The Richmond Virginian. (Richmond, Va.) 1910-1920, 1914-02-03
UNUSUAL EARLY week
SCENES IN STOCKS
WALL STREET REFUSES TO COW
TfNUE AGGREssrvENEss SHOWN
SATURDAY.
DAYS CLOSE. IS HEAVY
PRICES SOFTEN IN LATE AFTER
NOON. DRIVING MAIN ISSUES
nowN--RAILHoAD RE
PORTS DEPRESSING.

NEW YORK. Feb. e,--AEaih tho stock
market a; the opening OF rev week
refused 10 continue the exhibition OF
aggressive advancing tendencies with
which the previous week had closed.
TODAY the share list, however, show
ed more weakness than 1t had seven
6nys before and dealings instead Of
contracting as prices receded, were
rather on an increasing scale.
Europe suddenly sold n fairly sub
stantiai portion OF its recent accumu-
iations here although this may have
teen nothing more than part Of the
general process Of profit taking which
went on ia the London securities
market British copseIs and various
investment issues made a further dis
pla, Of strength. but there was tr-
regularity tn other departments, Con
ttnsntal hourses were frm and dis
counts abroad moved In the direction
Of still greater ease than the money
market has already shown.
The general drift; Of European ad
vices was cncour aEing. especially in
respect to the investment appetite
manifested fer new security securities.
According TO authoritative figures last
months new issues in London aegre-
gated sa21. 4o0. o00, "A record for JHnu-
ary Of which little more than half
represented Colonial borrowing.
heavy oversuhscription was re-
ported today for further nav offerings.
The foreign situation in this respect
contrasts somewhat sharply with con
fiiions here. Municipal bond sales in
the United states last month reached a
total Of ss7.275.7eo. an increase Of $40
coo e00 over January year aEn and a
new high record, nut corporate offcr-
ings fell off sharply.
strung For a While.
For a while in the forenoon stocks
were strong against another unsettlinG
collapse in the Rock Island stocks and
bonds Rock island prices were open
~ spoken of as apprexirnating re-
ceivershtp basis and no information was
obtainahie showing whether or not re-
organization of the complicated Rock
Island affairs could be accomplished
without resort TO receivership pro-
cesses. Other matters came in to ef-
feet the stock market and to test its
position as a result of the very extern
sive realizing sales which have been
made IN the last fortnight
In the afternoon quoted values soften
ed in practically every direction and
the close was heavy with mater ia1
losses exhibited throughout the list
Union Pacific. New York Central
Canadian Pacific. Reading. the Afneri-
can Telephone stocks and tn" copper
group were among the leaders in Tho
recurrence OF reactions American
Telephone was sold heavily on the on
ergetic efforts OF the postmaster gen.
eral TO promote his government own
ershin scheme.
United states Steel resisted pressure
but was subjected to 1t on the Senate
adoption of a resolution requesting III,
Interstate commerce commission To in
vestigate rebatng charges preferred
against the corporation. The wretchet
character OF railroad earnings report
ed for December and in the calendar
year 1913 also had some depressing
effect
Foreign exchange held around 81 SSH
for demand sterling and tho engage
ment OF $4,000. 600 more gold for ship
ment to Paris. making $4,000, 0o1 II
all this year SO far. was announced al
though exchange has fallen about -
cents from the level which obtained
when the first shipment was made.