS
The steadiness OF the market after
the first hou.. whii, due probably to
iile substantial support offered. was
SaScd largely upon The growing con
victtcn that tile situation was less fis-
hear,ening than appeared in first i'm
pre- ssions. careful Study OF the de-
cision more clearly defined the attitude
Of the Commerce Commission, and the
arguments set forth seemed to be ac-
cepted in some quarters as evidence
of the inherent soundness Of tho iinan
cisl condition Of the railroads,
The first effect of the decision was
American securities fell from two to
eight points on heavy selling. much
Of which doubtless resulted from or
ders sent from this city overnight.
Eregated over 100000 shares, some OF
which proba bly, was for continental
account. The heavy selling Of Ameri-
sans sans IN ionaon as for
here on purchases Of bills for remit
tance to the other side.
At the opening here the features Of
Steel Reading and union i'i'si WHICH
opened in blocks OF 10000 shares.
10000 and 5000. respectively. at losses
ranging from SIS to Ia points.
Other active issues in the railroad
group recorded equally heavy declines
on somewhat less active trading and
the industrials went off in sympathy
TO a lesser extent. IT was a this point
that the demand made itself felt in
partial recoveries, and the market
from that time became more nearly
normal
The most cheerful note sounded
during the day was the dcclara ton
Of an initial dividend OF . per cent.
ny the Chicago, Milwaukee and Puget
Sound Railway. This is the Pacific
extension Of the ST. Paul road. and the
action Of the directors may be accepted
as an indication that this project has
passed beyond its experimental stage
Further news of prosperity for the
railroads came from the Lehigh Val
ley, which received an increase of
sl06.o0o in its revenue for January.
< Forecasts of to-morrow's bank state
ment indicate that another cash gain
may be expected. Known movements
OF money for the five days Of this
week show a net gain of more than
$1,000 oo. The banks gained s2,a2O,ooc
from the Subtreasury to-day
Bonds We're weak. following the
course OF stocks. Total sales. par
value, s3,1+i,000. United States bonds
were unchanged on call.
Total sales for the day. es6.7oo
New York. February 2l.-Money on