New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-11-07
FINANCIAL MARKET
Active Shares Show Marked
Gain from Low Points. Follow
ina Announcement of United
States Steel Suit.

STUN moi net II iNrC 0llON'o pei SiSN-ib
strength in the best part Of the day.
even i'm the face of active efforts on the
part Of certain traders TO bring about
lower levels in the afternoon. opera
tons were fairly heavy in the general
market and large in such stocks as
Reading. the last named again attract
ing attention because of the heavy buy
ing in it. At the moment, this stock, as
we'll as other prominent issues. should be
bought with extreme caution by specu-
'IsrCrs Who depend upon borrowed money,
for the reason that prices have enjoyed
material appreciate in recent days and
are likely 10 be vigorously attacked by
the bear element. on the theory that the
advance has been too rapid Further
more. il should be borne in mind that
following the announcement Of the gov
eminent suit against the United States
Steel Corporation large amount of
stock had TO be taken by substantial
interests to prevent panicky conditions,
and that in all probability consider
able proportion Of the stock thus alb
scrbed is being distributed.
United States Steel common crossed
60. q gain of 10 points in eight business
days. American Smelling in the same
time has advanced more than : points,
Union Pacific more than II points. Anal
gamated Copper more than & points and
Reading upward of t. points. Through
out the list a long column Of noteworthy
advances is noted. Sentiment has under
gone q remarkable change. and 1t is now
difficult to find commission house oper-
ator who is pessimistic over the future.
Rising stock market prices are power
ful accelerator Of optimism. II is quite
evident the big men have made mp their
minds TO stop Worrying over government
activities against corporations. and while
tt,ev generally ADMIT the reasona hlenesS
of the suits against such manifest mo
nopolies as the Standard oil and Ameri-
can Tobacco companies they do not rec
I
ment In its action against the United
states steel Corporation Missouri Pa r.
cifc was a strong feature, its advance
being based on the company's excellent
report OF earnings for the last week in
October The market closed strong and
moderately active.
General conditions affecting the actual
worth Of American railroad and indus
trial securities are stronger, and, ac-
cording 10 the opinion Of men well posted
on trade. the country is not running into
a period of business trouble. The presi-
dent Of the Pennsylvania Railroad says
talk of industrial depression. of a gen
eral slump in business and Of hard times
ahead is all mistake And he ought
10 know something about the general
situation for the good reason that as
president Of the great PENNSYLVANIA svs-
tom. he constantly is in touch with
section of the country covered by IL p2
miles of Pennsylvania tracks Of owned
lines and lines Jointly controlled. Mr..
McCrea believes that while there has
y
been shrinkage i'm the volume Of bust
ness in some quarters the people VINO
are predicting acute business disturb
ance are not familiar with the general
situation in the United States. Reports
received BY the commercial agencies are
not bearish Business men are simply
holding back in the matter of forward
commitments until various uncertainties
have been eliminated. The period of re
adjustment through which the country
is moving does not fVeshadow indus
trial disaster. Conservatism at ms
time will help later on, and it is there
fore 10 be hoped the larger interests VIII
exercise their financial strength TO check
manipulation on the Stock Exchange.
Money here continues easy. and foreign
discounts as a rule are lower.