The Richmond Virginian. (Richmond, Va.) 1910-1920, 1913-02-01
PRICES ARE FIRM,
BUT NO INTEREST
\ OFFICIALS SPLIT HAIRS DEFINING
MANIPULATION AND sPEcULA-
TIoN.
THREE CAN ISSUES
NORFOLK AND WESTERN con-
TrSrns WEAK AND THE TRAc-
Tuox CIRCUIT SHOWS SOME
HEANISESS.
THREE CAN ISSUE
Nv BRoApAN WALL.

NEW YORK, Jan. 3l,---IheFe were
fes developments n today's prices to
call for comment Prices on the
whole were firm. with Il pcrcGpfiSle
decrease i'm the business ct accelerat-
~ pabiic Interest Enastuuch az Of
iciaas Of the stock exchange are split
ting hairs ina defining the difference
between manipUlaflve and speculative
activity before the governor of the
State. financial mcntAtors must
needs he careful in the use of what
they have long considered familiar
terms.
Interest in the Can issues will un-
dnuhet7ly lessen with the announce
nent Of the plan To pay the back div
ideud on The preferred The placing of
bond Issue will practically make the
preferred stock a second preferred Is
sac Hereafter the common shares
are TO receive dividends and must be
salemniy referred to as an investment
The public Will have the choice of
three issues instead of two. The bonds
will undou btedIy prove attractive and
the preferred stock, once the back
dividends are paid off, viii look
cheap and should grow in favor
as a speculative investment The flu
ture Of the common is open TO specu-
iatson. II began today at 46, and af
ter declining TO 4S closed at 40 ga.
The preferred shares fiuctuated be-
tween I2gnI2s ~, closing at 1876 IA.
net loss of / "a.
n. & w. IT. Weak.
Corn products common WAS again
active and on a turnover of 10000
shares closed at ! 6 Ia, up 3-S. This
is a purely speculative issue, with pos
sibifities. Lehigh Valley showed con-
siderable irregularity, which was not
explained by any news of the day.
u -, Ia
parAtfyeIy steady. There was heavi-
ness In the traction group on account
Of the changes announced In the
subway contract. Norfolk and West
ern continued weak, selling down 10
l19 under the offering of the new
convertible bonds.
Colorado Fuel advanced easily to IS
on the statement that the company
could pay off accumulated dividends
On the preferred shares. There was
also strength and activity in Repub-
Tic Steel and the common closed / b-S
UP.
Pittsburg Coal issues were firm
throughout the day on a renewal OF
the rumor Of the early announce
msnts Of the plan To pay the back
dividends on the preferred shares by
the issue of debenture bond
Late in the afternoon there were
rumors of the plan TO separate Union
ard Southern Pacific, but although
these run1ors went into considerable
detail they had 20 effect on the shares
Southern Pacific moved within narrow
limit, and did not respond TO the
stories Of segregation.
Renew Gold Exports.
There was a renewal of gold ex-
ports 10 Paris. and 81 900, 0Qd was
engaged for that center. Another
million was taken for Argentina, with
hints of more to follow Money con-
finued 10 come to this center from
The West, so that "a fairly favorable
bank statement is looked for tomor-
row. This Of course, may be offset
by another increase in the loan ac-
count.
The stock market has about outrur
the rally, and is inclined to await the
possibility Of Supreme court de-
cision on Monday next in the Mime
sofa rate case AS very little public
interest has been aroused activity vii
have 70 depend upon the activity o1
pools, plus the attempts of the roon
trader 10 scalp small profit Septi,
nent has shown a slight improve
ment during the week. The market
has been sold to such a point thai
ii is comparatively easy to begin q
movement on the upside Of the mar
ket without the necessity Of accumu.
lating much stock. Foreign markets
are quite bare Of a floating supply u
American stock, and there IL little Il
feeg Of a: recurrence es the }fauida.
r tfrT1. ffETe fTupe Erttf cxtwty tt1ar TT
early settlement Of the Balkan diff.
Guilty might encourage fresh pur-
chases IN this market
Number Of shares sold today, $780,
27s, d year ago, 527.S96
Par value Of bonds sold today, So
$4,000. a year ago. S2,5lG. 1000.