The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1911-01-29
EWH|GHRECORDS
ARE ESTABLISHED
Steel and Atcllison Make Best
Figures Of Year, and Mar
kct Closes Strong.
RAID MADE ON STEEL
Movement Begun as Soon as
Morgan Leaves for
i. Europe.

New York. January 2S.-Aftcr es-
sablishing Steel and Atchison at new
high records for the year, the stock
market closed strong to-day and ac-
tive Norfolk and Western was very
strong. selling up nearly to it's recent
high record. The only stocks show
ing heaviness were the copper issues
and their weakness was due to the dull
business in the metal. Liverpool ac-
tivity was evident In low prices.
The bank statement showed an aver
age increase in surplus reserve of So
100000. The loans were increased $685.
163.600. deposits. S40,7S5,40o. and cash.
$l3,463,l00.
ciprocity WITH Canada in food pro-
ducts distinct Improvement in the
y orlS bond issue Of s6o,ooO.00o went
long way the past week toward
strengthening the stock market. Prices
resisted stubbornly several desperate
attempts TO break them.
Departure OF J. p Morgan for Eu-
rope was the signal for raid on
steel both in Washington and in Wall
Street. The affair was a farce in both
places 1t is possible that Congress-
man Stanley may have no connection
with Wall street traders. but his reso-
luton TO investigate the Steel Trust
has been taken up by them as the
cause for selling steel. While no direc-
tors of the Steel Trust are openly
named as participants In this later
ell TO break the STOCK. IL Is KNOWN
that friends of directors arc deeply
jnvolred. The real inside interests Of the
Steel Trust express confidence in the
stability OF the United States Steel
Corporation. and apparently feel that
absolute free trade would fail to In
jure the trust, because 1t would de-
stroy many persons that are able to do
business now under the trusts um-
Steel Trust one in fact as we'll as in
theory. and permit II to do absolutely
the steel business Of the United
Etates.
Some actual BUSINESS in the steel was
Fcen The past week when New York
Central and I.ackawanna placed their
orders for rails for 1911 Official an
nouncement OF the Pennsylvania
tls.rs is expected very soon
Norfolk and Western got its regular
dividend, as did the ST. Paul. An
lativc interests In the former and
decrease in the latter 1t appears that
Norfolk and Western is planning to
issue some bonds but for what pur
pose is not disclosed ST. Paul may
find II necessary to have the Puget
Sound Railroad declare dividend in
order to furnish funds for the dividend
Di tho parent company.
Bankers associated with the Goulds
In building the Western Pacific. say 1t
Is earning about $1,000 mile. The law
does not compel new railroad to
make public reports until 1t has been
in operation one year. and this is given
as an excuse for withholding nforma-
ton the Western Pacific
Wall Street was much interested In
the disclosures by Otto II. Kahn. OF the
fact that T.. II. Hartman had planned
10 build the Panama Canal II the gov
eminent had not done 80, This ract
taken in connection with the other dis
closure that Hartman had planned
railroad and steamship system TO en-
circle the whole world, seems to show
that Hartman did not consider the
Panama Canal blow at the trans
continental railroads. Many investors
have wondered whether they ought not
sell their stock on completion of the
canal and Mr.. Kahn's disclosure is
useful in helping them 20 arrive at a
conclusion.
Number OF shares sold to-day. 245,-
$50: year ago, il3,l62. Par value Of
bunds sold to-day, sl.a63,000: a year
ago. sl.5TG.o00.
A small decrease In the number of
idle freight cars is announced by the
American Railway Association for the
the surplus of cars amounted TO l22,291
OF l1,S65 larger than January t.
On the Curb.
Trading in the outside stocks was
fairly active and generally about
ste,4'y The low-priced shares were
again quite active and advances were
scored In many Of these. The majority
Of copper shares were fractionally
lower, owing TO the weakness Of the
metal shares on The exchange.
New York. January 2s,-Nloney on
call nominal. Time loans easy; sixty
days. 3G3l-4; SIX months. 3l-e hid !;
very little doing. Prime mercantile
paper, ( to ia, sterling exchange
steady, with actual business in bank
day bills, and at s4.s5o5 for demand.
Commercial bills, Si.S2Ms!.S2 Bar