The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1911-01-15
MARKETS BUOYEO,
CLOSING STRONG.
Anticipation Of Remarkably Good
Bank Statement Keeps
Prices Up.
STOCKS ADVANCE STEADILY
Due in Part to Manipulation to
Minimize Result Of Bank
Failures.
[specIal TO rhe Times.pisnatch.1

New York, January 1i.--Anticipa-
ions or a remarkably good bank state
nent buoyed the market to-day and
closed IT strong In spite Of some liberal
p1oht.taking ~ professionals. About
the only stock to develop weakness
was Goldfeld Consolidated. and that
was so well advertised that il did not
disturb The rest OF the market. The
been expected OF It, for deposits we're
IN eAcess of loans for the first time
IN many weeks, and the gain In sur
Plus reserves was larger, The actual
1875, while the average surplus was
increased 7.902.9 25. Actual deposits
MbiIs an Increase Of sit,Gs5 eco.
of Goldiield Consolidated
was due to official announcement made
by the company that the reserve of ore
actually blocked out is sufficient to CON
tinue earnings for two ana onc-half
years at the rate they were made in
1910. AS practically all the profit Of
1910 was paid in dividends. the street
accented this statement as meaning
that the dividends OF 1910 might be
years. which would mean So a share.
Inc stock broke to 5 l-2. but quickly
recovered to 3-s.
Repor's are in circulation Of a deal
Boon to be announced between the st.
Pau and the Frisco. whereby the
Frisco viii be furnished with money
TOT an extension TO Los Angeles. The
Mexico; opening UP a territory not
touched BY the Southern Pacific. with
which Frisco has a close traffic al
lance. The deal will let st. Paul have
another outlet OH the Pacific coast, and
VIII make the road a real competitor
YIN the other ,r-anscontinental
was made that ST. Pau would need
about Sl5.0oo.0 900 later in the year. but
that no preparations have been made
Advance steadily.
Stocks have advanced steadily
~roughou the week in Wall Street.
This was due partly to manipulation
designed to minimize the bank failures.
but II was also due largely to the
strong technical condition OF the mar
ket. Fundamental conditions are dis
tinctly better. for although trade re-
mains dormant. sentiment is more
cheerful, The CELEBRITY with which the
supreme Court is going ahead with
the trust cases has inspired the whole
country with confidence.
Chief among the stock market move
ments was that In Canadian Pacific.
which went 10 a new high record on
announcement that dividend would he
Increased TO 10 per cent. Other stand
ard issues were firm, but no surprising
advances were recorded.
In the steel trade the event OF tho
week was the selection of James \
Farrell. head OF the export department
Of the trust. for It's president. Mr..
Farrell is not a Wall Street trader, and
his selection was taken TO mean that
In the future the holding company
viii devote Its energies to the sale OF
product while the presidents OF the
subsidiary concerns will be held re-
sponsible for actual production. The
trust announced tina; untitled orders
on the books the last day OF December
were o5.655 tons smaller than at the
end OF November. The untitled orders
are at the lowest level on record. Fol-
lowing conferences of steel men, Off
clal announcement was made that
prices Will be maintained. In spite
OF these announcements it was reported
that PRICE cutting is In progress in
many directions. OF the weeks orders
by railroads. that Of the Pennsylvania
placed.
The Pennsylvania Railroad Company
asked It's stockholders to vote on an
issue OF 500, 900. 900 OF new stock, of
which 80 per cent. is to be put out i'm
mediately at par. The money will he
used partly TO finance the New, York
terminals. and 1t Is understood that
some will be used to pay for Norfolk
and Western stock.
Other financing reported or rumorcd
included from $40. 100000 10 $4,000, 900
by tine New York Central. This is ON
cialiy denied. but the report persists.
Union Pacific Is said TO be planning
an carly Issue Of part OF the several
prepared for Issue. The Reading Will
have $4,000, 900 OF bonds falling due
In June, and talk is that this viii be
: companies will also have offerings 10
make.
Temperance of Thomas F. Ryan as
the active man in the local traction
trust excited great interest. MIR. Ryap
has been in the background for sew
eral years, but the tanglc that has
borough Rapid Transit Company for
the extensions of the subway system
has thrown the traction camp Into such
confusion that It's old master has been
called into active service.
George J. Gould will retire as oper-
attng head OF the various Could rail
San be found for him. Mr., Gould is
assisting in. the search. He will not
dispose OF the Gould holdings in those
roads, these being held as a perma-
nent investment of the family. under
the Will of the late Jay Gould.
On the Curb.
Porcupine Central. whose wild
"waShinE' attracted general atten-
ton in Wall Street on Friday. sub
sided to respectable activity to-day
with a total of less than 1000 shares
Among the most active mining stocks
we're Ray Consolidated and la Rose.
In the Street.
NH of shares of stock sold to-
day. 365,51O: n year ago. S59.i00.
Par value of bonds traded In to-day.
$l.97o,00o: a year ago. se,76S,000.
More idle equipment of all classes is
reported by the American Railway AS
sociation committee OF relations be-
tween railroads in Its statement of car
SURPRISES and shortages as Of Janu-
airy s. The total numbcr of cars idle
on that day amounted to f10.432, an
Increase of 39.Ii2 when compared with
the number of idle on December 81
last.
Coffee held for the Brazilian Coy
eminent by the Valeorization Commits
sioners will be liGuidated in April
to the extent of 1,200, 900 bags. accord
ing to official announcement made to-
day. 1t Is understood that one-half
OF this has already been placed so
that the sales will not Interfere with
the big campaign now going on in
Directors of the seaboard Air Line