The Washington herald., 1911-01-31
WALL STREET NEWS
Railroad Reports Are Better
Than Was Expected.
ACCOUNTS FOB FIRM MARKET
OverprOduction in q Few Lines, but
in General the Country's Activity
Money Market Continues to Grow
Easier-Bond Issues Popular.

New York. Jan. 30.-It became rea-
sonably evident to-day that at least
one cause for stubborn. and what by
many people in Wall street is declared
to be unaccountable strength desplayeu
by the stock market in the first month
of the present year. Is that the reports
of earnings of corporations and espe-
cially of railway companies. are not
showing that falling off which toward
the end Of last year pessimists were
emphatically proclaiming would take
place. The current record of the coun-
try's bank exchanges. although exhib-
iting large decrease is good. when ac-
count is given for the curtailment OF
business caused by reduced transac-
tions on our local stock exchange.
Signs are accommodating that what
ever overproduction there is in the
country is confined to copper, leather.
iron, and Steel and may be one or
two other trades, and can in no way
to be said to be general. The coun
try's business as a whole Is, in fact.
going on at about the normal pace,
and while particularly slack in certain
quarters. is yet holding up so we'll that
fears of dividend reductions are becom-
ing more and more remote.
Roads EarninEs Good.
This seems to be specially true Of the
transportation industry. No little sur
prise was occasioned last week by tine
publication of the December returns
of the Atchison and Rock Island COM
panies' showing large increases. both
in gross and net for the month To-
day came the Union Pacific's December
statement, with a report of gain in
gross of $312.50O and net gain of
s379. 900. and the Southern Pacific with
a gross increase of s250.0O0 and a net
increase of $4,000.
The Canadian Pacific's gross increased
nearly $4,000 and its net increased SILL
coo. Highly satisfactory statements were
also made by the Atlantic Coast Line.
Kansas City Southern. and St Louis and
Southwestern companies
On TOP of these came runors that in
an important branch Of the iron and steel
industry the manufacture of sheets,
there was, so far from the likelihood of
a reduction in prices probability Of an
advance following upon the rise of 81
ton in the quotations for wire products
last week; and dispatches from
many of the interior steel producing cen
developed such firmer undertone that
the hopes entertained by consumers a
month since OF general reduction in
prices We're now becoming rather slim.
Money Market Easier.
Also, meantime. the money marke. con-
tinues to grow easier. the movement Of
rates toward a lower level being only
qualified by a desire on the part of lend
ers of funds to keep a considerable
amount of money in hand in order to SUBJ
scribe to various bond issues which are
known to be impending and which will
doubtless be offered at an attractive
price.
Perhaps. therefore, the downward move
nent of time money is not now as pro-
ncunced as it has been hitherto in the
present year. However. call money for
stock exchange use fell to 11a per cent
his afternoon and the general idea seems
% be that this weeks bank statement
will make even a stronger showing than
t did last week.