The Washington herald., 1911-01-19
WALL STREET NEWS
Realizing Sales Fail to Stop
Buying Movement.
BOND DEALINGS ARE LARGER
Current Strength Of Investment
Market of More Substantial Char
acter Than Any Seen Recently.
Favorable Bank Statement Expect
ed-MOney Rates May Fall.

New York Jan. 1S-After an advance
yesterday of nearly $150 share in the
average price of the leading railroad
stocks some considerable reaction in to-
days market might naturally have been
expected, and, indeed, taken as a whole.
the market throughout the day presented
evidences of realizing sales. Yet. never
theless, the striking feature of business
was that despite heavy profit-taking
only small declines were shown.
Buying went on as buoyantly and con-
fidently as ever, and the report from
commission houses was that public in
terest in the market was definitely, al
though still not greatly. enlarging.
1t is very plain that the present move
ment in stocks is of highly different
character than that which was under
taken last fall. 1t is no "one-man" move
ment Nor even of a small number of
men. nor is it confined to two or three
speculative stock issues.
1t has thus far received the unqualified
support of banking interests and doubt
less will continue to do so until such
time as the rise gets out of hand. as
It has as yet shown no notable dispo-
siticn to do.
Bond Dealings Are Larger.
In the bond market to-day dealings
were larger and more diversified than at
any time since January ]. A fair infer
ence may be drawn from this that the
current strength of the investment mar
ket is of much more substantial sort
than any seen throughout last year. and
that it is not like one or two similar
movements in 1910, false start
All current indications pointed to fur
ther case in the money market and il
was rumored that loans of money had
been made covering a twelve months
period at per cent. 1t was at any rate
a fact that only per cent was paid for
money on long time on the sole Secu-
rity of industrial stocks.
Signs gathered of another highly IA
vorable bank statement on Saturday art
in spite of all this Lowering tendency ot
the money market sterling exchange here
fell sharply.
London Mny Reduce Rates.
OF course the action to be taken at the
weekly meeting of the directors of the
bank OF England Tomorrow as regards
a reduction or keeping at its present
level Of the discount rate of that insti
tuition will be matter of no little In.
terest although the course followed by
the directors, whatever il may be, vii
after all be of academic nature mas
much as the essential ease of money con-
ditionS in England and everywhere else
has long since been demonstrated
Opinion was perhaps about equally di-
vided to whether the bank rate would
fall, and a reduction of the rate cannot
probably be postponed beyond next week
in any event.
A successful sale was announced to-
day for many bond issues recently
brought out and all the talk was again
of a highly satisfactory outcome of the
city of New Yorks new offering of s60,
0"a.0o0 municipal stock. a species Of at
tack upon the present market for cop
Per metal which appeared to-day in a
morning newspaper attracted little at
tention and was generally considered by
those who noticed il at all to rest upon
inaccurate and misleading grounds.