The Washington herald., 1911-01-07
WALL STREET NEWS
Much Strength Shown in the
Bond Market.
MANY BIG DEALS RECORDED
DfSersity in Dealings in Bonds Con-
stdered Best Possible Develop
ment at This Time-Ba nkcrx Be-
lieve Improvement in Tone of Mar
ker Will Continue Indefinitely.

New York, Jan. 6.-The most striking
feature of the security market to-day
was the strength and diversity of the
dealings in bonds. This, of course, forms
about the best development that can pos
sibly happen at the present time. and it
Is altogether probable that the efforts of
large financial interests are now devoted
TO holding n check such an active spec
ulatNe movement for the rise in stocks
as might otherwise very well take place,
but which might also have the effect of
hurting the bond market proper.
Transactions in bonds to-day amounted
to 100000. the largest seen for a very
long period. For the first time in an
equally long period also to-day it could
be said of the days bond transactions
that they were larger than those of a
year ago. The bond market was not
characterized by particularly sharp
advance in any one group of securities
the purchasing movement, on the other
hand, assuming the form of a moderate
demand for a great many different bond
issues all Of which. of course. attested
the genuineness of the investment move
ment.
Confidence Is IncreasinE.
No doubt speculation confidence as to
creased it, little later on. some large
new bond issue is sold rapidly, and at
fairly good prices as soon as it is brought
out Doubtless sustained strength in the
general bond market of the future will
depend to a considerable extent upon the
rate of interest established upon such
new bonds as may be offered.
Presumably, under present circum-
stances, an Offering of new 4 per cent
bonds would not meet with exceeding
success. Foreign investors for instance
can already place their money at home,
as seems. on fairly good security at AZ
per cent So far as more or less
cursory investigation goes, banking and
financial sentiment would not be at all
unfavorably impressed by the fixing of
somewhat higher rate of interest for
railroad bond issues than bas been paid
In many past years.
AT all events, and however considered,
Banking sentiment appears TO be unani-
nous on the point that the improving
market will continue for an indefinite
time TO come and that the current de-
rnand for bond securities is not of the
flash in the pam order that was wit
messed on several occasions last year
Shows Underlying Strength.
The stock market itself to-day
again exhibited Enthusiastically underlying
strength. if advances in the great num-
Der of instances were small.
Particularly large gains were made by
the Canadian Pacific group. the different
gas stocks held firmly their rise of the
two preceding days. the Reading and
anthracite stocks seemed to be again i'm |
process of accumulation. and toward the |
end of the day sharp advance occurred !
in AmalSamated Copper and several of |
tho copper mining securities
Cali and time money again moved to
lower levels. and this fact combined
with sharp rise in discounts in Lon
don. was responsible for brisk uprush |
in sterling exchange.
The advance in London in discounts
was caused oStenSibly by a renewal of |
th' demand for gold remittances in
Egypt Here the lower trend of the
money market was explained by the
published statements of tO-morrow's
bank statement. with n cash gain by the
banks running between 100000 and
100000