The Richmond Virginian. (Richmond, Va.) 1910-1920, 1915-07-23
MARKET SCENE OF
MANY UPS AND DOWNS
series OF Rallies and Reactions F'ca-
turcd Yesterday In Share
Dealing Center.
BEARS LOOSE AMONG RAILS,
warsaw's Imminent Fall. Nearby
Labor Troubles and Presidents
Note to Germany Were All FACTORS
for Unsetslemcnt

New York July 22.--Extensive nue.
tuafions in prices. with an Irregular
movement ending in irregular changes
for the day were accomplished IN TO-
days stock market on a volume OF
trading only moderately contrasteo
from Wednesdays scale OF actlNlty'
The market, as a whole, was Visio'y
tho result OF the heavy profit-taking
saaes made during the day and in the
nreyious session, and IL could be most
reasona bly, regarded as normal ana
altogether wholesome product OF the
extreme builishness of operations in
the first half of the week" In the final
I dealings the share list as whole was
softer than at any other period, but
there was no convincing evidence That
quoted values were engaged In any
thing more than a process OF correct
ing the one-sidedness which had de-
veloped. and moderating somewhat
the Immediate extravaganza of recent
advance.
Series of Rallies and Reactions,
II was manifest at the opening that
Wall Street was not in the mood 10
resume at once the movement which
which was in such violent progress at
the previous nights close There was
aoyne early pressure, but up to the
middle of the day stocks of various
descriptions made a fairly sympathetic
response to the rising strength dis
PLAYED in certain issues. In the main
the session was one of alternate rally
or advance and reaction. but there
was no continuation of the rather
ecsiatic speculation which broke out
on Wednesday. Some war stocks and
other spRcialties moved sharply up
ward but advantage seemed to be
taken of their course 10 Hquidate long
contracts in other directions. The
market generally had a selling char
aeier which was to a considerable ex-
tent the consequence OF the cautionary
comment widely uttered on the lop-
sidedness and repidity OF the rise in
war munition speciaities. and traders
were disposed to tighten long commit
mtnts Some obvious hearish pressure
was also exerted, principally In the
railroad department. where there were
pronounced signs of weakness, notably
in Canadian Pacific and ST. Paul Until
the late trading most shares exhibited
underlying firmness, for sufficient re-
sistance was offered to pressure to
hack every decline except in the last
few minutes OF the day. when there
was a belated rush OF traders to get
out. There was on most recessions a
good demand for Industrial shares,
and the aspects of he trading were
of the war stocks mad been carried
further
Wilson Note Central Theme.
News of marketwise bearing fitted
In with the speculative notions about
the reaetiorary position of the list
after SO much excited strength, SEN
fiment was not helped for the moment
by the indications that the fall OF
Warsaw was imminent. and the nearby
labor troubles attracted some uneasy
attention But to the extent that Wal
4 Street regarded anything outside thu
stock exchange itself tho chief sub
tect OF interest was President Wilson'S
new note to Germany.
Washington outlines OF the con-
tents of the note were calculated to
give tinge Of prudence TO specula-
tive reckonings, although II could not
be said that any great concern was be-
trayed as to the outlook for a main
tenance of the country's neutral reia-
lions TO the war.
Life Line TO Express Companies
A distinctly encouraging circum-
stance was the decision of the Inter
state Commerce Commission In the
express company case. The commits
sion upset the orders issued In 1918
forcing a drastic reduction in rates
and authorized changes which will
enable the companies TO bring their
earnings up to a more reasonable
level.