The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1911-01-28
WALL STREET NEWS
Business on Stock Exchange
of Small Volume.
MARKET GENERALLY STRONG
copper Values Fall on, Weakness
Following Losses in Copper Shares
Some Gains, Recovering from the
Slumps of Early in the Week.


the stock exchange session to-day the
trading, though trifle more active than
during most of yesterdays session, was
of comparatively small volume and COM
paratively little significance. In the aft
ernoon, and especially in the last hour.
the market became more active
II had been generally strong from the
beginning, with the exception Of copper
stocks, whose weakness directly followed
losses in the copper shares In London
and a further decline in both spot and
future prices for copper metal in that
market, but in the late trading prac-
tically all of the stocks in which trans
actions were at all numerous or large
advanced huoyantly.
Atchison and Norfolk and Western
were strong from the opening to the
close. the former continuing to profit
from the remarkably good December
statement and the latter recovering from
the slump it experienced when earlier in
the week the directors, declaring the reg
uiar dividend, set at rest for the time
being the reports of increase in the divi-
dend rate and other developments favor
able to stockholders.
Railroad Stocks Gain.
On the day gains of more than a point
were scored by such standard railroad
stocks as Baltimore and Ohio, St. Paul.
Chicago and Northwestern, Reading. and
Union Pacific, among others. Among the
ordinarily less active stocks in which
gains were conspicuous were Interna-
tional Harvester and Buffalo, Rochester
and Pittsburg
Directors of the Buffalo, Rochester and
Pittsburg declared the regular semi-an-
nual dividend of per cent on the pre-
ferred stock and increased the common
dividend from 2 to 21s per cent semi-an-
nually. International Harvester was one
of the few stocks to advance on account
of the proposed new tariff legislation in
reciprocity with Canada.
The agreement for such legislation
was. of course, the principal topic of
discussion in the financial district. and
was everywhere considered of prime
market Importance. AS was to be eX-
pected there were a few critics of the
plan, but the prevailing opinion seemed
to be that the agreement. if made effec-
tive, would profit both this country and
the Dominion by directly producing more
active trade. and indirectly would be of
benefit as leading to much closer trade
relations later on.
Doubts were expressed that Congress |
would pass the proposed legislation at
tHe pIeSeOt session, Dut the nope was !
generally expressed that the agreement |
would be ratified at no distant day. At |
any rate, every one realized that
whether or not the agreement is ratified. |
It will serve a useful purpose in disclos
ing the sincerity of legislators who have
attracted public attention by loud de-
rrands for drastic tariff reductions as a
remedy for the high cost of living. In
this way also the discussion over the
agreement may have important bear
ing on the radical tariff measures en-
pected at the next session of Congress.
Encouraging News Received.
Other news of the day was also of a
character to encourage holders of stocks.
IL addition to the increase of dividend !
by the Buffalo. Rochester and Pittsburg.
General Chemical stock was advanced |
from a . to per cent basis. and div-
cent of one-half of 1 per cent on the B !
G.bentures of the Green Bay and West
ern Railroad. as compared with a dec
laration of one-quarter Of per cent
year ago.
1t was explained that the increase in
the General Chemical dividend was am
ply warranted by considerable in
crease in the companys business last
year. The increase in dividends natural
il caused a subsistence of the predic-
ton of period of dividend reductions
In the bond market, standard securities
continued in good demand
1.-The new New York City AZ per cent
bonds, after fluctuating for several days
steadied down at 101A. Sales of these
and other high-class securities were re-
ported in satisfactory quantity. Sales
OF new securities announced in the
course of the session We're 100000 first
mortgage bonds of the American Agri-
cultural Chemical Company, and $780,
0G0 first mortgage bonds of the Crucible
Steel Company ]
Forecasts of the bank statement indi-
Gated a further gain in cash by the
banks, which, in the course of the week
have gained from the interior in amounts
estimated between 5000, 900 and 81, 600, 900