Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1921-02-12
READING, HEAVY, DECLINES
MORE THAN FOUR POINTS
Stocks Endure With Remarkable
i'irmncss Announcements OF
Segregation Plan.
INDUSTRIAL ISSUES ARE FIRM
Transportation Company Shares In
clincd To sell ON. Y. &. AMI
B. ~ @. Also Show HcavincsS.
Some Companies Cut Steel Prices.
ny BItotDAN WALL.

NEW YORK. Feb. ll.-Stocks en-
Jured Win rcmarkHbir urnlnc~S to-
day the nounr"'nent 81 t"' irn'"t-
ant features ( the proposed scgre-
Reading compAl.-. kcuiIi. now
ever. showed pronounced heaEinrss.
and al one time showed decline OF
more than four points. lts continued
hcaviness lad a depressing influence
late IN the day on the balance Of the
list hut l. was not Uptil the last
hour that lie Weakness appeared to
have any effect; A:orc than /" per
cent OF the total business transacted
IA all stocks was made UP by Read
ing sales and purchases.
Industrial issues showed iirmnces
but toe shares of the transportation
e. ompanies were inclined Ia sell OF.
New York Central and baltimore and
ohio wore heavy, owing to the IarS"
holdings ct Reading shares IN its
treasury and tile announcement that
'ho segregation plan for the latter
does not call for tho distribution OF
q luscious melon. :ts had been en-
pccted. The street also realizes that
the days OF extra distributions to
shareholders hy railroad ccmoanics
ara in the past, and that owners of
those securities are unlikely TO re-
co!ve anyth'nE for nothing 49,,
stating that ibe Independent steel
companies were cutting prices from
s. IN $40 q ton had a depressing in
itsnCt on sentiment, nut itil't ~
hud any marked reflection in the QUO
tu,icns for tn" steel shares.
Sterling exchange was strong. and
touched new high figure for this
movement Call money held steady
~ per cent all day. Funds loaned
on call outside OF the New York stock
IXchanE" at i per cent. Money was
offered freely Cm the exchange at
per cent.
The proximity Of the time when tho
Reading plan will nc made public
leads TO the expectation that serro-
cation plans Of some of the other
nounced in the near future OF shortly
after formal announcement by the
Reading. /, Is known that seErc-
CATION olaus have been formulated
Navigation ComDany and the Norfolk
ana Western. The I.chiSh Valley is
also expected to Scparai" It's rail-
road from its Goa business without
Of the Norfolk and Western is cX
pectcd 10 result in the conlrmat ion
of that old rumor that the Pcnnsy!-
Nauia Railroad would guarantee a
and Western common.
Baldwin Locomotive was active and
hiShor. owing to minors that the an
Wednesday, OF Thursday, and that it
viii mako an unusually good show
ing.
PERSONS snort OF CruCihic steel
Were again charged premium. This
charge also caused some Of the shorts
10 cover. the issue a, one time show
ing a gain Of more than point
California Petroleum touched its
ton price Of Yesterday. hut stock
seemed To %" literally supplied around
the high figures. The rumor that the
company Viii begin dividends on tho
common stock persists. Payment Of
dividends to shareholders would hc
lUSttiItt by the earnings
i;rokcrs report thar The ab.OrD,ion
~ General Motors I'm odd lots con
tinues 10 be unusually heavy by PEG
III" in al! parts OF the country