New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-10-18
FINANCIAL MARKET
Stocks Gain Strength in Late
Trading-Foreign Exchange
Higher.

weakness al the opening OF lne STOCK
market yesterday was followed by q
moderate rally in the early afternoon
and more pronounced recovery in the
last hour, the close showing small net
gains for many issues and only frac-
tional net losses for the others. The
initial weakness was ascribed primarily
to the reported expressions of officials of
the Department of Justice regarding the
American Tobacco reorganization plan,
particularly the personal opinion Of the
special Assistant Attorney General who
has been in charge of the case, Mr.. Nc
Reynolds. although the unfavorable feel
ing produced by Attorney General Wick
ersham's remarks was modified later, the
Street inclining 10 the view that AS he
was q participant in the several con-
ferences held in this city between the
representatives of the tobacco interests
and the Judges of the Circuit Court he
had probably given his approval to il in
its general outline. United States Steel
opened about p point down, and was
sold heavily on a report that the gov
ernment had filed a suit against the
Steel Corporation under the Sherman
law. and the uneasiness caused by the
pressure upon this issue was soon re-
Elected by selling Of the industrial list
and by a declining tendency among
many of the railway issues also. Steel
common, which had suffered loss of
nearly 10 points, rallied when denial
was made by the Attorney General from
Omaha Of the rumor concerning the legal
move. and the list advanced with II.
The trading was in light volume, total
sales being less than $4,000 shares, Of
which steel common supplied one-third.
and was almost wholly professional. In
the bond department also the volume Of
transactions was considerably smaller
than on Monday. one of the causes of
the afternoons light business was with
out doubt the baseball game, many Of
the brokers' and their customers journey
ing 10 the Polo Grounds, and those who
remained downtown taking more inter
est in the frequent bulletins from The
field than i'm The languid movements of
the stock market.
There were few news developments af-
fecting stocks, and little attention was
given them. Tho prediction that cotton
would sell under nine cents was fulfilled.
The report Of the Chicago, Burlington IL
Quincy for the fiscal year ended June %
showed a gain in net earnings Of S3.S1.-
100 but as this was due almost entirely
to decrease i'm the maintenance Of
way and structures item Of the opor-
atiug expenses the increase in net mad
no Gcciccdly bullish effect on Great
Northern and Northern Pacific. The
foreign exchange market was active, de-
mand sterling rates advancing sharply
TO the highest level for q year while a
further advance i'm the Paris rate ION
London increased the probability of an
early movement of gold to the French
capital. The local money market con-
tiuued i'm a state Of extreme ease. with
% per cent as the maximum for call
loans and the supply OF time funds *
ceeding the demand. The advance in
sterling bills was on buying by institu-
lions which have been finding abroad
the borrowing demand which has Ions
been virtually nonresident here. the
total of the loans made by them in iiu-
rope being estimated at from SlWWOo,-
600 to $50. 100000. and among the lend
qrs Yesterday were reported important
banks of the interior. which have dra ~n
uuon their New York balances.