The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1914-03-09
STREET SHOCKED
BY WEEKS EVENTS
Confidence Nipped, Bond Market
Spoiled, and Demand for
Notes Ruined.
THREE DISTINCT EPISODES
Leading All Is Financial Butch
cry" Now Going On i'll
Rock Island.
THREE DISTINCT EPISODES
ny BRoADAN WALL.

New York, March S.-Investors and
spectators alike received series of
SHOCKS that nippcd confidence. spoiled
q good bond market. killed the demand
o oSr d snos, term notes and cast 4 shadow
mon shares OF the railroads that Viii
not easily be dispelled
:, ii uaieq py promises OF an advance III
ia!irohu rates. promises that nj lpa 81
pore the earnarks Of official sanction
oohds grew strong, notes were readily
anhospnn ana ,siyndicates were over
tnct episodes have thrown the finnn-
ciai situation into confusion.
themselves lse "i haSe tur lighting among
Island inqust into a financial butchcrr
me Huertas. Villas and Carrai,zas."
STAINS OF past crimes, clamor 10, pub
ne recognition. Cntil the bankers rid
ssnsmseivss Of such associates. de-
| Were the matter loaves of bread r:,tbcr
| than millions Of dollars the iowcr
courts would place the blame in short
=. hen directors OF Chesapeake and
| Ghlo We're compelled TO promise that
ni,.,ooo'ooo DO turned into the property
Wirhln nye years, public attention was
no" u 20 new phase In finance. Money
Market IL Giutted.
| The market for short-torm notas g..
Siu.'eu ana railroads seeking to re
new this form OF obligation must OFFER
Ted iurm OF s d,,i,y that suggests a
issues by Baltimore and Ohio, Nov
york Central, Northern Pacific and
ara =, racine pending. the borrowers
Prices for railroad shares coIIans.d
when when, !, became known that the In In
accused the ST. Louis with serious
irresulsr!tics In bookk eepins. This
wss = family skeleton" which wall
4 81
| nond issue by this corporation receivea
s snG sea- OF appreciation by leading
through the International market
markinE, .n fact, the first important
demand for railroad securities, ana
now suddenly the attention of invcs-
tors IL drawn 10 the irregularities ~
DockkeepinG methods that the Financial
G CTS Is only too anxious to forget,
! Commerce Commission was more than
| likely fully aware OF the frreEularitioe
generally practiced by railroad ac-
Lehigh Valley fell three points un-
uet Iae suspicion that Rock Island
methods may have been employed in
| York Central. which has continued div.
dends. despite the fact that il purs
oil collapse.
Baltimore and Ohio. urgently need
ing iunds' can hardly command the
respect OF money lenders, without an
agreement that will endRnger the com
mon dividend. and there is a probabilIt,
that Northern Pacific bookkeeping viii
come in for closer scrutiny before
coming obligations can be renewed
The demand for bonds has received
the hrst serious check OF the year.
Partictpat!ons In syndicates under
writing notes are no longer eagerly
sought, while old investors in stock
are bringing back the common shares
Of the railroads How far this move
inent Of rc!iquidation VIII go can only
be determined during the next ten
days. An immediate increase in freight
rates VIII no longer restore confidence
displayed by the recent statements OF
the Interstate Commerce Commission
Against this array OF doubt. referring
10 rails, optimism sim rules. In the
case OF Chesapeake and Ohio. to main
tam Its efficiency for the security Of
hOndholdcrs. IL Is argued there will