The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1914-01-03
NEW YORK CENTRAL
SHOWS HEAVY LOSS
Afternoon Prices Under Influ-
cnce of Weakness in This
Stock.
BRISK TRADING IN BONDS
Example Set by Morgan Will
Work for Common Good
Eventually.
BRISK TRADING IN BONDS
NY nRoADAN WALL.

III BROADAN WALIi.
New York, January New York
Central issued the worst November
statement Of earnings of any of the
large systems. Why, Wall Street asks,
did tho directors maintain tho 5 pcr
cent dividend OH the stock, III view
OF the heavy loss in net revenue? Is
the payment of unearned dividends to
continue? Has not the timo passed
when directors can avoid the respon-
sibility of their Office?
To-day's stock market was more no.
table for underlying strength than any
activity of speculative interests. Trad
crs wero inclined to advance prices
IN the early dealings, and later at
tempted to take advantage of unfav-
orable news to bring about recessions.
Call money rose to 10 per cent with
out affecting prices.
Telephone sold off easily on fears
that tho favorable figures that the
company will be compelled to present
regarding earnings in New York City
may bring about reductions in rates.
Western Union recovered points on
short covering in anticipation of IA
vorable statement regarding earnings.
The market supply OF this stock Is
small.
Metal stocks showed irregu]arity.
Tennessee Copper was firm with an
advance to "a ga Amalgamated Cop
per declined on selling for Europe,
where copper figures are not encour-
aging. Steel common acted badly.
Traders called the market for the
shares heavy. The stock lost nearly a
point In tho late dealings on small
offerings.
Rock Island shares declined in sym
patty with ! point break in the col
lateral fours
Influence of Weakness.
Afternoon prices were under the in
r,f
Central, which dropped . points to
80 "a New York. Chicago and st.
Louis, Familiarity referred to as Nickel
Plate" fell points to Az. Present
earnings show no margin for any divi-
dcnd on the common. Canadian Pacific
moved erratically; foreign houses con-
tinued to sell on any sign of strength.
Bonds were strong. Trading was
brisk and brokers report n widening
demand for the semi speculative issues.
New York Railway adjustment IS were
active, and Third Avenue adjustment
bs were firm around 761-2. 1t is ex-
pected that the Third Avenue system
will announce an issue of S7,oO0,O0O
bonds within the next ten days.
Foreign markets were quiet, British
consols higher and French rentes
lower. The weekly statement OF the
Bank OF England was the poorest
showing made for months past Re
serves fell from 1907 to 1888 per cent.
Trunk line earnings for November
We're unfavorable. Pennsylvania lines
east and wost of Pittsburgh showed
loss in gross of sl,097,O00 and net
of s2.ooo,ooo New York Central lost
S4,390.0o0 In net after charges. Erie
had a decrease in net OF about 80
per cent. and ST. Paul showed a loss
in net amounting to $4,000.
Bankers will be quick to follow
the Morgan example and rtsiGn from
interlocking dircctorates. This is not
pleasing news for investors. who
promised Inexperienced representa-
tives in place OF old combinations that
worked for mutual profit. However,
bankers hav6~frequuntly acted AS fiscal
agents, promoters and brokers' This.
Of course, was open To objection, and
prevention of such n combination of
Offices Will work for the common good
eventually.
New York, January, Title first day OF the
On the surface, OF more titan passing signi,
hcance During the greater part OF tho
in the main we're unmportan,i thoueh h' WITH
!, higher tendency. In the final hour SELL
ing noyement OF moderate proportions wiped
General level under Wednesdays final quo
Domestic advicrs were favorable for In.
most part. except for stect and iron. The
interesting event OF the day was tho
gan " Co.ihnd retired from numerous boards
with which II long had been associated, and
the intimeuoD that further Withdrawals
would be announced from time time This
gave rise To much surinise. but had no In
Nuence upon the stock market.
Euiopes markets seemed In n less rany
state than our own. with weakness In Pnris
inc hank of France reported Il gold loss OF
about $2.OpV.t',O and an enormous increase In
loans and discounts. Tho Bank OF England
also showed the effects OF extensive year
end operations. although its gold holdings
Increased almost $1,000 900. There was some
chi To- 90 ~, a.,
Steel and the Coppers
Call money rose 10 per cont United
states =. and Panama - and IS advanced
j. TO J. per cent on call.
New York. January Money on call firm
- ii=gs; ruling rate, ~. closing lIaG
Time loans nrmer: sixty, ninety DAYS ANA
six months. s7lgJ NPrint- mercantile paper
bhdt. Sterling exchange steady al SIS? FOR
sixty days and az s;.s59 for demand Com
iuercial paper, $1,000 Bar silver. SIG: Meyi.
can dollars. iiA Government bonds strong;
railroad bonds irregular.