The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1907-02-26

President Of Virginia Iron, Coal
and Coke Company Makes
Denial OF Rumors.
EXPLAINS THE VOTING TRUST
Little Business OH Stock Market
iii Richmond Yesterday Other
Business News.

IT is emphatically denied by tile
president of the Vlrginin Iron. Coal
and Coke Company that the placing
of the majority OF the stock OF that
concern In a voting trust foreshadows
n plan to dispose of the property to
other interests. No deal OF that Kind.
no says, is under contemplation at the
present time. The voting trust was
created chiefly for the purpose or as
present mana cement, which has sue
ceeded in very materially strength
cning the resources OF the company
since It's reorganization in 1902.
The life of the voting trust. which
has been created to hold the majority
stock, is limited to five years, but It
Is also provided that a further exten-
sion of two years may be made upon
the consent OF majority of the hold
crs of the voting trust certificates. y
majority of the stock Of the company
has already been deposited under the
agreement with the Manhattan Bank.
Of New York which holds about $4,000
shares out OF Il total OF about $4,000
shares of stock outstanding.
The voting trustees, pursuant to the
authority granted them. recently made
application to the New York Stock
Exchange for the listing Of the voting
trust certificates, but the Stock Elk
change committee decided not to grant
the application, in consequence Of
which action the trustees have decided
to accept no more deposits of the
stock under the agreement But this
will likewise not affect the voting
trust plan. as the trustees already
have deposited with them majority
of the shares.
On the Stock Market.
There was but little dealing on the
stock market here yesterday. Advices
from New York were not such as to
encourage speculation or investment.
It had been expected that after three
days holiday the New York Exchange,
upon which the local market, OF course.
depends, would begin operations again
w til moro activity. but the first In
formation was that the opening was
in the nature Of mastery retreat.
Various conditions, not the least OF
which was the lower opening in Lon
dom contributed to the general bearish-
ness Foreigners on the New York
market seemed inclined to sell even
at the low figures, and there were de-
clnes all around, especially In the bet
ter class of stocks, such as Louisville
and Nashville. New York Central,
Pennsylvania, Reading. etc. The in
vesti cation of the Union Pacific and
the Southern Pacific by the Interstate
Commerce Commission, which was re-
sumed in New York yesterday morning,
doubtless had something to do with
the general dullness. Then again the
reports of railway earnings We're not
at all satisfactory. showing continued
! decreases as compared with cores
pondtng dates Of last year, and even
with the last few months.
Under these conditions, the bears re-
newed their attacks of last week on
the leading stocks, and as the gem
eral sentiment that animated the trad
ers was conservatively bearish there
was but little trouble in keeping the
market weak.
However, the bears were not alto
gether successful, the declines not be-
ing as formidable as they had expected.
This was. perhaps due in measure to
the fact that the investigation of the
Pacifics, referred to. did not furnish
as much ammunition as they had
| hoped.
Then United States steel came along
and enjoyed something of boost on
we'll founded reports of immense Jap
anese orders, and this helped to tone
! up the entire market. and there was
some thing OF q rally in the closing
hours on some of the better stocks. It
| was not sufficient. however to recover
! the lost ground and the market closed
/ dull and very bearsh.