The Washington herald., 1911-01-17
WALL STREET NEWS
Substantial improvement
Seems to Be Under Way.
MONEY FROM THE INTERIOR
Financial Sentiment Favorably Af-
fected by Saturdays Bank State
ment-Particular Strength Shown
by Norfolk and Western-BroOklyn
Rapid Transit Also Strong.

New York, Jan. 1S-The whole course
of the stock market to-day. and such
news developments as there were. went
TO fortify the confidence recently eX-
pressed in so many important quarters
that substantial Improvement in the
financial situation was under way. There
was to begin with no endeavor apparent
on the part of Spectators to continue in
any violent way the rapid advance in the
stock market toward the close of last
week, and there appeared to be general
realization of the inadvisability of such
a procedure at the present time.
Therefore, to-day the seeming disposi-
ton of the market was to pause for A
while. absorbing such realizing sales OF
stocks as might naturally he made; but
the notable characteristic of the market
vas, after all, its firmness in the face
of prOtit-taknS of the sort deserted.
Those looking at the market from the
speculative point of view We're inclined
to emphasize the fact that when prices
declined little the activity of the mar
ket decreased. and that. conversely. ac-
lively whenever prices advanced. This
is usually taken as atteSting that the
technical condition of the market is
strong. and that the general tendency OF
III i-f'S IL III All upward ulTetllOn.
Declines and Advanced.
As regards fluctuations in prices. the
days proceedings We're relatively unn-
tereSting, and at the close and in spite
or whatever liquidation took place. de-
cl1Ees Were numerOusly interspersed
with advances. Particular strength was
shown by Norfolk and Western stock,
passed on rumOrs growing out Of the re-
latons of the Norfolk and Western COM
pany with the Pennsylvania. that the
lease of the Norfolk and Western on a
larger dividend guarantee for its COM
mon stock was probable. or that as an
alternative the Norfolk and Western div
liend distribution as IN act of the com
pany. pure and simple, might be in
creased. Other strong features were
Brooklyn Rapid Transit international
Paper preferred, and Rock Island COM
mon. Losses, wherever shown We're in
almost all instances trifling.
1t could not he otherwise than that
conservative financial sentiment should
bdve been favOrably affected bv SatIr-
days phenomenal bank statement with
It's enormous increase in both the actual
and average figures of the surplus re-
serve. The influx OF money from the
interior still continued, and the bankers
Hef" gamers since the end of the week
Of nearly $3.50 0C1 in their transactions
with the suhtreaSUry. and as general
result Of the monetary plethora here
IN" rate for time money fell to II. Der
cent for five months and 8. per cent
fOI six months
Lower Rates in London
II was noticeable. too, that lowering
rates fer money were visible in the
English market as we'll and this was
said to be due in London to the an
n"uncement that the Bank of England
had obtained e"i".mI nf the new gold
laid down from the TranSvaal
rn'n market discounts in London to-
da! fen to Il level where they were AL
most full | pr cent below the Bank
OF EnSEndS AZ per cent rate. leading
1" a fair prospect of a reduction in the
Bank of Ensland's rate in the present
week.