The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1912-03-17

REVERSAL OF FORM
IN STOCK MARKET
Technical Conditions Largely in
Favor of Price
Reaction.
LONDON SELLS FREELY
Spectators in England Are
Alarmed by Strike Situation
i'll Coal Fields.
LONDON SELLS FREELY

" d
oecioed reversal OF form III the stock
market to-uay, ,:nicn, II must be uu-
Hu'leu hau iaUru less logical
F. prisih. friccs nave risen Sharply in
inc last inpn,iii dnu IN tue last iuur
DAYS nave :,.Pxurru cuntinuouaiy. At
inc Close 81 p"simess on riuay the
industrial Sharcs. winch nave lately
been most pton!,nent Ia me advance.
stooh Ut II hnM nI6tI point Tor the year.
icchhlcai market conuitIons therefore
strongly favored REACTION. All this
necessarily forced Il considerable ciiIn-
lnution oil the shor, interest and lett
INC market ripe Tor rc,tctlon while
aside from this the market was forced
TO hbsorD to-day a large quantity OF
stock sold for tue account OF London
where spectators. discouraged over
thr coal strike outlook there. made
rec and indiscriminatc sales. 1t re
mains 10 he seen whether the hiscour-
aged View OF this situation taken to-
day IN London Will prevail for u fur
fher TING. 1t IL said that the English
government Will now not parlcy with
tho matter any longer bat Will !mme
diately bring in minimum wage
scale for tho coal miners and quickly
force this through Parliament, III this
IS done the reasonable supposition
would be that the difficulty would DC
ended.
our own spectators to-day realized
lso that IL would do the general stock
market no good to continue 10 push
ii UP in the face OF our own coal
labor situation They therefore were
prompted to liquidate Professional
operators for the fan jumped in with
heavy sales as they saw the market
rcccdlnE. and the result was reactions
OF three points in some instances from
The highest prices touched on Friday
tf,1p
most conspicuous IN the advance.
There WAS no news outside that re-
icrrng 10 the coal strike and that
contained In tho weekly bank state
ment. The average bank rcgcryc de-
creased $4,000 Fun details as 10 the
craesd 100000. Full details a. 10 the
changes in the dinercnt items Ia the
statement are contained in another
column.
All the commercial agencies agree IN
tn. statement that the rainy weather
o! last week and OF in: present month
thus far has been more or less Injurious
10 retail trade. but that IL has not de-
tered wholesale buying. Indeed. spring
business so far Is opening UP In very
satisfactory way and is such as 10 IN
dictate a decidedly larger voluInc OF
business In the summer and fali Hopes
or this Improvement are largely pred
icatcl. OF course upOn tho cropE but
the crop prospect. which has been cN-
cell .nt all along and indeed ever since
last autumn, with its heavy fall or
moisture. continues to improve. There
arc signs that a larger acreage of
grain than ever before viii be planted.
and every agricultural authority THAI
has spoken declares that the promise
up 10 date is FOR the largest wheat
crop In the country'R history. II Is
certain that there Is an Improvement
Al k,g a.
yet only gradual. and what Is more I'm
portant sill. There Is an obvious anne
iteration in financial sentiment and bus
!ness temper. The feature IN the IRON
ind steel industry during the week
was larger buying OF pig irou which
has accomplished the purpose of re-
duction OF stocks OF this commodity on
hand. Coke prices are said 10 be
buoyant, and pig iron Is more firmly
held at all producing centres. There
has been an advance i'll textile lines
in the New England manufacturing dis
,rict; quotations for leather are higher,
and there is brighter outlook ali
around.
The striking characteristic of the
stock market lattcrly has been the adj
vancing tendency that is shown In the
face Of unfavorablc nsws. AT the same
time 1t must be pointed out that this
unfavorable news has almost entirely
rotated 10 labor difficulties here and in
England Reference has bc.u made 20
the English trouble. and a the moment
u strike In the anthracite regions in our
country SCENES probable, Therefore tha
only inference to be drawn from the
strength of the market is that the
great body OF iinanciers belicr. that
tho labor pcrturba;ions Will be OF brief
duration or that prices OF securities
are responding 10 force OF favor
able underlying conditions that is
greater than that arising from Labor
strikes. actual or prosp ective.
There are many observers who be-
lieve that so far as the matter of coal
IL concerned, suspension for mod
crate length of time of mining oper-
atlons would not BE- really unwelcomc
TO the mine owners.
There has been no great change lat
terly in railroad earnings, the better
results OF railway operations In Febru-
airy, as compared with those in Janu-
nry. continuing to b. exhibited in daily
reports. The large rcmittances OF
money from this side in the shape of
loans in France and Germany have
contributed to Il stronger feeling on the
Paris and Berlin Bourses. and there is
no fear now experienced in any quar-
ter as to tho consequences of the April
1 settlement in any financial capital.
Mention must bc made finally of iii.
various annual and semi-annual state
ments of Industrial companies that
were made public last week. These
generally made it clear that business
last year was considerably better than
had been supposed.
Gossip In Wall Street.
To.day's session was altogether the
most active Saturday session in many
weeks. The turnover was $4,000
shares or at the rate OF $4,000 shares
for fivs-hour session. In this respect
1t was the elimination of week of
steadily increasing strength, but there
was the difference to-day that the ac-
cident to-day was as weak as en- the
previous four days 1t had been strong