New-York tribune., 1911-02-02
FINANCIAL MARKET
Active Trading in Stocks at Gen.
eraI AdvanCeS-Northern
Pacific the Leader.

Prom m, point ~ Wow ~ strength
and activity and broadening tendency
,r. stock market Yesterday was indica-
tive Of real bull movement, for prices
advanced ON the heaviest days tranSac-
t.ors Of the wear. nearly @neH shares
and thoro were dealings I'm approNi-
ratcIv iGo different issues. The active
forces. however. were apparently the
powerful interests. There being yet little
uarticipatiou from the public In the buy
ing demand. The faith of the Iuiou Pa
riue management that behind the
clouds is the sun still shining. conf
dance backed by their committing their
railway system 20 plans of imrrov"m MT
which will involve the expenditure of
srorcs Of millions within the coming five
ar six years. was qui,o naturally used as
tho basis for forcing the pace ~ the
market advance which has been In
progress during several days but the
Union Pacific announcement has I'M
doubtodlv already cNcrted a striking IN
Auence on sentiment IN business circles
as wen as in the stock market. other
great railway systems. especially those
parailcling tho Union Pacific. are ex-
poot.d 20 undertake similar bettermonts,
although perhaps not IN the immediate
future. rather than see their competitor
secure so great an advantage as would
accrue to n as the operator OF the only
double tracked road from the Missouri
River 20 the Pacific Coast; and the rail
ways requirements for now construc-
tion work viii provide a strong stimulus
10 the steel industry. tho oldtime
barometer Of trade"
The steel business, indeed. is already
showing distinct signs of Improvement
to which THE iron Age" this week bears
witness. its reports on the industry at
large being as optimistic as was Judge
Gary's statement of Tuesday concern
ing the increased business Of the United
states Steel Corporation since the be
ginning Of the year II was 10 this
cheering outlook. and not TO the poor
statement OF earnings Of the steel Cor
poration for the last quarter Of 1910.
that the market gave heed yesterday.
the improvement being reflected I'm the
advance Of about point in Steel COM
mon. and the gains of -. in Sloss- Shelf
field and 17s in Republic Iron and steel
preferred.
The market was strong from the out
set an Of the active issues opening above
the final prices uf the preceding day. and
until tho last hour whcn there were
some raccssione on profit taking. there
was little interruption to the advance.
Northern Pacific which mas been par
Ucularlv strong for the last day or so,
was the leader Yesterday. rising nearly
> points and closing with n net gain OF
~. Its advance was accompanied by
rumore Of an extra dividend and Of i'm
minent new financing, with rights ~
value. but neither of thc"c reports found
conn~rratiou the explanation of the
strength oi The stock perhaps lying In
the existence II large short interest.
which is bong Obliged 10 cover. The
market closed with net gains for most
az the issues. running 10 IL points In
Eeading IL in Missouri Pacific, - in
Chicago & Northv stern. - IN New
York Central. the financing plan of which
:. likely soon 10 be brought out. and J
point IN Great Northern. Atlantic Coast
Line end Louisville & Nashville. which
had had substantial advances on Tues
dav. were inactive yesterday, slt the
Atlantic Coast Line Louisville & Nash
vile IS were the feature Of the pond de-
rartment. advancing nearly points 10
gfIS. aud closing ~ 9i on sales Of Si@''.-
go par value can none. continues
oosv and time money rates are un-
changed. although the suppiy Of time
funds was less abundant YESTERDAY The
foreign exchange market was strong, de
,,,ard sterling rates advancing twenty
.gs-tr