The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1913-09-27
Pennsylvania TO
GET OUT OF COAL
announcement Causes Rumors
Regarding Other Roads In
tcrcsted in Properties.
AWAITING U. P. REPORT
III Face OF Decrease i'll State
inent. Stock Closes Strong at
an Advance OF 23s.
ny nnoADAN WALL.

ny BROADAN WALL.
New York. September 26.--The Of
fetal announcement that the Pennsyl-
,auia Railroad had decided to sell its
security holdings in the anthracite
companies. that have been attached TO
the system for forty years. was the
FIRST confirmation Wall street received
az the many rumors regarding the sep
nration of tile coal properties.
Ii was Immediately argued on the
street that other roads would fall i'll
line: in iact the rumor has been cur
rent for days that Lake Shore and
Baltimore and Ohio have sold their
holdings or Reading to 4 syndicate,
and In turn the Reading will separate
itself from Central OF New Jersey.
Speculate one Union Pacific.
Speculative interest in tp-day's mar
keJ hinged almost entirely on Union
Pacific; rumors We're abroad early that
the directors had decided the details
OF the extra distribution, and At first
Il was thought that this announcement
would be made 10 day. Later, the re-
port was circulated that no public an
nouncement will be made until Tues
day next
The most popular story suggested 10
per cent cash and IS per cent OF Bal
limore and Ohio 10 each holder of loo
shares OF Union Pacific. Whatever the
details, Union Pacific was in good de-
.nand. and after period of hesitation.
when the August earnings were made
public. showing net decrease of over
S5Se.00e, the stock closed strong at
isQl-2. an advance Of SIS.
Reading showed firm tone with a
half point gain; the stock acts we'll,
and will undoubtedly be favorably af-
fected BY the segregation rurors 1t
is intimated that second preferred will
Ice retired at par.
Bostou Is Benrish.
Boston houses were bcarish Offering
down the copper shares and increas-
ing their short position in steel Bos-
ton bankers have had numerous
troubles of their own within the past
six months. Not the least OF which
We're the strikes, the unscttlcment OF
trade due TO tariff revision and the
sharp decline in all the New Haven
issues. The curtailment OF credits has
finally reached our stock exchange in
the form Of bcarish operations.
The international markets showed
AN irregular tone. London had rumor:
of an impending decline in Steel bu,
Was quick TO take the bull side OF
Union Pacific, and the price OF this
issue ruled above the New York quo.
ration throughout the day
The general list was without fca
wanna in good demand. and the trac-
lions made fractional advances.
Eond houses report the demand for
Investments excellent. Bank stocks
are again in demand with an cXcep-
tionally strong inquiry for Guaranteed
Trusts and Bank of Commerce
Railroads Make Poor Exhibit.
Railroad returns continue to make y
poor exhibit. Chicago and Northwest
crn. with Q gain OF $4,000 gross, only
increased net $27.SoO, while Colorado
and southern Increased Sl4S,300 gross
and but $4,000 net.
The announcement of tho Secretary
OF the Treasury that the distribution
Of crop money. 20 date totallcd S2i,
$4,000 contributed td easier tcnden-
cies in the money market. The banks
are expected u show a gain of about
SS.0o0 600 in cash tomorrow
The week closes with speculative an
ticipatiou KEYED TO a new high note
Pennsylvania has led the way with Sc
gregation. Union Pacific Wi! un-
doubtedly follow. and details OF the
HcniinG plan Will succeed in due
course.
Fortunately for the investing pub
lie, these Developments have not been
discounted by exaggerated specula-
ton
Kew York. September 90 Although there
"a compared TO the session Immediately pre-
ceGing. the movement SIN was nconclusivc
The market far from being
shaped TO q definite course and unsteady
fluctuations apparently reflected NOTHING
more than The manoeuvres OF professional
traders
Early ,ransac, showed q confused mix.
turc OF small gains and losses. The only
conspicuous movement was In Union Pacific
which rose steadily to the highest figure o.
lie week. Gradually hrn tone developed