The Richmond Virginian. (Richmond, Va.) 1910-1920, 1913-02-04
III INTEREST DUE
TO PROFESSIONALS
STOCK EXCHANGE REFUSES TO
PAY ATTENTION TO BALKAN
SITUATION.
STEEL. COMMON OFF
DECLINES A PoTST WHILE READ
INC AND UNION PACIFIC ARE
FIRMS. O. CUTS SUrCY
MELON.
STEEL COMMON OFF

sttons contributed sli there was TO
socay's stock market. and their net
result was q mixture Of advances and
declines In prices Nearly all OF these
we're small. If there was any fea-
rure OF business 1t was the failure OF
The stock exchanges both in Europe
and this country TO display any alarm
over the strong surface indications
hat In the next tyenty-rour hours
there would be q resumption of hos
Titles In the Balkans.
As a matter of fact little thought
seemed to be taken In any quarter as
10 this entire subject. There was the
usual practical suspension of business
here for some time previous TO the
meeting OF the Supreme court at
which the decision of the court In the
Minnesota rate case might have been
announced, and the usual slight de-
cline in prices when 1t became
known tha. nc decision would be
forthcoming during the day. and that
the court would tako a three weeks
recess
Court Action of Interest.
A decis.s OF the court of some in
tercst to Wall Street Was handed
down annuliinG the Indictment found
against certain officers of the Amert-
ran shoe Machinery company for al
legged violations of the antitrust law.
Toward the close OF the day the mar
kct showed perhaps little greater
weakness than II had previously, the
iTspeliing Cause thereof. apparently,
being q fail in American Can COM
mon stock.
Among the standard shares the
Southern Pacific stock was particu-
lariy heavy. and there was a de-
Il Fw.a e<<. %xsry aDA.. To, ted Ctaf
Steel Common. The Reading and
Union Pacific stocks were, on the
other HAND. distinctly firm. Nearly
all the Rock Island issues advanced
and In the bond market there was
q sharp rise in the Southern Pacific
collateral fours.
Standard on Distributes.
This mo cmfwl emf emf xb
Time money rates were steadily
hcld, and for certain maturities high
CT prices were quoted, Sterling ex-
change was at fret heavy but left off
slightly higher. There was a large
decrease In cash and large increase
in loans in the Imperial Bank of
Germany's weekly statement, but
this, OF course, was owing to the
financial transactions incident to the
first of the month.
The declaration of large divi-
dnnd OF $40 share In stock of the
Standard OH company OF New Jer-
sey caused a commotion in the curb
market where the stock is dealt in.
bat the dividend was properly un-
dcrstood as not being a dividend SO
called. and In reality n distribution
OF assets. For December the Chi
cago-Miiwaukee and st. Paul made
an excellent showing of a gross in
crease in earnings of $1.es2,ooo, and
a net Increase OF $4,000.
Wall Street Gossip.
NEW YORK, Feb. 3.--Under the
decision OF the United States su-
preme court dissolvtng the Union Pa
cidc system the managers of the
company and the individual defend
ants were granted three months with
ing which to reorganize in conform
ity with the decision. But the time
allowed for reorganization was to
Cate from the time of fling the man
date, and the mandate has not yet
been fled Presumably formulation
OF ii has been delayed by the series
u conferences between the Union
TACTIC people. the Southern Pacific
and the attorney general. and by the
appeal to the Supreme court from
one OF the attorney generals rulings.
Southern Pacific collateral trust
tours advanced from an opening price
~ IS s-4 to q closing at 81. More
than sfT5.0o0 of them changed hands.
There are outstanding s34, 2iS,000 of
these bonds and they are secured by
the entire capital stock OF the Gen.
trail Pacific. s67,274, 600 common and
Sf2.6o0,o0o preferred. On the day Of
the decision dissolvfng the Union Pa
ctfic system the bonds advanced from
SO to 80 and speculative interest has
aince. the bonds may be called in
al nf pa
cific from Union Pacific The bonds
are caiiab1e at par on six months no.
tice. bat the reorganization commit
tee has considered that a too expen-
sive method of disposing of them.
The United States Supreme court
met and gain adjourned without ac-
ton on the Minnesota rate case, The
court viii not reconvene until Feb
ruary 24th. and interest I'm the rail-
road rate situation will probability GEN.
ter meanwhile in negotiations between
the managers and employees OF the
g Eastern roads on the question OF the
- areJnen's. wages. The Minnesota rate
case. is in fact, but one phase OF a
broad situation involving the rates
for transportation. The question OF
the ability of the roads to increase
wages without increasing rates is
quite as important
.se day to day letters of the Wall
Etreet commission houses plainly give
evidence OF disposition to look at
things in a more cheerful manner
even Ii the chances Of an immediate
boom in stock prices Ia remote, One
firm even considers the possibility OF
January rise" somewhat delayed
and several venture the opinion that
with the Balkan situation and one or
fwo other uncertainties out OF the way
we may witness a broad upward move
ment In prices during the soming
months. The tone of the majority
OF these epistles is somewhat hest
Eating. but In ell cases there Is notice
able revival of spirit and a tendency
10 regard the future as not quite so
black az It has been painted,
The Standard OH company, of New
Jersey Invested itself Of thirty-four
Subsidiary companies on December l..
1911. Under the old regime this COM
pany acted In the nature Of q banker
to its subsidiaries The balance sheet
Of 1905 showed accounts receivable
OF t5s,4S7.323, which was mostly rep
resented by loans to the smaller COM
panies At the time Of the dissolutton
A-.- 49,