The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1913-12-16
TELEPHONE STOCK
GOES ON TObOGGAN
Liquidation on Exchange Carries
Price 10 Five-Poin,
Decline.
ARE CAUGHT
Particularly Bad Day Tor VIVA,
.Arc Known as Morgan
Issues.
ny BRoADAN WALL.

>ev York December i5.-,To-days stock
rarkei closed Irregular with distinct weak
Checked " : sharp break IN American 1ele-
phone anu Tele graph Liquidation IN this is
price to 10 shortly before III. close. s.
point decline foi the day. Selling for New
he reports that the postmas,er GENERAL
would adyoca;e government ownership IN
hts annual report were the reasons given
ior the decline.
This combination o: teephous companlc,
one Of The latest products Of }. T. Morgan *
90. caught investors ana not SPECTATORS
the stool, having bceu distributed os a
high grade investment The convertible q.
PER cont bonds cropped to-day from on. to
plg;erfeq stocA we're soid a, hish p riS,$Hs
ot the Underwriting syndicate We're over
estimated by the promoters.
..iled Morgan Issues. General Electric drop
ped q: points and New York Central fel! 20
ment, Tell to 56t. new low FOR the year.
weakness howeNer. was not confined 10" TO to
broke sharply on selling for foreign account
ne,Hng oss of 81. This stock h"s long
10 per cent stocks. ano must sooner or later
ind ITS level below 200. 1t ,s not believed
readjustinent OF real estate values.
baltimore and Ohio sold below pi on tho
Losses o. from las points were asa,n
selling at 1c5 ana Pittsburgh Coal preferred
~ - Fennsyiyan!n was heavy, Northern
Pacific weak, Union Pacific ''choppy'' ana
Steel common firm. The strength IN this las;
stock is . source OF constant pnz%,e TO the
TO And that they have to bio up the price
to cover.
Assets Realization sold a, n new low figure.
despite the announcement that tho company
had succeeded in erectinE an extension OF
its obligations.
Bonds were heavy. High grade issues sold
of fract!onally. convertible bonds being not
ably weak Balt!inore and Ohio i'ss de-
New Haven debenture cs were fractionally
lower
Trade news over the weekend was all OF
an unfavorablo nature Bank clcarings at
al important centres show heavy decline.
railroad earnings display increasing Losses
in net. Steel production IS generally 10 per
cent below CAPACITY AND The mildness Of
allied
Foreign houses bought moderately. taking
some 5000 shares OF Steel and Union Pacific
They were sellers OF Canadian Pacific.
not to buy stocks. Tney bringing back
New Haven. Telephone. Northern Pacific,
New York Central and other stocks that they
willing TO exchange for cash Until THIS
movement ceases there VA! he little cncour-
asemen, for the public with money to pick
up the baTBa!ns offered.
New York. December l5.--Amcrican Tcle-
phone broke ~ points TO ii0 on the stock
Exchange to-day. the lowest price since 1905.
,:annd'am fac;hc lost 8 points Western
1910 1t has been twenty years since Ameri-
can Express sold lower than to-day's mark
az l03. New York Central, Pennsylvania 81.
Paul Missouri Pacific and few other stocks
solo at. or below The years bottom figures.
Weakness Of thcse shares affected the whole
list. which showed losses OF noint OF 30
ior many of the popular stocks nnd larger
declines FOR various lees active tissues
breaks In stocks with such dividend pay
Ing records rs American Telephone, Cana
Dian Pacific and Sew York Central which
have been weak for some time Indicated
continued lGuidst!on Fresh of,>inFs on the
occasional slight rallies showed that stocks
not o. a large scale, however a discourage
Ing asnec: lot longs vas the readiness With
which prices yielded or comparatively small
offerings.
sew Havea gained more ,han q point.
standing out conspicuorsIy In the weak mar
het There vas some demand :or ,he s,ock
being passed 49, -woaS, was over. Covering
also he!po $40 az. ~ the price. There wa as
lils aanfe N 'he general situation.
every was bearisE. Further signs OF -t,,ls-
mss recession HFd pessimistic prediction.
IRON Washington a. 20 the effect OF the
b-aT!sh factors Most of the selling se,nec
10 be OF professional! origin.
The strong showing of the Aanks IN Sat
Urdeys ftatemen, had !i,,le erect can
money eAse3 on Time money vas nr!riy
held Bonds we're weak WIN some specula.
1--WE issues lH2 points lower. United states
e coupon declined =. ant Panama 81 coupon
advanced %s OF call
easy at sai rulns rate j. cioeinF. s;..'ii.
Time loans, strong: siNty and ninety days.
paper. 5'.as Sterling exchange steady AT
mana. Commercial bills -. s9i. Bar silver.
- M.Nicsr dollars. HL Government
ncs Irregular. fai'ron4 bonds weak
RICHMOND STOCK MAKKrT