The Washington herald., 1911-01-15
WALL STREET NEWS
Advance in Market Prices
Again Shown.
BIG IMPROVEMENT Is NOTED
Activities of Day Center in Stocks
that Have Been Strong During Past
Year-RepOrted Issue of New York
Central Bonds Causes Large Sell
fnEs-Sterling Exchange Higher.

New York, Jan. 14-Nesterday's ad-
vance was continued to-day, even if
somewhat abated toward the close by
the usual end-of-the-week realizing sales,
and it was obvious that a great change
for the better had come over Wall
streets general feelings. Market activity
was centered as it usually has been in
the past year, in the Union Pacific,
Reading. and United States Steel pre-
ferred. but great strength was also
shown by Lehigh Valley and other
stocks.
Talk of a large issue of New York
Central bonds in the future caused some
little selling of that conpany's stock.
and an erratic feature of the market
Vas Goldfeld Consolidated. which was
al one time very weak, although it re-
covered later. This stock IS. however.
one in which there is no general trad
ing and whose market movements attract
but little attention.
Sterling Exchange Higher.
Sterling exchange was a little higher
during the day, and wheat prices were
off and cotton fairly steady, but the real
feature of the days business was the
extraordinary bank statement with its
showing of an increase of nearly s1S,-
100000 in the average surplus reserve and
Of more than Sl5.GOO.GO0 in the actual re-
serve. bringing the total reserve figures
up to very high figures for this season
OF the year
While it is probably true that credit for
q large share of the advance in stock
market prices last week. or. at least. of
prices of the leading shares should be
given to the partial retirement of the
short interest in the market, it must be
conceded also that general financial senti-
ment was improved. which led to no little
substantial buying of stocks. In the
first three days Of the week prices of
:e'urit!es OF at least for stocks seemed
inclined to recede "A little. Profits were
taken on a pretty large scale following
the advance at the close of the week be-
lore: Speculative sales for the decline
We're entered UPON with more o. less free
dom and the general course of the market
again seemed downward. But in the re-
manning portion of the week prices again
rose rapidly. and the true state of affairs
became evident.
Securities still Low.
The market is one in which Dividend
paying securities are still selling at a
low price. and in which the plethora of
money is becoming so great. leading to
low interests for the current use of
funds that holders of these dividend
paying stocks are not disposed to sell
them until the chances become much
r-ore strongly defined than they are now
that dividends will be reduced
Moreover. these chances of dividend
reductions taken the probable results
Of the entire year seem to be steadily
growing less. There is prevailing dis
position toward a belief that 1911, while
it may not be a boom year in business.
will vet be a normally good year and
will afford fair pecuniary returns on all
we'll conducted enterprises.
The forepart of the week saw the end
and in n highly satisfactory way of the
present bank troubles the upshot of all
these difficulties were that general
purginS of local bank conditions that had
been laid over from the panic of 1907 was
accomplished without causing any dis
turbanCe