The Washington herald., 1911-01-29

New York. Jan. es.-After establishing
Steel and Atchison at new high records
for the year. the stock market closed
strong to-day and active. Norfolk ana
Western was very strong, selling up
nearly to its recent high record. The
only stocks showing heaviness were the
copper issues. and their weakness was
due to the dull business in the metal.
Poll activity was evident in low-priced
issues.
The bank statement showed an aver
age increase in surplus reserve of 1920
coo The loans We're increased SIS, {;
deposits $40. ~, 100. and cash sl3i63. 100.
Substantial progress toward reciprocity
with Canada in regard to food products.
distinct improvement in the steel trade.
and success Of the New York City bond
issue of S6o,Gs.e1 went a long way the
past week toward strengthening the con-
fidence that had already begun to make
its appearance in the stock market.
Prices did not advance materially, but
they resisted stubbornly several despcr-
ate attempts to break them.
Fruitless Attack on Steel.
The departure Of J. P. Morgan for Eu
rope the signal for a raid on Steel,
both in Washington and Wall street. The
affair was u failure in both places. 1t
is possible that Representative Stanley
may have no connection with Wall street
traders. but his resolution to investigate
the steel trust has been taken up by
them the cause for selling Steel.
While no directors of the steel trust are
openly named as participants in this
latest attempt to break the stock. it is
known that friends of directors are
deeply involved. The real inside inter-
ests of the steel trust express confidence
in the stability Of the United States
Steel Corporation. and apparently feel
that absolute free trade would fail to
injure the trust. because it would de-
stroy many independents that are able
to do business now under the trusts
umbrella. Free trade would make the
STEEL trust one in fact as we'll as in
theory. and permit it to dominate abso-
lutely the steel business Of the United
States.
Some actual Improvement in the steel
business was seen the past week when
the New York Central and Lackawanna
placed their orders for rail for 1911.
Official announcement of the PennSyl-
vania orders is expected soon.
Norfolk and Western got its regular
dividend. did the St. Paul An in
crease had been expected by speculative
interests in the former and a decrease IN
the latter. 1t appears that Norfolk and
Western is planning to issue some bonds.
but for what purpose is not disclosed.
ST Paul may find it necessary to have
the Puget Sound Railroad declare dlv!-
dend in order T. furnish funds for the
dividend of the parent company.
Bankers associated with the Goulds N
building the Western Pacific say it is
earning about $500 a mile. The Law
does not compel new railroad to make
public reports until it has been in oper-
alton one year. and this is given for an
excuse for withholding information on the
Western Pacific.
Wall street was much interested in the
disclosure by Otto RI. Kahn of the fact
that +. H. Hartman had planned to
build the Panama Canal if the govern
ncnt had not done SO. This fact, taken
in connection with the other disclosure
that Hartman had planned a railroad
and steamship system to encircle the
whole world. seems to show that Harri-
mand did not consider the Panama Canal
a blow at the transcontinental railroads.
Many investors have wondered whether
they ought not sell their stocks on COM
pletion Of the canal. and Mr.. Kahns dis
closure is useful in helping them to ar
rive a. conclusion.