The Birmingham age-herald., 1912-01-27
ANOTHER BEAR RAD | WEAKENED MARKET Most of Leading Issues De- pressed Point or so Below
 Thursdays Close

New York, January 26.-Another pear raid weakened the stock market today after an irregular opening in which some stocks registered substantial gains.
 The reduction in the St. Paul dividend announced after the close of the market yesterday gave the bear traders their op- portunity. They were helped by drop of , more than points in London before the opening here. Reading and Great Northern preferred rose strongly at the outset, but professional traders, taking the ground that the bidding up of these stocks was for the purpose of concealing selling elsewhere attacked the whole list, and prices yielded in every direction.
 Most of the leading issues were de- pressed a point or so below yesterdays s close. In the latter part of the session the list stlfened, but the losses were not recovered entirely.
 There was apparently but little liauida- tion in St. Paul Holders of the stoek were warned well in advance of the divi- dend reduction
 After an opening block of 20oo shares had been disposed of the stock became fairly steady. First sales were at Sl.01AQ LOTS, as compared with $1.oSA at yes terdays close. During the remainder of the day fluctuations were not large, and the net loss was a point.
 Speculation of the tobacco stocks was unabated and the price rose in the same spectacular manner as on recent days American Tobacco jumped 27 points and other issues from to 10 points. Amer ican Snuff, which was listed on the ex- change yesterday, sold first today at 1S0 and then advanced to 143 The price is in the neighborhood of 10O points below the quotation of this stock prior to the dissolution of the American Tobacco com pany, in the process of which the Amer ican Snuff company divested itself of its subsidiaries The unusual activity of Lackawanna, which rose 10 points, was explained by the announcement after the market closed of the proposal to issue SIP, ,00O,OOO of com mon stock. New York Central also dis played unwonted activity and its rise of k2 points made. it the feature of the late trading. A number of specialties were | active and strong.
 London traded more actively in this market today. Transactions for foreign account recently have been small. but to- day London took a decided position on the selling side and disposed of about lo,oV0 shares. Foreign exchange rates again advanced and more loans were placed abroad. In the domestic market there was virtually no demand for money.
 Estimates of the weeks currency move ments indicated that the unwieldy ac- cumuation of cash at this center would be enlarged. The inflow of money from the interior has continued and a cash gain of Sl2W0,o00 to $14,000,00O is indicated The weeks bank exchanges in the principal cities of the country showed a gain of 8 per cent over last year, although they were ls per cent smaller than in the like week of 1909.
 Trading in the bond market was some- what smaller than during the recent days
 fxunusuai activity. Prices of most is- fHS showed improvement. Total sales 1ss al3C AsSysssses- 5sfsitetf .r5rares~ pofftTs k<0TS 1un a1-