The Richmond Virginian. (Richmond, Va.) 1910-1920, 1914-02-18
BOTH STOCKS AND
BUSINESS DECLINE
REACTION MOVEMENT CONTINUES
DURING QUIET DAY IN
WALL STREET.
CLOSE HEAVY AND LOW
REPORTS or POOR EARNINGS BY
RAILROADS NOW CURRENT
PARTLY RESPONSIBLE
ron INDIFFERENCE
CLOSE HEAVY AND LOW

NEW YORK. Feb. t7.-StoCks de-
sued further today oa q declining
ve}3aae of business. This suggested
nat the continued reaction movement.
eaich has hardly become pronounced
snough In all the heaviness of the past
fortnight u deserve % be called
reaction as yet. was owing less 10 SELL
.aE press are than t0-a lack OF buyers.
There wss selling. Of course. especially
n the afternoon. but the market was
nt4s called upon tn sustain the weight
- amy large amount Of stock.
There was no appearance Of snecu-
iat.ye Efforts 70 dePress prices al
though there was much taik about
hearlSh operations,
London sold moderate amount.
9}u{ the feature q the foreign deal
-es here was tire large renewal Of
a8dat5en n certain classes Of bonds.
aAtahIY in the Union Pacific and
Pennsylvania convert hIes The share
- ala not lose much ground nm the
average. Aut Some substantial recess
ataus we're exA; htted at the close which
vaS generally heavy about the low
prices al tne daY.
Considerations connected with new
financing seemed ~ exercise an in
tjaence adverse 90 quoted values. Pos
efhlys th3- was bt}eause W the disap-
aasntmeHtS savui "a In the Interstate
coH1 MERGE commissions pCstponement
pF dec sion 10 the Eastern rate ease,
although attempts were made 10 show
fHst this post poGemeut did not signify
either prolonged delay. ur an unfaTor-
ahie conclusion.
The current reports 81 uretcE3ed
railroad earnings. combined with the
G tAeuil positions of several large ana
5s1pagtant systems has tendency In
ut mi -
3-,A -a} treatment of corporate enter
}r.se is not promising. \ material
b .anln} af good 0eWa vas VeuChsafed
frenl money market sources both at
lone and abroad. but this In tnrn
seemed 20 he offset somewhat by the
ts.et of capital depunstrated in the
7e@ financing undertaken in all mar
kets and more particularly b1 the
terms of new security offerings here.
soften In AFTERNOON.
II was not until after midday how
ever. that stocks showed fresh signs
- softenine Then they gave way
under the leadership Of Great North
CEN. which declined abruptly on the
announcement OF an issue OF s19. Geo.
ESQ u new stock for subscription at
lar ty the compauy's shareholders.
Eeadiug and various Industrial
r4ecialt5es displayed fIrmness, ami
itatsIF NtlF &id .s1A l1tS tiif'Nttt3'ltH VI
! aaas and notes. VI issouri~Pacitic
fftes rising sharply, for example, bat
ia chief influence over prices Were
vtea by declines in important is
s.4-Sap- Haven suffered n further
apso as "a result Of tho Boston and
aajno situation. and the aspects %
I've railroad rate 'yase, which nlsG
emed to account for the further
GesIinc iu Pennsylvania.
r.
FAares was taken 10 foreshadow the
approaching completion of the reor-
1izaf5on plan Western Union sold
90 IN the news that the subscription
Itiep for the American Telephone
lod.neS were under the market
4 certain degree of uneasiness
about the fresh symptoms Of rest
isesness in the Balkans kept the for
csgn security markets more or less
feacfionary. Depressing effects were
$3.50 felt from the latest phases ot
rev financing in London in advance
q The heavier. proffers of new Sc
efrlties which are looming up in tbs
prospect. ON the other hand. the for
een manifestations IN the none
market were Of "a cheering character
Paris discounts fell enough lower t
s0agost the possibility of an imme
ato reduction q the French bani
rate II 3 per cent The Bank Of the
sstthprlands lowered It's discount rat,
- 1-2 per cent from the pc,
ccnI figure fixed last June, and thi'