The Washington herald., 1911-01-16
WALL STREET NEWS
Largo Interests Confident
About Future.
MARKET SHOWS STEADINESS
Second Week of New Year Brings
DfscomAture to Those Who Had
PrOphesied Evil ThinEs-SPecula-
tive Buying Is Discouraged by
De~elopments on the Street.

New York, Jan. 5.-Again in the second
week of the year the stock market
brought discontinue to the prophets of
evil things IT did not advance at a live
ly rate. and nobody expected 1t to, but
it gave further distinct evidence that
liquidation in il had been pretty thor
ough, and that the larger financial inter
ests were feeling hopeful. not to say con-
fident. regarding the general future
During the week there were many de-
velopmentS that if they were not exactly
unfavorabIe were yet such as to dlscour-
age speculative buying by the rank ana
file of market operators. The week
opened with news in the local banking
field that undctAcertain market conditions
at any rate would have resulted in
break in prices; the price of copper weak
ened: there was few strong signs Of
improvement in the iron and steel trade;
in the leather industry a good many
tanneries shut down: there was talk of
closing of cotton mills both North and
South; the large increase i'll the annual
assessment upon New York city real es-
tate was thought by many people to be
too great; there were those who queS-
toned the probable success of the city 5
offering of municipal stock bearing an
interest rate as low Al per cent, and
the progress of the arguments in the
rate cases before the Interstate Com
merce Commission and the Standard Oil
and American Tobacco cases before the
United States Supreme Court once more
directed attention to the vast issues hang
ing upon the decisions therein soon to be
made
Finally, at the end of the week came
the announcement of a large stock Issue
hy the PENNSYLVANIA Railroad Company.
which took speculative Wall street by
surprise and by this element MAS not
altogether we'll received Yet n"verthe-
less the general stock market seemed to
entirely disregard these So-Callcd bear
factors. On the other hand. ii manifested
unmistakablc tendency to advance.
and good gains We're made in all the
leading stocks.
Disposition Of Powers.
Or course. the attitude of the market as
above dcscrihed gave not only proof of
its sold-out condition, but cast light upon
the present disposition Of the great bank
ing and financial powers If there is any
doubt as to where" the stocks are just
now. occurrrnces last week cleared it up.
current and technical market factors
v hich appeal to traders and spectators
more than anybody else. assurances are
broadening as To the sound and fortified
state of the existing financial and buSl-
tSS situation and as to the brightness of
general prospects Money is coming back
in a flood after the January diSburSe-
nentS the leading financial ccnterS
here and in Europe. and the outlook now
is for a period of pronounced ease in
money longer even than was thought Il
month ago by good judges.
The Bank of England in its weekly
statement of condition ON Thursday
showed such great reduction in loans
and increase in cash to bring its pro-
portion OF reserve up to the highest level
in any year. save on" at this time for a
dozen years back. Saturdays clearing
houS" report in our own city was d phe-
nomenal exhibit. with Il showing of
cash surplus. according To the average
system Of reporting. "f S21.36l 60 and an
actual surplus of $Gi.31l.0cO. This record.
il is needless to say. is far in advance
not only of that of last year. but OF those
for many years past. with one or two OK
reptionS in times of extremely dull trade.