The Washington herald., 1911-01-29
WALL STREET NEWS
strength of the Market Con-
Times to Close of Day.
RAILROAD SHARES ADVANCE
Canadian Pacific, Northern Pacific,
Norfolk and Western, and Other
Roads Show increases - Weekly
Bank Statement Especially Strong.
Business Conditions Improving.

New York. Jan. 2S.-If there was no
such upward movement in the stock mar
ket to-day as there was yesterday, the
peculiar strength shown by the market
was as equally impressive. Despite real
izing sales by spectators, which oc-
CURED in considerable volume, as they
usually do in the last few minutes of
business on Saturday, and were in the
nature Of an evening-up of the week $
transactions by professional operators.
the market held itself with the same
stubborn steadiness that it has through
out the present month. and notably in
the last fortnight.
Hardening tendency occupied itself
/ mostly to-day with the railroad shares
the Canadian Pacific, Northern Pacific,
Norfolk and Western, and Chicago, Mil
Maukee and St Paul leading-although in
the industrial list the United States Steel
common shares touched at one time the
highest price yet seen in their current
rise.
Copper Is Weak.
The general action of the market was
the more emphasized because Of de-
cided weakness shown in AmalSamated
Copper stock, due to the renewed evil
dences of depression in the copper min
ing trade. The Rock Island Company 5
December earning statement was eN-
tremeiy favorable. with Il gross increase
of $4,000 and net increase OF
sig.S. coo 1t is true that the earnings
of the Rock Island for December, like
those of the Atchison. previously pub
! liShed this week. made an exceptionally
favor3 BILE comparison with those of the
corresponding month of 1909. because In
the latter year weather conditions hln-
dered greatly the operations of the COM
pany's lines. But that this cause was
not the sole reason for to-day's highly
pleasing report is shown in the fact that
as compared with 1gtS the Rock Island $
gross increase is $4,000 and its net in
crease ST.. 600.
Bank Statement Good.
The weekly bank statement was again
extraordinarily strong, especially when
read in connection with the banking
transactions this week in the city bond
sale. which led. of course. 10 an en"r-
nous and temporary increase in loans
Although in the averaS" form of the
statement. loans increased seS.toj,oo0 the
surplus reserve Increased S,2.6,'Vo. max
ing this total figure now SIS, $4,000 aS
compared with Ss5.6 .0r0 in 1910. and with
but 100000 in 1898. just after the panic
period.
In the actual loans, there was an in
crease in tie great sum Of $i5. 100000,
which served to reduce the actual sur
plus by little less than s2.0oO,Wo. The
presumption is that when the new city
bonds are paid for IN even stronger con-
dtion of the clearing house banks will
be exhibited.
UndertOne Of Strength.
During the present week the stock mar
ket has been quiet and duh. showing
throughout. however, decided under
tone of strength, which yesterday and
to-day became pronounced. There is little
Goubt that a more confident feeling is
making its way in the financial district
ana IL business circles over the country.
E;conomizinS is still going on, and its
general scope appears TO be widening.
but the whole country seems to recog-
niZe that this money saving is ground
for hope rather than diScoura cement.
and seems TO be really pleased with its
taking place.
Probably people would not look at the
matter in quite SO cheerful a way were
it not that money has become cheap.
which lessons the expense OF carrying
on undertakings. has made an active
bond market. and facilitates the buying
and holding of stocks. At least in Ger
tain lines. actual business conditions
themselves are better. In the iron and
steel trade, the tin plate. steel and wire,
and certain other departments are busy.
and. latterly. the long-delayed railroad
orders have begun to he placed. while
the recent mild weather has tended to
impair trade in winter merchandise. as
In usually does.