The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1914-01-07
SHARP ADVANCES
IN MANY PRICES
Announcement Regarding &. &
Q. Holdings Causes Stock
Market to Boil.
GENERAL ATMOSPHERE GOOD
Periods OF Uncertainty Expected,
but Real Turn Is fong
the Better.
GENERAL ATMOSPHERE GOOD
BY BRoApAN WALL.

,lcucc OF the desire OF banking interests 10
carry out segregation without further gov
eminent intervention, Union Paciitc's eNecu.
tive COMMITTEES will recommend 10 lne p0aio
~ directors tomorrow that the Baltimore
and ohio holdings be distributed TO tho com.
mon stockholders with cash bonus OF
per cent. To-day's stock market no,,en un y,
der the announcement Trading jumper 10
The 800 900 share mark, and prices respohaeu
with many sharp advances.
Eariy ruinors regarding the dnnoiliicehlehl
were current before the opening. out ti"ucfe
had become accustomed to diseppointihen.
sharp break In Baltimore and OHIO, that
carried the stock down more man pG ,n;u
convinced many al impending developments
Among commission houses tho news was
hailed with particular JOY as snueipaunee
:, return OF active speculation. 1t Is argued
that with tho right" as they are called
deducted from the present price. Union Paci-
nc viii be one of the cheapes, of the invest
ncnt stocks. and should appreciate further
before the distribution occurs.
Attsnpts OF New Workers To pick up stock
acfort the market opened lifted London
prices well aboys our nreSieus ao hsre a
Y'he general atmosphere on the floor was the
best noted for many months.
Stocks in Good Demand.
Petroleum stocks were In good demand.
california Petroleum touched 20 rise OF
$ points. and Mexican Petroleum was strong
a; 81. steel neglected. gaining but frac-
tionally. ArualGamated Copper was heavy.
Traders turned to Reading on the theory
that the segregation OF the properties of this
iumfped q: points on reports OF heavy
Chris,mas trade. The American Can stocks
werc strong An early announcement Is
looked for regarding the government SUIT
with "A settleulcn; out Of court expected
Optimistim with regard 10 prices should
not include New York Central nor its sub
Sidiaries Rock Island issues or many oil inc
minor industrials that need not he expected
to snare in the present advance.
Bears at last find their guns spiked, shorts
In Union Pacific must surrcndcrs aud traders
who persist In Il pessimistic attitude on
Beating are facing unpleasant prospects.
Markets, like sici. people. do not recover
suddenly. periods of uncertainty may be en-
pected. but in the opinion of some OF the
Oldest and shrewdest observers. the STOCK
market has turned for the better.
David James King. who became member
OF the exchange in 1879. was on tho floor to-
day for the ilrst time since 1850
Bonds were active. nearly $aO0o.O0O worth
changing hands. Union Pacific convertibles
declined from 93H to 81 Telephone convert
vcrtiblcs dropped half point. United States
steel ~ were notably active around par
Wabash rcfundinE As advanced from 5o1s 10
30 Bonds of the best grade were strong.
Rumors % extra distributions Will no
doubt stimulate further speculative activity.
Fortunately, the distribution TO Union Paci-
lie stockholders has not been discounted
New York January 6.-Thc feature of to-
days stock market was tho announcement
midday of Union Paciic's intention TO dis
tribute its holdings of Baltimore and Ohio
shares In the form OF stock dividend APP
proxirnating rs per cent. Coincident with
this however, II was also stated that the
duCtion in the regular Union Pacific dividend
from 10 per cent. The news was pre-
coded and followed by considerable excite
ment and violent fluctuations In Union Paci-
lie and Baltimore and Ohio issues, the
former advancing smartly and tho latter de-
clininG corrcspondDgly. Baltimore and Ohio
common to-day attained It's lowest level in
some years.
Although the Union Facinc executive com
mitter assigned Tor the Baltimore
and Ohio distribution lat this particular time.
Wall street chose To regard their action az
further proof OF the desire Of Big Business
Ia conform with the Views of the Federal
:tdniiDl StTttion.
The list ns "a whole was strong for the
greater part Of the session opening gains in
N" moro speculative issues extending from
lM2 points. - 81.
IN the ANAL dealings after luli. tho ac-
iiVity of the first hour resumed to the
ment. in which all the more seasoned issues.
as well as numerous specialties. partiCipat cd.
Baltimore and Ohio shares were the only
notable exceptions, the common and prefer
London ana tho Continent were decided
factors ia tho days fairly large operations
buying chiefly Union Pacific Southern Pact
tic ana United States steel Offerings Of
CT. Call money was in light demand and
commercial paper was taken under recent
quoi attoHS.
Bond dealings were unusually diversified
with an Irregular tone. United states Ss de-
olincd u per cent and the registered Is
advanced Il on cali!
Sew York. January 6.-Money OF call cas-
Ter a 2GSH ruling rate, 90. closing aa2n.
Time loans steady; sixty. ninety DAYS ana
FIX months. f'.HiA.. Prime mercantile paper
'H''. sterling exchange strong at Si.s.4o for
sixty days and at $500 for demand Com
merciai bills. si.slis. Bar silver. 57as. Mexi-
can dollars. E4i. Government bonds irtcs-
uiar. Railroad bonds Irregular.