The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1913-02-02
STOCK LOSSES
ARE RECLAIMED
In Early Part OF Days Session
Market Inclines to
HeavineSs.
PENNSYLVANIA is ACTIVE
Reported That 1t Proposes To
Issue S1OO,OOO.O0O Worth
OF New Stock.
Especial to The Times-Dispatch)


cause of some adverse criticism. even
n not Justified. Of the American Can
COmpany's issue of debenture bonds.
but more In all probability because Of
"A continuation Of Fridays general
movement towards profit taking. to-
days stock market was inclined TO
heaviness In the first hour Of business.
but i'm the last and final hour of the
stock Exchange session previous losses
were more than regained.
\ story circulated. which did not
receive official denial until shortly be
fore the close of business. was that
the Pennsylvania Railroad proposed To
issue $4,000 900 worth Of new stock.
There is no doubt that this great or
ganizatiOn proposes to do certain
amount OF financing during the year.
The Pennsylvania earnings for the
month Of December. as published.
showing an increase Of S$.4O0.0Vo.
changed into a ne: decrease Of Ss9,ooo.
were held disappointing, although they
were not so properly considered.
There was a general disposition to-
ward the belief that no dihcuity OF
any moment had been confronted IL
terminating relations between the Union
and Southern Pacific companies. ana
that a plan OF this arrangement might
be announced soon. In the recovery In
the market that took place the Union
Pacific. Colorado Fuel and Iron Com
pauy and all the different traction
shares were specially prominent.
The weekly bank statement was
more favorable In it's average showing
than in the actual figures. In the
first form surplus reserves Increased
SJ6s.1oG owing 10 com pdr3tiNeiy
small increase in loans and Of "a pretty
nearly even balance in the cash item.
In the actual figures. however. the vol
u.ne Of loans Was doubled and a cash
loss was reported Of over S3.5Oo,00o
Actual reserves. therefore. decreased
S5.340.O00. Gold exports were. of
course. the controlling influence In
the bank return.
The general Improvement in the stock
market during the week was partly
due. Of course. TO the effect upon the
minds Of professional spectators IN
wall Street of the advance in the
American Can Company shares. The
movement in this quarter. which was.
az course. first criticized as being due
to mere pool manipulation" was soon
discovered to have substantial foun-
dation.
Conferences between representa-
;ives oc the Union Pacific and South
ern Pacific Railroads are making ex-
cellent progress and there is every
reason TO believe will result satisfac-
torily.
Railroad earnings continue 10 make
A splendid showing. Even II war
should begin again in the Balkans il
doubtless would assume the nature OF
an assault upon the fOrtifications OF
Adrianople or the Turkish lines and
probably would be short-lived.
Wall street Gossip.
Two years ago there were sold in
Paris and listed on the bourse $50,
600. 900 Central Pacific collateral trust
bonds guaranteed by Southern Pacific
and the Frenchmen are therefore in
terested n the reorganization Of the
Union Pacific system.
If by any pretense or reason the
guarantee Of the Central Pacific bonds
could be considered insecure. the
French government might intervene
in the reorganization by asserting the
rights OF French investors and there
would he something entirely new in
international finance and diplomacy as
far as this country is concerned.
There does not seem to remain much
support OF the theory advanced BY
some people that the current extraor
binary rise in oil prices. and partic
ularly gasolene. is due to manipula
ton in which the former Standard Oil
subsidiaries are the moving spirits
An official Of the Texas Company, one
OF the principal rivals of the old
Standard oil concern, is quoted as
follows.
The present advances are due alb
soIutely and solely TO "A shortage of
supply. and there has been no maniD-
uiation Of prices. Pennsylvania crude.
which yields the largest percentage of
sasolene of any in the world. Is di-
yninishfne rapidly. Refners are con-
fronted with the alternative Of bid
ding prices up high enough to induce
aggressive search for new fields in all
directions or Of witnessing the rela-
tive dirninution of supply reach an
acute stage.
PENNSYLVANIA Railroad was a prom
irent feature OF the stock market to-
dav. Several thousand shares changed
hands which is a rare thing for
stock like Pennsylvania in market
like the present. decline OF =
points is also seldom seen The rea-
son given for this unusual activity
was a ruInOr that the company was on
the point of doing extensive financing
to take care of maturing obligations
Such rtl:nors have occurred more than
once IN the past three or Tour months.
but they have never been given such
prominence before The present ru-
NOR has it that the present S45s.oee-
zoe outstanding stock Is TO ne IN
creased by S1oo. 100000.
In March. 1911 S1e0.oae.'o9 ne"
stock was authorized. OF this issue.
+l2si.eo0 was sold - the stocknolo-
ers at par. so that nearly S5'.v"'-'Vo
now remains