The Washington herald., 1911-03-01
WALL STREET NEWS
Improvement in the Current
Financial Tone.
PRICES CLOSE AT AN ADVANCE
Cheerfulness Indicated Monday Is
Pronounced from Opening of the
Business HeIpfuI-RaiIrOad and
Rubber shares Show Strength.

New York, Feb. &-AIthough a close
competition yesterday showed a slight
decline in the average price of stocks, the
fact was overshadowed by the far more
important consideration Of a manifest
improvement in the current financial tenn
per. The fall, indeed. was only made at
the close of the day by a few evening-up
aales by room traders.
To-Day the cheerfulness of which there
were indications yesterday was pro-
nounced and undisguised from the be-
ginning, and throughout the stock ex-
change session prices kept well above
the final figures of the preceding day, and
closed at general, and in some cases con-
siderable. advances.
Whatever real apprehension there was
over the Interstate Commerce Commis-
sion decision in the rate cases has dis
appeared, and in its place was grow.
ing opinion that the outcome of the af-
fair had been really for good. Railway
freight rates over the country are now
stable for an indefinite time to come.
Investment Market Strong.
The endless lain of advances in rates,
followed by advances in railway wages,
has ceased Another cause for the reas-
surance of Wall street subject is that the
recent strong tenor of the investment
market has been in no way diminished.
] was announced this morning that the
81, 100000 of Erie notes taken yesterday
by J. P. Morgan & Co. and a syndicate
of leading bankers had been distributed
among individual investors two hours
after they were placed on sale. The
formal statement was also forthcoming
that the subscription hooks for the issue
of new Studebaker Corporation stock had
been closed shortly after they were open
ed, inasmuch as the stock was being
heavily oversubscribed.
Added to this circumstance was the
force of a continually easing in market
money. Discounts in London fell to the
lowest price of the year, and there was
a recession also in money rates in Ber-
lin and other leading European centers.
The open market rate for money in Lon
don is now fun l per cent below the
bank rate. and the Bank of England's
treasury is still being replenished by
weekly receipts of gold from South Africa
that are flowing into it without any i'm
pediment whatever.
Steel Outlook Helpful.
So far as the local financial situation
is concerned, it may very well be that
for a week or a fortnight to come the
banks here may in their end-of-the-week
statements Sho" Ihe eject OF Ihe LlVley
distributed over the country in the shape
Of interest and dividend payments made
tomorrow.
Another hulpful matter to-day was the
very encouraging statement as to the
state of the iron and steel business made
by Chairman Gary, of the United States
Steel Corporation. and also one or two
important general statements as to the
progress of miscellaneous affairs by lead
ing bankers. Mr.. Gary declared that
from present indications new steel book
ings for February would average between
s. 900 and 5000 tons a day, which would
mark a substantial Improvement over av-
erage delivery Orders in January -