The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1912-01-28
HEAVY DECLINES
ARE REGISTERED
Market Falls Rapidly and lndi-
vidual Issues Make New
Low Records.
NOTHING IN DAYS NEWS
Expected Reduction of St. Paul
Dividend Still Used
as Club.
NOTHING IN DAYS NEWS

Sew York. January @7.--Decidcd pres
sure was applied to the stock market
to-day, which, although originating in
a speculative attack. Undoubtedly had
tie effect OF inducing q certain amount
of liquidation by weak holders OF
stocks The market fell rapidly, and
the largest declines in any one day In
the present year were made iii various
Individual issues. ALI this was based
upon nothing whatever in the day S
news. although n club still used against
the market was the universally expect
Cd reduction OF the ST Pau dividend.
which took place Thursday.
Really tho only development or tho
day at all worth mentioning was the
announcement OF decrease Of 1900
III the number of the GOuntry's idle rail-
way freight cars. This follows upon
the heels Of an almost equally largo
increase two weeks ago. ana was
uscribed ny many to the severely cold
weather of the last fortnight. which
has prevented the prompt return of
cars 70 their owners, To-day's decline
embraced pretty nearly nil tho active
issues ana was led by break in Lee
high Valley stock. This is stock
which according 10 various profession
al market critics, is in a weak technical
position at thc moment. as the good
news upon which the stocs has re-
CCDtIN advanced mas pccH puDllSllt>l, II
10 10 be pointed ou:. on the other hand,
that the I.ehgh Valley shares nrc now
selling at a price which makes a net
annual return OF 6ii per cent. to their
holder, while as regards tho earning '
OF the company, ii may DO stated au-
thoritattvcly that in the first sin months
OF the fiscal year tho company earned.
after all charges. not only It's full pro-
portionatc share OF the 10 per cent
Il, n
cent. OF the dividend for the remaining
Six months.
The weekly bank statement cXh'b
tied another large addition to the sur
plus reserve.
Important movements in the stock
market this week were II to-day's de-
cliIe DO excluded, almost entirely lack
Ing, and prices tended TO fail more and
more into the rut in witch they have
been travelling ever since November Is
last. when tho general rise eliminated
Money continued 10 heap up, both in
this city and in all the large interior
financial centres. and also became cas-
Ter in London and on the Continent OF
Europe
Indeed, II IS predicted by some au-
thorities that 6 reduction in the Bank
of England's discount rate Viii take
place soon af;c: the beginning of Feb
feature OF the week in the dealings
in securities, It was the better de-
mend for bonds and stocks of an in
vcstment grade. The demand for the
moment naturally favors most sccuri-
ties OF high grade, which are at the
same time easily marketable, and in
this class. Of course, railway short
term notes occupy the first place. The
inquiry for these notes Is said TO be
che largest witnessed III recent years
The greater number OF professional
operators through the week were in
oltned to sell stocks with more or less
freedom bas!n6 their operations on the
fact that the public was seemingly not
willing 70 support an upward move
men; fog the present. from witch the
speculative argument was fair that
prices would have TO TALL To Il level
that would invite public huyinr. Just
how sound an argument this Is only
tho future can decide The reduction
on Thursday in the ST Paul dividend
rate was oNpcc,ea. and was due to
exceptional circumstances In Tho case
OF this 81. Paul Railroad Witch 10 no;
amply 10 oihcn roads.
ACCOMPLISHMENTS iEovcrnmcn, -cport
published on Tucsday, the amount Of
cotton Ciuucd IN 10 January 10 Was
100000 bales, and as usually q mil
non hales ~ turned out after TINS t!In",
ii:tle further Doubt remains Tia, ii
minimum figure ior the seasons COT
ton crop is i5500,OOV bales win some
probability tina: The yield may bc be
.ond this. Thg sli-.t DIPLOMATIC az
ncultics thut haze occurred b,twc,,.
italy ANA France wcrn factor uuot
none OF tbs financial markets. ) mat
ter with which gnaucra, rossfn ,y.'
moro or less busy vas tho rnm5r ia.
some sor; OF a rcarrang.ra,, ~.
western railway s,,un,inr d i,,r,,,. LII.
cusscd by means of whiri ,hc hIraHo.
Burltnrtoi, ana DUNE XIII !,
islans I,uilroa6 c.1,,,o,.tg ,.ii
with tic NIissmirt r,ar,,.
or rner.rcr,.u, ~ III y
Grarar ana U;c.,,.r,. ,l,... a''' i"u
Northern Al thr s,.,r. ,i,n.
H. %,,,hn-, u,.y.i,'. '". "'.
E,,-ri-,.,a ,aa,,t, W l""
u,,, ~ Sht.a "'.'1 ,.+i. + an u