The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1912-01-14
and England Draw on
Them for Supply of
Cash.
EW NEW FEATURE
Traders and Spectators Keep
Hamnering Away at
the Market.
Especial TO The Tlmes-Dlspatch.l

s inns hilefhvoh. testified TO tne turlnor
Z ihho" VI cash AZ TINS centre IN great
SoiuHe una the heasy cn.arseluent OF
ounh ioahs caused ny the renew Ell tuII
In rctes LOT Tue uSr OF money. Our
panhs were heavy LEADERS last week
pom TO GeFHlaay ana England. whero
EelsS lof the zoe or motley nave hrid
81 cuhsIueraoIy higher range tnun
those seen In New Iork. There mas
also peeh graauai withdrawal Of
t5uAt cotipahleo ana private lenders
IRON the BLOCK Exchange call loan
market. icnoets Oh tn!s sort usually
leaving STOCK Exchange accomnooa lion
~ the odnhs "aen oa.y sucn low money
4 SOB cah Ue obtaineu as those now pre-
SniilnH. But TINS means, OF course,
That The BANK loan account is corIe-
3hpolu!hSiy increased. iGe net result
'!o"tNer Was anotner large increase.
this time OF over so,0vu.GOu. III The clear.
1ns house eYcsuSe reserve. Unucr tho
actua! nsureB tne increase was greater
hilil. the surplus reserve being report
Cd as 3i.ill.V00 larger tnan in lns
week before.
TRANSACTIONS In the stock market
during thc cay were made up OF the
q usual evening up" purchases ana
/ snieS Of professional SPECTATORS and
3o[ @ misceIianruus amount oil protes-
sional trading. which WIS seemingly
4 characterized. however. by q aiimuu-
tion OF speculative interest. Ihe Euu-
taDte ire has wnoliy disappeared as
4 market inlluence. ana even the an
Hnountt'nent at the end of the week OF
4 the new Lehigh Valley Coal Sales Com
pany ~Gs only discussed lo-uay in q
lauSuid way But ~ Is admitted TAFT
the net distribution that III 10 be made
upon Leh!sh Valley railroad STOCK as
j result OF thus plan ID larger IMAM
Wan Street generally had supposed
Fric-s at nrst to-day were IuclIned
10 strength. the advance In all proba-
billy representing no more thun the
continued retieat OF tho short Interest
In the market that began yesterday
Then In the last hsif-nVur tho general
list displayed weakness, 80 tina, tho
S'eutef number OF storks closed at u
4 dcciiho. The fortniBhuy repoE.' OF the
4 ''!dle car surplus VAS held 10 nc sotne-
VIVA: Disappointing. inaomuch as the
amount OF TINS surpIuSasc invreuaeu
5s.l2i cars in the period. but nuclua-
tons In TINS regard nave been so err
ratio lately, ana are uu. 10 so many
Other circGHis tdnces thun those OF bus
mess ueHr.upnicmt pure ana simple, tuat
finBlc statements oil THIS KIND, taken
by themselves. are no longer thousht
TO be very Important.
In the governments statement OF
exports of domestic products in De.
Ccmber. published this morning In
4 Washington. tile plain effect was
visible of the lower price at when
4 cotton Is now selling as compared
with the same period year ago In
4 December. 1914, $4,000 pounds or cot
ton were exported as compared with
$4,000 pounus In 1910. Nevertheless
in 1871 the value OF thcee sUi,uuv
pounds OF cotton was only ii6.UVv.Q QUO,
while the value Of the Gs5,0UU pounds
e&purteu In The previous year was
sioE 100000 Almost entirely because
Of this. our domestic exports generally
against sIS3. 000.p In the same IN the
preceding year.
II professional speculation could
have been eliminated from the week :
markel, IL Is practically cert. in mat
PAGES OF stocks would have suffered
40 appreciabie Change. AS It was
traders and spectators continually
hammered the market, arguing that II
the public would not buy stocks they
ought TO sell, and That, therefore, the
line OF least resistance for the market
operations for nhe flil during the
week were only attended with a
Inragre amount OF succrss.
Beyond The Equitao nre and the
Leh!gh Valley pan there was little
important news. Mr.. CarnegIe's
rambling and Earrulous testimony be-
fore the Stanley committee WAS iooK-
ed upon as only ADDING another TO the
farcical features that Inns "investsa-
ton" has SO long presented, and the
mill operatives strike al Lawrence.
! that has broken out III the last TWO
days, refers on!y 10 Il local situation.
MN In tt.Sl A q
trade, III iron ana steel ana copper.
and neurly every other line OF business.
is noted, and even politics was ou-
riousy less forceful last week as Il
market or financial factor.
The bond market was firm. Total
sales, par value. S2,l54.000.
United States Is reg .stered and the
Panama IS declined Ia on call In the
week.
Total sales OF stocks to-day were
2%S.9G0 shares
Gossip of Wall Street.
Additional information regarding the
Offering OF about sl4,000.000 Norfolk
and Western convertible bonds was
received by stockholders IN q circular
from the management to-day. The
purpose of the issue, according TO tho
circular, Is to reimburse the company
, for construction work carried on since
June 80, 1911, and TO complete further
additions and betterments, including
fcrty-two miles of second track, cx-
tonsive enlargement of yards, coal
piers and other terminal facilities at
Norfolk and Lambert's Point, Va. and
Columbus o., sidings, new bridges and
equipment. The circular also says
that previous financing had met all
the requirements OF the company up to
June 80 last.
The selection Of Kuhn. Loeb & Co.
/ as fiscal agents for the Chicago and
Eastern Illinois probably means That
tho company will issue new securities;
In the near future. Tile road is that
part of the Frisco system. which is
to build a line connecting the system
with the New Orleans, Mobile and Chi
cago. IN accordance with the traffic
Your January Dividends in our