The Richmond Virginian. (Richmond, Va.) 1910-1920, 1914-02-17
COMMON LOSSES
IN WALL STREET
Ill RECOVERY IN STOCK LIST
MADE LAST WEEK
SEEMS PAST.
REACTION THE ORDER
posTroNENENT UNTIL SEPTEMBER
or RATE ADVANCES ON EAST
ERN ROADS INCENTIVE
FOR SELLERS.
REACTION THE ORDER

NEW YORK, Feb. 16-Speclal
causes seemed TO combine with gem
eral influences al the outset OF the new
week To produce an adverse effect
upon the stock markets. domestic and
foreign, ard the Wall Street share list
closed today at more or less common
losses Of all the recovery made to-
wards the end Of last week. There
have been several suggestions lately in
the aspects of the security markets
both al home and abroad. that the TN
pulses which were so strong in Janu-
AIRY in favor of active advances had
been materially. exhausted. with the
exception of the consideration sup
plied by cheap money about the sig
nifcanee Of that varying views have
begun 10 prevail
From the fact that reaction was the
order Of he day in London, as well
as in Wall Street. it might be inferred
that the particular developments
which attracted most attention here
were not wholly responsible for the
price movement
However, local notice was chiefly
engaged with the announcement made
before the opening Of the market that
the Interstate commerce commission
had postponed, from March until
September the rate advances involved
IN the application Of the Eastern
railroads for permission to make an
average increase of FIVE per cent in
their freight charges
This vas undoubtedly the direct in
centive Ia the active selling move
ment which promptly took place al
though the swift effectiveness OF the
selling was probably related to the
more general conditions involved In
the position Of stocks.
London Sells Early.
London vas prominent participant
In the early selling movement, both on
account OF the reactiopary disposition
abroad and for the same reasons
which prompted local sales. In the
first hour and half fully half of
the days total business was transact
ed and in that time quoted values &C
eomplished in most cases practically
al their decline for she day sub
sequeutly there was a good deal Of
dizziness, but while pressure was lack
ing. the more pronounced feature Of
the market was its failure 10 rally,
The relapse was general throughout
the list Of leading standard shares, and
Included industriais as we'll as rails
Mexican Petroleum INDUCED in a fit
az weakness on its own account.
Canadian Pacific WAS affected by the
foreign tendencies towards recession
Strong spots were supplied by
specialties. notably by Western Union
and American Telephone, concerning
which 1t became known that bank -
ing syndicate was in process of forma-
tlon To underwrite the offerings Of the
American Telephone holdings of West
ern Union for subscription by Western
Union shareholders, and, according to
runner the attractiveness If the offer
was to he enhanced by the prospect
of an increase in the dividend The
market closed heavy on the whole.
with most Of the customary leaders
ruling around the low prices OF the
session
1t is doubtful If SO much Of a re-
dictionary resi- onse would have been
made to the days budget of market
wise news If there had not been some
display of reactionary SYMPTOMS late
~ although these were manifested
more in sentiment and in talk shan in
actual price changes