The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1911-01-08
CHEERFUL TONE
IN WALL Street
Trading Is General and Nearly
All Shares Show an
Advance.
FAILURE IS q RELIEF
Carnegie Trust Company Had
Proved Itself Nuisance
for Years.
Especial to rhc Timcs-Dlspa,ch.l


the Gas shares continued as features
OF strength in Wall street market to-
day. Trading was more general than
on the previous day, and nearly all
shares advanced Bonds were even
more active than stocks. and the whole
Wall Street atmosphere assumed
cheerful tone
Failure Of the Carnegie Trust Com
pany came as ii relief in the Wall
street districi. where the institution
has for the last four years been
constant nuisance because of its CON
i'nually Impending failure. 1t had no
relations with WALL street or the iinan-
cial markets, but because of it's name
the public paid some attention to the
well founded rumors that have for
years surrounded IT, Tho weakness
in the stock market In the carly part
u the session was purely technical,
and was not caused by the announce
lnent OF the trust company failure.
stocks were pried up eagerly on this
decline and the market quickly re-
sumed the upward movement. clos
ing AT the best prices.
The bank statement showed gain of
surplus reserves and had considerable
influence on the late trading. Although
this statement is never made public
people in the street always know an
hour in advance about what IL Will
be.
Stocks have been quiet but strong
inent has been more in sentiment than
in figures. This Improvement has also
necn very largely tho result or tech
meal conditions. and 1T cannot he fair
~ said that the really important In
tcrests are working for n higher mar
ket The extent Of their participa-
tion IL an expression OF Willingness
10 sec prices iul.rove a few; points. The
same interests arc working on the long
side OF the market that caused the
October rise but the lesson they learn
cd In November Is making them
cautions. 50 that tho present rise
promises 10 be Of more conserva-
tive nature
Further assurances have been re-
ceivcd from RESPONSIBLE authorities at
Washington that an early decision may
be expected on railroad freight rates.
Some Of tho commissioners have let
It be known that they favor granting
the increase and railroad men are Sc
rlously expecting to get nearly all OF
what they asked for. SO confident are
pairing some very Important bond Is
sues to provide money for buying
steel rails and roilin~ stock. The steel
trust officials are awake TO the situa-
ton, and tho cNpected cut In prices OF
steel may ne postponed.
Announcement that President w. T..
Corey would retire from the trust at
the end OF January establishes hhr
,nory at the HEADQUARTERS of the Steel
fforpora,ion Mr. Corey had been pub
licly advocating reduction of prices
To get business. This is contrary to
the official poltcy OF the trust. and
the differences of opinion became so
great that Corcy's retirement seemed
to be the only method OF settlement.
TO prove hts inconsistency, AIR. Corey
IS working heartily with the copper
producers. who are restricting output
10 maintain prices of that metal. The
copper producers are claiming that the
report they VIII make next Tuesday.
OF output This VIII be glad tidings
to the awakening copper producers OF
South America Asia and Africa. who
are grateful for the umbrella that Is
while II Is being established. The
Copper Producers Association is pre-
pairing a way for . and 10 cent copper.
which viii be great boon TO the In
dustrIal world.
III the street.
Number of shares sold to-day, 3D.
S27. year ago. 335.iT5.
PAT value of bonds sold to-day. So
$4,000: a year ago sl.7ol.o0o.
American railroad shares showed
strength at the close OF the London
stock Exchange. and home rails were
firm. Canadian Pacific eased off because
of profit taking.
New York. January Money on
call nominal: time loans very dull:
sixty and ninety days. 3 l@Ta "a
per cent; six months. 3 1-cG3 81
i-2a5 per cent Sterling exchange
strong. with actual business In bank
ers bills AT s4.s250G si.s2T5 for sixty
day bills. and at siS665 for dema nd.
Commercial bills. s+.s2@s4.s2 as Bar
silver 81 SIS. Mexican dollars, %.