The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1914-07-16
VIOLENT FLUCTUATIONS
IN DAYS STOCK MARKET
Buying Power Is Poor. and Rally ut
Close Is Due Entirely 10
Short Covering.
ISSUES TouCH NEW LOW LEVELS
Wall Street Goes Over to Belief That
So-Called Freight Rate Increase
Will Prove Disappointment to
Every One.

u, BHCsDtN WALL.
New York, July l5.-rrices nuctuated
violently IN to-day's stock market and
strength IN Union Pacific was over
balanced by heavy selling in New
tiaven. New. York central and Balti
moro aud Ohio Liquidation was pro
bounced. and short selling aggressive.
The buying power of the market was
moor. and a rally at the close was due
entirely to short covering.
Efforts to sell baltimore and Ohio
in London beforc our opening broke
the price th"re > points. and the Eng
fish refused to take stock. The shares
were heavy here. dropping To 81. the
lowest price in some six wears. There
iaVo been repeated warnings that sell
luE would follow the distribution OF
Uniou Pacific holdings. The recent
declaration Of regular dividend. dc
spite decreased earnings did not fool
t't public and u further decline can
Doe expected
An attempt TO market several thou
sand shares OF New York Central broke
the price from s. 30 81 j-S. the lowest
point touched in twenty-five years.
should the Interstate Commerce Com
mission decide - investigate this prop
erjN and If II IS q. criminal offemsc to
. starting expose of frcnzied finance
ni,S,yer questions property so lonS as
New Haven came to the market in
blocks and the price crumpled TO 80 ga.
mered wherever possible pennsyl-
vania. large holder OF New Haven.
G1rroopped from ~ TO below 10, and
tirci matt, Cleveland, Chicago and St
LOU ioSi nearly > points on the sale
81 lhu shares. canadian Pacific fell
POINTS. aud Reading was sold for
ioreleu account from above 1853 to 1GI
Jnst at the point when complete de-
ouel. selling orders were cancelled nnn
the market Stcadicd. United DRY Goods
lost points. Recent disclosures Law
12le a method OF finance in mercan
lusslcry or tho fancy holding com
,l"nies, erected on the Rock Island
Union Pacific directors will nice, to-
lmorr0W and may authorize the extra
al Ntrihution already voted This news
Was. expected 10 have been helpful TO
NdrAt sentiment. but IL fell At an in
ppPuftuNe tiinc. and has only acted to
temporarllN check q declining market
optimistic, and steel common WAS iirln.
BY comparison. however. the stock
does not look cheap. and selling may
bfcaN out at amy moment.
Inc London market for American So
cuNiueS - too small and narrow to he
Worth mentioning. Selling orders
s' icS today toiaied about 25.o00 shares.
Bond brokers' report a poor under
Tone ~ ihcir market, with practically
lle demand az all for the scmspccula-
j'Ne ISSUE" EOvk Island collateral IS
New YORK. Wcsichester and Boston
Us dropped from jS 10 30 Missouri
I'"clfc issues We're heavy. and i'm =
United market New Haven convcrti-
nloS sold at loj. ." and lo2 1t would
hr impos sihlc apparcntly 10 sell any
Quantity ol these bonds anywhere nc:,r
currcnt figures.
Wan street has gone over Ia tho hn-
Aei thai tho So-callcd freight rate in
ease VIII prove a disappointment to
Sis one fHult'rS are showing tho
H'hl"St conservatism regarding sct.,ri-
.''S' ana .tnerc Is little encouragement
10 A'Eiii ih" purchase OF stocks on tie
''Hd 'Ha' inc bottom has been reached.
Sew York July uns,tt!ement. which =,
fn-l.5, -.n-A market N"% Ii,,yNn 100" ,'.E
9.t'' p",rtf ON steady offerings in
e-s,..r u n". nHi 10 a.gsregate large
..e t"I the nature ~ The selling aud
session 1ua other sew England points suc-
S- t.i.net HSu'daT ZION ON the part OF
'' result OF the findings OF lie
s't'" Commerce Commissions New
t.fr4 U.s. dropped siN and onc-half points,
,'.- l.ie Pas oi the New York Wcstthester
1l1 s"sion under Sew Havens guarantees.
n.Gtu-.F NC only issue that manifested
.''l't-'..e irs''isn'e was Union pacinc
thr decision or the court upholdins Inc .its
'.rHt of tlc "cNtra, dividend" to ,oir.-
pare l'iaer, For tho same reasuii BAL
%hls e9H-titate The great bulk of TIC Uniom
tH' %. tl.eau. were weak.
1e $3.50 ia .,i was 4sAin under tho fire
or'sn selling, declining 20 It's lowest
Fl H n,4". years rhs stock aud othc;
"' "ei e"r'.s were sold by London
% .t' t"nNnen; 10 the extent OF about
Ta. pot un,'' inc latter part Of the
re tner5d resss.ion set m; be
oto. l"5H T =, to,.. which re-
I.e rnu3 wHrke, reHertcd' inc yo,knce.
Ntln "cW low records FOR a few
United States govern
Err ioS IVY s. Mercantile paper
H.#f d saH..