The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1914-02-16
REACTION PERIOD
IN MARKET ENDS
Succeeded by Steadying OF Val
ues i'll Leading Issues OF
Market.
STEEL is BEST BAROMETER
Anticipated That Industry Will
Be IL Full Swing Within
Sixty Days.
STEEL is BEST BAROMETER
ny BRoApAN WALL.


New York, February 15.-Public in
terest swings the pendulum of prices
either side OF the dead centre of in
trinsic value. Professional traders pro-
vide the cscapemcnt that regulates
reduce fluctuations to the smallest frac-
lions.
The period OF temporary reaction
that ushercd in the current month has
been succeeded by steadying of values
In the leading issues and emphasized
sc-called minor industrials."
The main movement; of tho market
:ulses it's cue from Union Pacific and
Steel. The temporary obstruction to
hy Union Pacific has been partially on
set by the intention It. issue warrants.
before the courts. Union Pacific acts
We'll. looks cheap and is expected to
appreciate further in market value.
manipulation, gradually reflects re
turn OF prosperity in the steel bust.
mess (aftcr all tho best barometer OF
general contidions) by steady apprc
citation. New furnaces are going into
blast, and long-dclayed orders for rails
and structural steel are silently being
placed on the books of the mnnufac..
it-ers, II Is anticipated that the steel
inuustry will be i'll full swing within
the next sixty days:
TO realize the almost hopeless condition
OF the holding companies. Or the va
rious plans considered, nearly all In
clude an assessment on the common
and preferred shares.
Renewing of maturing New York
Central notes gave temporary appear.
ance of strength to the stock. 1t must
be obvious that sharp reduction i'm
dividend rates. or total suspension OF
payments to stockholders can alone
save the company from drastic meas
urcs.
New Haven stockholders apparently
stu cling to the delusion of an early
.s..+,y TO. Il it.t.l nusa
\ new generation has arisen since
the old days Of bullish activity, and
the younger element naturally turns
10 lowpriced shares that give promise
of Improvement, untrammelled by past
acknowledgements. In quick succession
Pressed Steel Car, Republic Iron and
Bethlehem Steel is in a direct line for
higher range, while the lesser lights
in the industrial armament, Pittsburgh
quietly but steadily,
IN China brought sharp check to the
Speaking of outside securities, the
same energy and injustice that pro
duced such profitable results to the
carly stockholders in United Cigar
stores is now being directed TO the
fostering and development of the
itiker- HeEeman Drug stores This
s,raneth Any rFf Impeachment om o IN gem
cral business must include heavy de-
mand for the brown metal. Anaconda.
Tennessee Copper, Chino and Utah are
being quietly picked up by inside in
tcrests.
Mexican Petroleum, probably the
most highly speculative security on
the exchange, reflects clearly the I'M
certainty regarding the outcome of the
three-cornered fight between the Fed
erals, Constitutionals and rebels In
Mexico. Considering the strong de-
sire of English and American interests
to- gain control of the extremely val
liable Mexican oil fields. several pro-
fcssional operators have taken on u
rather large line Of this stock.
With the snow still covering the
ground, farmers begin their prepare
ton for planting, and commission
houses are discussing the spring rise
that normally should begin some time
IN March. Public buying of stocks
continues in moderate volume ON wide
margins, while investment demand
quickly ubsurbs new issues as they
are brought out
Foreign financial centres arc watch
ing the New York market with un-
usual interest. and private cables in
ficatc that Il further advance In prices
here would bring n quick demand for
our leading issues The lead, however.
must come from this side