The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1913-10-09
UNION PACIFIC IS in
LEAD DOWNWARD.
Steel Drops to New Low Figures,
Breaking Through s., Closing
Near Bottom.
TOBACCO IS AGAIN WEAK
Annual Statement Of Rock Island
Shows Company Heading
for Rcadjustmcnt.
TOBACCO IS AGAIN WEAK
sY BRoADAN WALL.


Union Pacific, that appeared with the open
ms q the market Yesterday and lasted un-
III the close, carried Jhe stocks down points
and unsettled tho entire list.
Unconfrmcd ruirors predicted that in
functions would hr served upon directors IL
;bey proposed to distribute without
duo regard to the preferred stockholders.
Foreign houses We're leaders In the selling
low lew i i;.,,''' ''''' 'Os' " N' "'' 0s"' &c
Keen disappoin;mcnt is felt at the failure
OF Union Pacific tn maintain It's position as
= ynarke, leader. The mere fact that assets
remain Intact IS Of no interest to tho hpecu-
lative public. which anticipated Quicx
Steel to New Low Figures.
Steel dropped TO new low figures. breaking
,a,ior. Trade reports show that pis iron
production broke all records for the month
81 scpten,ber running some $500 tons above
1919 the previous September maximum. On
october tho daily capacity of American
furnaces was ISL tons above tho same date
q year ago. This no doubt partially explains
the lowering prices for finished steel with
ogi in any way duplicating the new tariff
Copper statistics with a decrease Of $780, ooo
pounds IN the surplus for the month failed
Of effect as a stimulus to prices. AmalSa-
Tobacco Is Again Wcnk.
Investment stocks suffered severely with
again weak. American Telegraph and Teie-
phone declined a point further. and such is-
sues :, as bs,inoTS and Ohio preferred ST.
Issues. found poor market at declining
prices
Western Union fell points upon tho pub
lication OF the annual report. showing the
surplus 10 have decreased over - per cent.
As an investment This stock has been over
estimated for some tiIne.
Analysis OF the annual statement. issued
ty the Rock Island companies, justlnes the
opinion that the company Is heading straight
for financial establishments. The holding
company. or the Rock Island Company, as
a surplus Of s$5Sc1c but this was only OBJ
tanned by the payment TO the railroad COM
pary of dividends declared by the railway
company. The railway company's original
source of revenue shows decrease in pro-
fit and loss account Of about si.opo.ooo APP
dividends from surplus is not the wor.t ~
the statement. The working cash balance
decreased some ocooc9o. and wages unpaid
Increased some S3.c0o.oo1.
such hEures makes the ruling price of olii
Tor the preferred stock and 1872 for the
common OF the holding look high.
British Consuls Decline.
Foreign cahies show a continuation in the
decline OF British consuls. London again
lost gold 20 Egypt. and general tone OF
uneasiness ruled. Our own money markets
were dull but Arm, with further losses 10
tho Subtreasury from the banks. due large
y 20 Withdrawals for the payment OF duty
on good withdrawal from warehouses
Stocks came 20 market to-day in n man
ncr that LED many commission houses TO
ADVISE their clients to prepare for further
readjusiment OF prices.
New York, October s-Asaressive selling
81 stocks VAS resumed to-day and no Ell
'etN!'e resistance was orereG. The DiVota.
STOCK was Union Pacific, the acute weakness
a. which turned the whole market downward
after fairly steady opening Sentiment
was pccidely bearish and the break In Union
racine was al! that needed TO conceu-
irate speculative activity on tho short side
The market was nervous all morning and
before noon Union Pacific had been forced
down approximately points Reading
Amalsanated. steel Canadian Pacific and
I.eAiEh Valley werc points lower. and
among less active shares there were losses
@, ~ points Pressure relaxed In the after
noon and speculation became quiet.
Steel broke through 10. showing a loss of
over ~ points from its top price OF n fort
night ago. American Telephone Securities
again we're heavy. The common fell To 1898,
or the week.
The particular weakness OF Union Pacific
t"H1d be traced 10 no specific development
II Was generally asciAS.ed. To ,the belief tina,
no announcement w-ule~ I've made In the Inn
mediate future regarding nm extra cash dis.
irlhutlon, which had been predicted 10y
many traders
The expected decline in copper stocks
amounting 10 over 100000 pounds wa.
shown in the monthly statement. rho re.
E st ''o"e'e' was WIN effect o" the mar
Bonds were lower with more liberal offer
inEs OF some Industrial and convertible is
sues Total sales, par value s!.39i.0oO. United
states bones We're unchanged call. Tota
New York. October s-Money on call firm
~ S'2di1; ruling rate. :; closing "a.
line loans, strong sixty days A., as. ninet!
GAYS, -; six months. 8. Prime mercanti
steady at HSi51 FOL sixty days and nj 81 So
Tor demand. Commercial bills S4Sli5. Bn
silver, eH7s: Mexican dollars a. Cavern
ment bonds steady railroad bonds easy.