The Washington herald., 1910-02-12

New York. Feb. I.-Although cautious
stock market to-day, and their weight
z was increased by offerings Of stock by
Speculators. who argued that the market
was entitled to a considerable reaction
after the rapid advance which set IN as
soon as It became evident on Tuesday
that the decline in the market had cul-
minated. yet. nevertheless. so strong was
the instructive upward tendency OF prices
that It overcame all obstacles and pushed
values steadily to a higher level
London houses at first sold stocks, but
afterward bought them when the persist
ent strength of the market became mani
Nest Especial features Of the trading
were few. although rather more atten-
ton was attracted. perhaps than by any
thing else. by the continued heavy buy
ing of the Rock Island common shares,
which has been all along in evidence
during the present week,
Heavy Investments Made.
One reason assigned for this was that
with the end of the month the call ma
stock. bought in London two months ago
at about the prevailing quotation, and
that buying. IN order 70 protect these
contracts, was going on. II may be
, said, however, that there IS authoritative
ground for the statement that within
the last few months new and powerful
foreign financial interests have acquired
possession not only OF a great deal OF
Rock Island stock, but Of the shares of
certain other railways. particularly those
of the Lehigh Valley Company, in such
a manner as to give basis to the idea
that in due course a new transconti-
mental railway line may be brought into
being.
It is also a possibility that within the
near future the Rock Island common
shares may be listed IN Paris and dealt
in there In certificates for such small
amounts as to facilitate their purchase
by small investors.
All the copper stocks today were
strong by reason OF somewhat belated
appreciation OF the favorable report OF
yesterday OF the Copper Producers As
ISOLATION. The Norfolk and Western com
mon shares did not continue their re-
markable advance Of yesterday but rll-
mors We're still current that the Norfolk
and Western earnings were such as TO
point 10 an increased distribution upon
the company's common stock.
Buying for Investment.
notable rise Of pa points occurred
in Union Pacific preferred stock, an in
active issue, and the fact emphasized
what has been a decided feature OF the
market in the last two or three davs.
namely the purchase OF stocks OF in
vestment character by banks and trust
companies. and especially by the foreign
financial houses.
A matter Of news during the day OF
investment interest was the declaration
by the Pullman Company Of a stock
dividend of 100000. representing a dis
tribution OF part Of the surplus carried
for some time in the company's treasury
After the close of business hours It
was made known that the Baltimore and
Ohio Company had decided TO spend
100000 in construction and new equip
ment
Wall street would not have been Wall
street If to-day much had not been made
OF the expected nature OF President Taft,s
speech at the Lincoln dinner in this city
Tomorrow night and the financial dis
trict was full Of rumors pro and con 3
TO the stand the President was likely
10 take IN an expression OF his views
regarding corporations.