The Washington times., 1912-01-28
BY JOHN GRANT DATER.
ssccfaI Financial Repres ,uts tive the Mu.s

| action OF the st. Paul road as to how n
cut I'm the rate would be received. Some
persons believed that II was already
discounted and others did not. 1t is
since gives a very clear line on this
question. While there was ne spontan-
eous recovery In prices on Friday, such
as would indicate that the action of the
directors had been fully discounted.
there was, on the other hand. no gem
eral collapse. In part, this was due to
clever diverting movement in New
YORK Central stock, and in some of the
specialties like the new tobacco issues.
effort. as cynical broker put 1t. Ito
| take the curse OF the market by dis
tracing public attention from sone
genuine liquidation.
The general list did not act we'll. and
prices broke sharply yesterday, but there
was a good deal Of professional selling.
and In consequence Of Its being short
session the declines threw little real
nsnt ,ssr,.pn on the problem; In conservative
that the chief influence of the dividend
reduction by St. Paul was likely to be
q SOLDERING effect on the market. AL
though th1' special circumstances, undoubt-
edly, impelled the conservative action
In this case. drastic cut by such an
important system, 1t was pointed out,
would suggest the possibility OF similar
action elsewhere. It will, Of course. be
may be debating the question. like
Northern Pacific and New Haven, to
make dividend reductions now than be-
fore st. Paul paved the way for In a
matter of this kind railways like to
have an example to point to.
Various News Developments.
Although at the close of the week
the st. Paul dividend question over
shadowed all else, the week was by
no means devoid Of other Interesting
Developments. several of which weR Of
an important character. For instance.
the House bill proposing Il very dras-
tic reduction. averaging 80 per cent, in
the iron and steel tariff was introduce
ed, and. according to Washington ad-
vices, this measure will be railroaded
through the House in short order. OF
course, the struggle over the tariff
Will come later. Iron and steel was be-
fore the country In numerous other
ways figuring with an unfavorable ap-
plication to the trust in a second install
ment Of the report Of the Bureau OF
Corporations, and again in the long.
drawn-out Investigation by the Stanley
, committee. Incidentally, II may be said
the week were not as favorable as Of
late as to the receipt OF new orders
and contracts.
One feature which developed during
in this column last week, and that was
a quietus put upon the Justly celebrate ted
Burlington deal" AS will be remem-
bered, the upbidding OF Chicago. Bur-
lington and Quincy joint per cent
bonds was followed by a professional
movement In the Hill stocks. under
which the market week ago closed
strong. The wild rumors circulated in
connection with this finally developed
into a general alleged rearrangement
, of no less than three large systems:
the Hill properties. the Western prop
critics OF the Goulds. and the Rock Island
system. In turn these deals" were
specifically denied by the interests di-
rectly concerned. and Mr.. Hill pro-
nounced the special report that the
Great Northern road was to acquire the
Burlington as rubbish" and thereby