The Washington herald., 1910-03-11
WALL STREET NEWS
Bond Dealing Extensive, Due
to Business Prospects.
RAILROAD FINANCE FEATURE
Norfolk and Western Managers 10
Oner More Than sIO.OOO,OOO Of
Convertible Bonds-Copper Deliv-
cries on Hand 100000 Pounds
Greater Than a Month Ago..

New York. March 1o.-The monthly re-
port OF the Copper Producers Associa-
ton, the weekly statement OF the Bank
OF England. the Philadelphia strike sltua-
ton. the activity in the bond market. and
new and important announcements Of
railroad financing were the principal de-
veiopments OF interest to spectators and
investors in stocks to-day.
The report of the Copper Producers
Association was on its face unfavorable.
It showed that the daily average produe-
ton In February was greater than in
January. and that as a result OF this in
creased production and decrease in both
foreign and domestic deliveries. stock
on hand on March 1 were greater by
nearly 100000 pounds than on February ].
But In the previous month stocks had
decreased by the remarkably large
amount OF 10000 pounds, so that the
apparently unfavorable showing was pal
Hated by the consideration that in the
two months the Accommodations OF the
metal had decreased by 100000 pounds.
Similarly the Bank Of England reported
ing week for several years. but the ratio
OF reserve to liabilities was higher than
on the previous week, and on the cor
responding week last year, and no change
| was made in the per cent discount rate
SOpposite opinions also prevailed as to
the market consequence as to the develop
msnt at Philadelphia
Draw Favorable Deductions.
On all these matters different con-
struetions were placed by men of good
judgment. A favorable deduction was
drawn from the continued activity in
the bond market and the seemingly as
sured success of important railroad
financing. One Of the issues announced
IN the course Of the day, that of sl1,-
0o0,0o0 bonds from the Seaboard Air Line,
was announced as sold abroad. and an
other and larger forthcoming issue. that
Of the st. Louis and San Francisco, will
undoubtedly be placed IN part among
foreign investors. In addition TO the
announcement Of the forthcoming Of
fering OF s26O00.O00 Of a new Issue OF St
Louis and San Francisco bonds, there
was announced a new comprehensive
financial plan whereby it is designed to
connect the system with the National
Railways Of Mexico in accordance with
new traffic arrangement TO scale the
capitalization by the substitution of
new per cent preferred stock for the
outstanding per cent first and second
preferred issues and 10 provide the com
pany with funds for further develop
ments.
Norfolk and Western Bonds.
Another piece of financing Of eousid-
cradle importance was the decision of
the Norfolk and Western management
TO offer to stockholders a block of be-
tween $1,000. 600 and 81, 100000 convertible
bonds. Gains in the various St Louis
and San Francisco securities and IN Nor
folk and Western stock followed the
announcement OF these plans In the
general bond market on the stock ex-
change sales were again in excess of
100000 and sales OF high-class bonds
over the counters Of banking houses
were also made in large amounts.
Many spectators and investors bought
stocks on the indications, pointed out
by this extensive financing. that conf
dence among both home and foreign in
vestors IN American securities IS well
maintained. and that important bank
ing houses undertaking these foatations
consider the general situation sound. The
somewhat cynical argument was also
heard that banking interests could be
relied upon TO support the stock market
until the needed OF desired railroad and
industrial financing is complete.