The Richmond Virginian. (Richmond, Va.) 1910-1920, 1914-01-08
ANOTHER FEVtR|SH
MARKET SESSION
CLOSE LEAVES STREET IN DOUBT
As TO POSITION
OF LIST.
DEALINGS ARE ACTIVE
SOMEWHAT BELOW AGGREGATE or
TUESDAY IN yOLCNE--ST&N-
DARD ISSUES SHOW FRAC-
TloNAL DECLINE.
DEALINGS ARE ACTIVE

NEW YORK, Jan. AFTER another
teverish stock market session to-day
Wall Street was somewhat In doubt
AS To the Immediate position of the
snare list, and the tendency Of quoted
values.
Dealings were on a fairly active
scale. although In volume somewhat
below the aggregate of Tuesday. and
at the end of the day standard issues
showed an average Of fractional de-
cline. There was rather we'll distri-
euted strength III specialties. while
Southern Pacific and Northern Pacific
perssstently displayed aggressive firm
ness which was not generally char
aeteritic of stocks of their class
There seemed to be an inordinate
amount of energetic agitation Of the
LIST without any definite movement Of
prices, although fluctuations were
fairly extensive
Speculative Pressure.
This taken in connection with other
indications suggested the continuation
NJ speculative pressure. and OF real
tzing sales If long commitments, and
much OF the selling was of apparent
foreign origin. Possibly European
liquidation may have been more con-
siderable lately than has been APP
parently and may have been largely
responsible for the rapid advance If
foreign exchange here. Foreign sales
were quite couspicuously denoted by
the seller fifteen and seller twenty
transactions In the bond department
There has been nothing in the foreign
advices to imply that Europe has
formed any unfavorabIe views of the
American prospect espec tally in the
light Of the new banking and currency
iaw. which European finance has now
mad o.SHNrfl4n{fY tn ND 70
cordingly IL is infcrential that dealings
In stocks here for foreign account re-
feet conditions on the other side
StiIl In two Minds.
Wall Street was still in two minds
about the Union Pacific distribution
of Baltimore and Ohio shares In the
main there was a disp osition to re-
gard it as something OF a stand-off
between the distribution Of the shares,
and tho reduction of the dividend so
far as concerned the Union Pacific
share holder, but otherwise favorable
because 1t was action which accorded
with the wiser public Iolicy In cor
porate affairs. which is clearly estah-
fishing itself. Baltimore and Ohio re-
sisted pressure in a way which i'm
piled no apprehension about the main
tenance of It's dividend.
The conflict of VIEWS between local
bankers and the federal reserve bank
organization committee. which has
been holding hearings here did not
conduct to optimistic sentiment, but
the financial community Is not in
clined to anticipate trouble In connec-
ton with the establishment of tho
new banking system.
Foreign Dispatches.
Foreign dispatches contaired rath-
er mixed opinions and contradictory
facts Preparations are under way
as denoted by the Greet and Servian
loans. for tests of the European cap
ital market. and the terms are, and
will be. such as to subject outatand-
ing securities 10 a good deal of com
petition. The Continental stock
markets were firm. but London was
heavy, and feverish, apparently or
account OF rather severe banking
troubles rep 3rted in Brazil.
Call loans renewed TODAY at PEI
cent. the rate declining tc 2 per cent
IN the afternoon, and time funds were
offered in increasing supply at 4 l..
per cent for all maturitics up 10 one
year. with business transacted at
per cent for sixty days, and IA fol
ninety days