The Richmond Virginian. (Richmond, Va.) 1910-1920, 1913-12-10
MARKET UNDERGOES
TESTS OF Severely
REAyY LIQUIDATION IN NEW IA
VEN SHARES AMONG
THEM
NEWS NOT FAVORABLE
HOWEVER THE MARKET AS A
WHOLE SHOWS coNsInERA-
BILE DEGREE or UNDER
LYING STRENGTH
NEWS NOT FAVORABLE

NEW YORK. Dec s.-Hcayy LIQUID
sion in New Haven railroad shares,
Is hich broke to a new low rice, and
4 renewal OF UquldatinE weak ness in
New York Central. ard American
Sugar Refining provided rather severe
SITS for the general stock market to-
4Iy.
News bearing on values as a whole
"a not have any especially favora BILE
pmment. but the market in the main
moved a considerable degree OF
nderly'ng strength, The average Of
major issues offered resistance TO pres
SIRE, although yielding with the special
faatures OF weakness and Il was not
a pparent that all around selling ives
jaduced by particular declines.
The total volume OF transa cttors was
= expansion over Mondays dealings
a nd was well below the maxlmums OF
rising activity last week
Closing T'rices Low.
1t was specially noticeable that the
Aares which usually constitute the
pecUlative leaders n the market
movement dIc not contribute abuorm-
lily 10 the aggregate OF the days bust
ness, which was, instead, raised chiefly
" the dealings in the stocks obvious
lv undergoing liquidation. Closing
lrices were about the lowest Of the
session, but the Anal tone was not
cenerally weak. despite the softness
IN the Issues conspicuously Sub ected
10 pressure
In a way the market undoubtedly
Indicated this difficulties with which
any constructive effort st this time
must be attended, and served as re
hinder that the REIMBURSEMENT OF
financial positions could not be regard
I'd as altogether complete. II was also
indicated that much stubborn OPP
position would be offered TO the spread
Of unsettling influences from the
necessary continuation Of destructive
processes IN few quarters OF the
financial market
London impaired downward i'm
. pulses al the beginning OF the day
especially on account OF the disapoint-
rent evoked by the character of the
new beneficial distribution announced
FOR the Canadian Pacific shareho lders
IN the last decade there have been ter
such security offerings with rights tc
stockholders, including .he present
prefer. but aone exactly like the pro,
posal of $50. 900. 900 Of six per CEN
notes to be subscribed FOR by thf
shareholders al eighty.
On Costly Terms
The fact that the ghareholdara- ra.
furn Tor the year ls increased there A
seemed to be somewhat offset by tbs
consi liberation that the company wa
raising money on costly terms. espeCi
ally ELS q non participating market wa
esta hlished for the notes around I02
At the same time Southern paein
stock. after falling about three point
from Mondays exaggerated rise, hell
obstinently. and II was not apparen
that the new financing was regarded a
!ntrinsically unsou1d. or unwiSc.
London took II rather badly hecaus
Of the dubious views which have com
to be held over there about public an
financial affairs in the Dontnion2 an,
because of the prevalent Eloorintsss i
the London stock market community
induced by the distresses of ne1
security campaigns, and The genera
lack OF investment and speculatlv
interest Consols shaded further to
new low record price, but on the Con
tinent security markets were firm an
there were signs at Berlin Of anothe
early official relaxation in the none
market
Doubtless the weakened investmen
position all over New England &C
counted for much of the Wall Stree
liquidation In American Sugar Refinine
and in New York Central. as we'll "a
in New Haven, TO say nothing Of othe
stocks. The private damage suit