The Birmingham age-herald., 1911-11-10
PRICES RISE IN
 EVERY QUARTER Securities Purchased Con- fidently in Large Amounts
 As Result

New York, November 9.-Wall streets view by the acceptance of the reorgan- ization plan for the American Tobacco company was registered emphatically to- day in the stock market Securities were purchased confidently in large amounts. Prices rose in every. quarter of the market.
 While the American Tobacco stocks and bonds were strong, their movements were not so pronounced as those of more &C., tive issues. United States Steel was the conspicuous feature rising more than points to 63B. Transactions in this stock were on an enormous scale, with a total for the day of 42100O shares.
 The stock was particularly sensitive to the Tobacco decision on account of the dissolution suit instituted against the United States Steel corporation and the essaand for these shares seemed to be almost limitless.
 Gains were general throughout the list. Union Pacific rose to 173A, gain of near 1y 5 points. Lehigh Valley, American SmeIting and International Harvester rose { points or more, reading and Amalga- mated Copper more than points and other active shares from ? to points.
 Trading was on a much larger scale, with a total for the day of we'll above a million shares. Although the move ments of stocks demonstrated that the courts decision had not been discounted entirely in the recent advance in stocks. trading yet in American Tobacco issues was fighter and fluctuations were smaller oft, Jo c{n 10 SfI- preme court decision was announced.
 The common stock rose points. the preferred 116. the s per cent bonds 2b and the As 1 point.
 An important factor In the trading was short covering. The sudden rush upward of prices resulted in the complete rout of the bears. As stocks were carried steadily forward without reaction of consequence during the session, the short interest became alarmed and toward the close there was stampede to cover which sent up the market with renewed vigor.
 Some increase in outside business also was reported. The adoption of the To- bacco reorganization plan was styled in the street as of great importance as viewed in it's broader aspects. The pos sibility of a decree of dissolution against the United States Steel corporation was less disconcerting to holders of stocks for steel and bonds.
 This influence extended to other cor porations which it has been thought might be made defendants in antitrust suits. It was felt that settlement of the case might point the way toward an end of the uncertainty concerning the conduct of corporations. S
 Reports of much greater activity in the steel trade continued to come in. A number of contracts for steel rails are under negotiation it was said.
 Declaration of an extra dividend on National Biscuit was followed by the broadside. Passing of the dividend on American Oil has been in prospect for some time but the stock rose. points earlier in the session. 1t did not fall, however, below yesterdays close. Lon don trading was estimated at about 35,000 shares, chiefly representing buying.
 United States Steel, Reading, Union Pacific and Rock Island were traded in most heavily for foreign account In the London market the rise of New York exchange was anticipated before the opening here, although gains were com paratively small.
 Trading in bonds was on much larger scale Bonds generally showed pro- nounced strength, with substantial gains in some of the higher priced issues. To- tai sales, par value, $6.37SOOO. United States bonds were unchanged on call.