The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1913-09-30
STEEL DECLINE
BREAKS MARKET
Stories OF Price-Cutting, Dis
charge OF Workmen and Closing
Down Have Effect.
SMALL COMFORT FOR BULLS
Pittsburgh Coal Issues Show
Advance, Giving One Bright
Spot to Traders.
~ nRoADAN VAIL.

III SROADAN WALL.
New York, September 29.-rhe do
cline IN steel common to-day broke the
market the stock being lruer pressure
IRON the very start. with both foreign
ard commissions houses appearing as
sellers. EumorS are thick regarding
enormous losses 10 Re incurred when
lilo new tariff schedules become effcc-
tive. stories of price-cutting, probable
discharge of workmcn and ultimate
closing of mills reflect state OF mind
that may later he justified by develop
:nents. At present the gossip is e.
tcctivc in GnsettlinS the stock market.
From 81 IS at the opening. the price
wtlted. saGgcd AID finally slumped to
90 ia al the close
Tic market failed to develop any
comfort FOR tho bulls. Union Pacific
directors met and adjourned without
solving the question of how the extra
distribution to stockholders should he
made. There is no question about a
distribution. If rumor may be believed.
rather difference of opinion as to the
amount OF cash and the proportion of
Ohio lost Il point. That fairly large
amount of this stock will come TO mar
ket from the treasury OF Union Pacific
is accepted on the street as fact.
l. T.. Takes Tumble
After selling n, 1925. Union Pacific dropped
points in Spectacular manner. stop
loss orders. placed between l6l and 1914,
were executed between ltoi2 and lN Many
small traders were stopped out" AZ lco
market for "a time. Just before the close
renewal OF selling carried the price TO 1891.
~ ;hls level commission houses were again
advising clients TO purchase the stock
Reading moved with Union Pacific and
Steel without showing any individual ton
dency. southern Pacific lost point. Now
that that stock has been distributed. a sec
ondary selling movement has begun, which
does not find the banking support, feature
before the sale effected.
Copper stocks were heavy. Utah lost
point and AinalEamated :, Reports from
London
cheerful, and foreign houses sold stocks
moderately. Cauadian Pacific was weak ana
Union Pacific was freely offered for London
account.
Coal Issues Advance.
The ore bright spot was the advance In
the Pittsburgh Coal issues. the preferred
gaining points and the common J. Pitts
tricks stock" and it s believed that the
sale OF the Cambria steel Company To Pitts
burTh interests will work out 10 the adyuu-
taEe OF the Pittsburgh Coal Company.
United States ENprcgs advanced 3 points.
J, is rumored that The company will 20 into
the tourist business somewhat on the plan
Of Messrs. Cook II co. 1t is figured that the
stock has book value OF about $50 :, share.
luteroorough metropolitan preferred rose
10 e2ts but the gain was lost on the
nouncement that a new suit had been be-
gun 10y an active opponent OF the company.
sometimes referred 10 as "A professional liti-
CANT
Bank Statement Has No Effect.
Missouri Pacific gained :ractionaly on
the publication OF the annual report. show
deficit Of the previous year OF 5. ZOO 900
Saturdays bank statement proved mod
crate disappointment but hud effect
Berlin continues to bid Tor money for the
October settlement. Sterling exchange fell
porting point.
Canadian banks Withdrew another $4,000
gold for shipment TO Montreal making 81.
$4,000 within the past week.
Professional traders have the rnarke; very
much TO themselves, while recent conditions
have made most OF them confirmed pes
siinists. Tho apparent case with which steel
common declined gives them Increased con
hdence and every uu;ruitful meeting of the
Union Pacific directors IS used a. I, weapon
against prices. However. the assets OF the
Union Pacific are intact and portion a;
least viii shortly DE distributed 10 stock
holGeis
New York September ea-Actiye move
men,S OF stocks io-daM Hcro confined to the
hrst hour Opening iftdihg Aas SLOW with
slight driit GOWu,ra -" Except IN The eases
Of Reading and Union iac'nc. Union pact
fc ~ l'-'. reached new high mark for
the present movement. which was within
half point of the years best figure ON
heavy offerings of the favoritc stocks the
market quickiy rouscd and fen rapidly.
Union Pacific dropped more than . points:
tanGd!an Pacific lost nearly 3; other repre-
sentative Issues lost to .. Despite the
feeble resistance offered the market was
mol long under severe pressure Tn. market
allowed no recupcrative power and Gurinr.
NE remainder Of the day WAS dui
steel was watched more closely Than any
eTied depressing influence
81 Htu OF the DAY selling OF Steel
'OelleNeG 20 he on orders from Boston.
AlsSouri Pacific moved against the mar
ket Buying OF ih!s stock was pronptcd
o! the excellent showing in the roads an
mug report which revealed II surplus Of
SlM-te Tor the year as compared with a
dehcii Of over s-0)oo0 in tho preceding
Bonds were easy with increased activity
in some speeulative issues. Total sales ntr
value SLt-5959. United States bonds were
unchanged on call Total sales stocks Sl5S 500
shares
New York September 2o-Money ON can
STEADY AT -',r3i ruling rate. Is, closing -, a.
p Time loans. stcaiy. sixty DAYS 4Inita.
ninety days +i.Hi'. six months r.15.
iIlns mercantile paper, Ja,gG per cent.
staring exchange steady at StSIl: FOR sixty
gays and at SiSjil for demand. Commercial
Oils slA.. Bs' silver ~. Mexican dol.
Jars 81 Government bonds steady; railrn.i
bonds cary.
RICHMOND SLICK MAnL1.r