The Washington times., 1912-01-28
REDUCTION IN ST. PAUL DIVIDENDS
RECALLS FORMER POTENCY IN STREET
Was Big of Week. and Else Financial Circles
Odmers Reminded of Days Dozen Years When Stock Was Ac
knowledged Leader-Reasons
,nsey Publica lions.

the Burlington segregation rumor 10
left in a position where It may be
dished up again for stock-1obDing
purposes on some future occasion.
Concerning such features as Senator
upon the Supreme Court fired as the
Opening gun of the campaign;" the
almost definite assurance that New
York is to witness an investigation OF
power" and the mutterings Of labor In
both the soft and hard coal regions,
the financial district maintained an at
titude OF unconcern. This is not much
these many 81 mOntha Of almost ae eontinu
GUS harassment Wall Street has be.
come hardened to such features ana
accepts them all as very much mat
ter Of course. In fact, II anything. the
these things come at once and together.
on the theory that II is better to hold
all the funerals at once than to drag
the obsequies out indefinitely.
or course, brokers chafe under the
restraining influence of general political
and Industrial unsettlement and social
unrest. but Il Ia now 10 clear to every
one that little or nothing can be ex-
velopment or confident buying until the
country clears up it's problems that one
really can see wherein the bankers ex-
tract some comfort In a situation where
multiply. II there were any consider
able public interest in the market, the
sentiment, of course, would be other-
wise, but practically there Is no public
Street appears to have abandoned all
hope OF a January rise" or a Spring
BOOM" In consequence. bankers argue
that the more disturbed the situation,
the nearer Il must be to an adjustment,
for the present condition is fntolerable
and II cannot and will not continue In
definitely.
Favorable Features and Money.
Naturally. in view Of the prevailing
state Of mind In influential quarters. as
above outlined, 1t would be Idle to ex-
pcct that such favorable developments
AS the week brought forth were void OF
influence. These we're such as, for In
stance. the bettering conditions reported
in the textile industry. offsetting the
slight contraction reported In iron and
steel: the larger volume of bank clear
ances. the reduction in the number Of
idle freight cars, the wel-sustained
volume Of exports from the port OF New
York, and the reported Improvement in
the bond and investment division OF the
market. or course, the latter Is a more
and the unsettled general situation.
which. while checking speculative un-
dertakings. encourages buying of safe
securities.
Demand sterling exchange advanced
pound sterling to A.s71a, the highest
level touched since May 7. 1910. This
rate. naturally. suggested gold exports.
and these, in fact. may be brought
about, but with time and call money
almost a drug in the market. gold ship
ments should have no harmful influence
II they should come to pass. Todays
bank statement was in line with expec-
tations, and the figures showing actual
conditions OF clearing house institutions
reported a further cash gain Of $l1, ,06S, 900.
Loans expanded $23,6l3.0 900. and deposits
increased $19.s69. ono. both, no doubt, the
result OF a shifting of accounts from
interior to local banks The surplus
reserve increased $6.6SS, $50. and now
stands s$4s, 763,O6O above legal require
ments.