The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1912-02-25
FLAT CONDITION
IN STOCK MARKET
Past Week Has Been Barren OF
Important Results or
Developments.
INVESTORS ARE WARY
Business and Financial Affairs
Have Been Pretty Well
Liquidated.
Especial to The r.mes-Dispatch.1

New York. February 24.--What lit
Tie movement there was in to-day's
stock market apparently corroborated
the indications al the close 81 hnsi-
ness ON Friday that tho market situa-
zion temporarily had become one or
ovcrsold condition. Tho news to-
day was not very favorable. Tho morn
ing newspapers abounded In statement
made by their Washington correspond
cntB To the effect that the House OF
Represe would so frame tho
resolution for the investigation of the
money trust as to constitute the rcso-
luton substantial Bryan victory:
gloomy news was sent from London as
TO the prospects of coal strike In
Great Britain, and In the stock mar
ket itself further considerable de-
cline occurred In tho price OF the Re
public Iron and Steel shares, which
led to renewed predictions and OF
more confident nature than those heard
II, the past of reduction in the divi-
dcnd distributor on Republic Iron and
steel preferred stock Nevertheless.
the general market remained firm, and
TWO or three prominent Issues. notnb-
- Union Pacific common. sold at high
CT prices than at any time In tho day
preceding Closing prices wore about
rs they wero on Friday.
The fortnightly report of the Idle
car surplus made out at the present
N4IuC do UeiHS. io1voo Gois, DC
32,5s1 on January 81. and 1888 on
January Is. IT SHOULD be again en-
thasized. however that tho cxtraordin-
airy reduction shown Is not due to in
crcasing business. but to the dcranS-
mont of railroad trafIlc, caused by the
cold weather
The weekly bank statement was
more or lcss or puzzle, In that the
cash loss reported was far greater than
could have been imagined from any
previous known development. The
cash Item decreased s6.3O0.G0o in the
actual figures resulting in both forms
Of the bank return in large falling
on in the surplus reserve.
Broken BY q holiday tho week just
closed has been absolutely barren Of
important results o. developments.
either In stock market or general bust
ness a fiat condition of affairs has
hcen everywhere presented with noth-
ing either very bad or very encourage
ing turning up. Tho existing status APP
pears TO be ono In which business and
financial affairs have reached a pretqy
thoroughly l!qu!datcd condition. and
where no such uncertainty is felt re-
2ard!nE the future as to induce people,
that Is to say. actual investors. 10 be-
sin I. now selling movement In stocks.
And yet considerable doubt er!sts us
TO whether the present Is favora BILE
Tor starting what can be called q real
forward movement in any direction.
= feeling OF hesitation OF this sort Is
indeed almost Invariably characteristic
% tho month OF February. No one can
say then how the years crops are like
ly TO turn out, which IL the all import
ant question to DO answered.
IT iE even 100 carly yet III the sea-
son FOR Indications as to the spring and
summer trade to show Themselves. aud
political contingencies in 1912 are more
than usually doubtful, because It is q
presidential year, which is provcrbially
one when business progresses with a
more or less hating step. Ncvcrthe-
less ii is the general impression in
the grain trade that the extremely cold
winter weather with it's heavy snow
fall coming on top OF the great amount
of moisture that fell in the fall months
Of 1911, affords q preliminary promise
OF large harvosts. In certain trades at
any rate there Ia a revival OF life and
according 10 all present indications
questions Of politics arc likely to be
clarified a good deal al as early 4 tiIne
il. the year as the date fixed for the
meeting of the presidential Eliminating
conventions OF the two good political
parties.
As far as buying or selling OF our
stocks by English people lie any factor
in the security market, Il good deal de-
vclopments upon whether there is or IL
rot q strike OF English coal miners
Very great interest is felt In this af-
fair on ths other side OF the water, and
the news printed concerning 1t is OF
especially hopeful character. Yet some
now the English stock market is not
greatly perturbed at all. so that 1t Is
plain that an underlying feeling OF
confidence exists that the strike Will
not occur.
Many conditions remain unchanged.
Europe goes on borrowing here at low
81 rates than funds can be obtained
elsewhere, which undoubtedly will
mean a continuation of driobling gold
exports until the international fnan-
cial balance in this regard is restored.
There has been little news from tho
iron and steel centres.
New orders are being placed with
producing establishments at a rate
greatly less than that at the end of
last year. but still sufficient to keep
the volume OF untitled orders on the
books of the steel mills at practical
~ unaltercd figures.
Gossip of Wall Street.
When the merger OF the Bankers
Trust Company and the Manhattan
Trust Company was announced this
week, spectators who rear the in
vestigation of the money trust an
pretended that the merger would
strengthen the hands Of the radical
Democrats and they were not at all
surprised when Washington reported
to-day that the scope of the investi-
cation was likely to be bro dened In
accordance with Congressman Henry's
ideas. The Washington news these
spectators considered bear arsu-
nent but they were not able to mako
much Roadway with II. stocks easily
recovering an early loss. II was no
tthar nh mt ha
alarmed over the news. and for that
matter the mere fact that the merger
was announced while the argument
was pending in Congress implies in
difference to the investigation on the
sart Of some of the most prominent