The Richmond Virginian. (Richmond, Va.) 1910-1920, 1914-01-03
D|e WITHDRAWALS
BY ]. P. MORGAN
70 LONGER REPRESENTED ON
SCORE OF RAILROAD AND
BANK DIRECToRArEs.
HAS LITTLE EFFECT
FAILS OF REFLECTION IN Quoted
rALCEs--FULL MEANING rs
NOT APPRECIATED IN
STOCK MARKET.
HAS LITTLE EFFECT

The first stock market session OF the
aew year was not important. the
financial day was far from devoid ~
significant, or interesting, develop
nents.
There was one which Wall Street
Seemed unable to estimate properly,
tr adequately, in anything Ike tts
momentous relations. The announce
ment WIS made late in the forenoon
that members OF the Arm Of J. p.
MorKan e. Company had withdrawn
rom about score Of railroads, and
banking directories. leaving the firm
Ffthout representation at all IN the
View York Central system. on the
New Haven board. and In the Amer
Ean Telephone and Telegraph COM
pAny. 1t also became known during
me day that arrangements had been
made for d.ssolvirg the voting trust
a which the shares OF the Guaranty
Trust company have been held. an
seton which was anticipated recent
y by the similar dissolution In the
nase OF the Bankers Trust company
Result OF Action.
There seems to be no reason why
M this should have failed OF ref1ec-
don in quoted values on which in
he largest possible sense II has a
most decided bearing. but Il was
munity did not appreciate its full
meaning.
Possibly because of the drift to-
wards dullness which stocks mani
fected early in the morning. togeth-
" with some symptoms OF specula-
tive pressure. excited by a variety OF
somewhat unfavorable news OF lesser
consequence, the share list made no
apparent response to the announce
nsnts Of banking changes.
Possibly also because of the more
~ less apathetic Wall Street mood
~ waiting for some clear and ex-
r,iicit sign. a good deal OF comment
inclined towards the view that the
rev policy of the Morgan firm must
lie regarded as making for another
period OF confusion and uncertainty
vNs. therefore. adverse to construc-
tive effort.
Change In Sentiment
with this opinion IT Is difflcult to
sympathize. Quite aside, from the
obvious common sense Of the con-
crete explanation given that the
bankers felt that they could perform
more effective service X less demand
we're made upon their time by the
details of corporation affairs. only
the most optimistic construction
csuId be placed upon the statement
That the policy was dictated by an
apparent change In public senr-
naent." towards corporation director
ships.
TealinEs IN stocks were in con-
ty1cted volume. The market moved
irregulArly throughout the day. and
closed with irregular changes. show
Ing a slight average of decline. Com
sidertng the appearance Of the mar
ket for several days as though 1t had
been overbought, speculative effort
TO depress 1t has not been materially
regarded. and prices on the whole
wsre fairly steady today. despite the
symptoms OF some intermittent and
speculative pressure, which increased
. little In the afternoon. The specu
la 1--we community seemed to find In
the budget Of marketwise Information
a number OF reasons for refraining
frcm purchases II not for making
sales
Mexican Situation Again.
The Mexican situation doomed once
mere into discussion. even though IL
was not manifest how any imagfna-
bic outcome could tell substantially
against quoted values Judge Garys
non-optimistic utterances fort
night ago to managers Of the United
States Steel corporations activities
received a large amount OF notice. al
though they were offset somewhat by
Mr. Wanamaker's observations about
tho prosperous possibilities tof the
business prospect.
A most unfavorahle exhibit OF Mo-
yember railroad earnings were made
conspicuo usly that Of the New York
Central lines showing n gross de-
crease Of sl.a24,ooo, and a net de-
crease of s4.3e1,o0o.
The rise IN call money to 10 per
cent. after renawal rate OF 12
rar cent was counted against the
sock market. but IL Is doubtful II
there was much IN the argument.
The tendency OF time 7noneyoSsas to-
wards relaxation, and discounts at
foreign centers all moved downward.