The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1912-02-04
SECURITY MARKET
WITHOUT FEATURE
Weekly Bank Statement Sur
prising in Its Exhibit OF
Heavy Decrease.
DEATH OF EDWIN HAwLEY
Market Not Influenced by Pass
ing OF Great Railway
Rcconstructor.
DEATH OF EDWIN HAWLEY
Especial to The rimes-pispa,ch.


New York, February 3.--Oatside Of
movements in one or TWO stocks to-
day, the security market was dull and
without feature. The market closed
in the main at snuli declines, and the
dominant factor in the trading was as
much as anything Moderate further
decline IN Lchish Valley stock. l.
seemed 10 be the case from tho opcr-
atoms OF many spectators that q
species Of switching" process was go
Ing on between LeEish Valley stock
ana the Reading common shares-that
is, that these traders were selling
their Lehigh Valley stock. in which
presumably, they had a good profit
and buying Reading. From "a strictly
speculative ana technical" point of
view, ii is admitted thar the market
position OF l.ehiSh Nallos stock was
somewhat weakened when there was
lately deducted from It's price the mar
ket raiue Of tho new Lchigh Valley
Coal Sales Stock issued TO the Ichigh
Valley Railroad Company stockhoid-
ers. At this time doubtless ihc short
interest in the stoCk was small and
the shares were left to sell solely on
their value Us that OF 10 rcr cent.
dividend paying security. Profit taking
In the stock, however has naturally
occurred under the circumstances and
tho ability u the LchiEh VALLEY Rail
road Company TO continue it's present
distribution has not been lcsscncd In
the slightest degree by tho formation
Or the new coal sales company stock.
Reasons OF an Investment nature may,
therefore, be expected soon to become
effective In supporting the price Of the
Issue
Tile weekly bank statement was
rather surprising in its exhibit Of :,
decrease of nearly sS,oOO,opo in the
actual surplus reserve, brought about
by an unexplained decrease in the
amount Of cash held. y round increase
In the cash item was looked fur aud
was shown In tho average form OF
the statement Bauk loans again in
creased heavily In both statements,
owing TO tho operation Of the same
causes that have brought apou; an
increase In loans throughout THE pres
eUt month Reports OF railway earn
ings ms they We're submitted We're not
al all bad. The Delaware aud tIUd-
sons December gross increased $50
57s. and It's net slT5,0OC. The Chicago.
Burlington and Quiucy's gross for The
same month decreased SaoS.ooo, bu,
reduction in operating expenses made
me net decrease. insignificant The
Chicago. Ailwauker aud st. Paul
which is now the centre of obserya-
zion, showed decrease in gross Of
S10S.o6o, but AN Increase in net of
reported gross increase fog pecom-
Der OF slt4,00c
The last week of the nrgt month 90
thc new year was one OF comparative
stock exchange excitement ana con
ilrmnt!on owing 10 the dpvcIopmeut ot
more Or less general weakness III the
stock market which was however.
chiefly acccn,uatcd in TWO stocks. the
Union Pacific and United states steel
common shares. The fail! seems to
have been largely tho wor. Of spccu-
lntors for the decline, although there
is no doubt that II was accompanied s..
good deal OF disguised selling Is.
other professional market operator,
who have heen hoping FOR more Of a
rise in prices at.the present time than
actually occurred. 1hs provoking
causes Of the market weakness were.
a. appeared the speculat w. use made
Of the statement OF The cnairmun Of
the board OF directors Of the Chicago o.
Milwaukee and st Paul Railway that
this company had reduced the diyj-
dend rate OH the ST Paul common
stock because Of the noor outlook for
business; pess!mistlc views ihat ~"
the time beti.P prevailed regarding the
United STAT es-.S,cer Corrnrltian's quar-
terly and end OF the year statement s
and fears that tho Bryan c,cmen, In
the House Of Representative would he
bel e
,,,voe,ir-a.,n 80 'e'''H =" 'h'"s| 'El7'
All nf t,n.a ,r,,.s-
wers found M, - h. ..'i$|a y
then npnaarr5 q, ar.t Is II
their ,nfIuenco y.,s s,',''I 'l'' ~
when the market was d,vc!opin. 81
Ea=ginG tendency from pir" dulIugs4
very sa,isfnc,o,y "bc",. a,-u,,nn,
General as ,ecessious Il, r.5.a, 1870 /.
Was noticeable ,hat III, ,rsr,,., ID
whole followed in a ratar, rs.i,n,iu..
Way the decline IN stoeI ,na r,nin.'
Pacific stocks while q taritaple sourc,
Of frmucss was Gonna .r he sprriq,
strongth displayed by I:eaiinc s,ori:
tho highest quotation -ueI FAR II In
several months.
It may he questioned TOO. whether
from discerning point of view the
most important vent o. the wceI; was
al I, b