New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-09-27
FINANCIAL MARKET
More Cheerful Wall Street Sentl-
ment Helps Stock Prices.

Stock market trading was active
throughout the FIVE hours Of business on
a movement Of prices that showed great
irregula-ity with net advances prevail
ing al the close. Opening quotations as
a rule were under the final figures IN
Mondays operations, but soon after the
initial transactions q buying movement
davaIoped that brought about sharp
rallies in most parts Of the list the
character of the purchases suggesting
substantial interests had determined 10
sr7norr the market and 70 bring 20 an
end the reckless selling movement that
has been running riot FOR many weeks
Attorney General Wickersham's state
uert regarding the intentions Of the
Department OF Justice toward the cor
porations was well received in the
street but the fact that II presented
nothing new in relation 10 the govern
r,en+'s attitude on the Sherman anti
trust law encouraged a certain amount
NJ activity in bear circles on the theory
thar while recent alarming reports OF
prosecution Of the United States Steel
C9rporation and other concerns popu-
1s~1v classad as trusts were not well
founded. there had been no change In
the policy Of the administration 70 en-
force the Sherman measure.
Mr. Wickersham says that 'the care
and caution with which the law officers
NJ the government are proceeding TO the
examination Of each case should be a
guarantee 70 the country that the depart
ment Is proposing 10 enforce the law
with care not unnecessarily 70 injure
arv interest" This statement together
with the Supreme Courts decision that
the Sherman law must be interpreted in
the light OF reason" ought 20 convince
investors that vested funds viii be pro-
rected in any readjustment that may
he ordered by the courts IN the affairs
OF corporations. II IS understood that
the plan for the reorganization OF the
American Tobacco Company 20 conform
m the law viii be most favorable 10 the
present security holders Of the com
panv. q reflection of which is found in
the movement OF the Tobacco issues on
the Stock Exchange and on the curb
American Tobacco bonds supplied a
large proportion OF the total business IN
Yesterdays bond market. both the IS
and the 6s enjoying marked improve
ment The entire bond market, however
was unusually active. dealings amount
ing 10 the par value Of more than 81
800 900. against the high daily record
made on November i, 1904, when sales
reached S15OS5JO Bond transactions
VIII be worth noting from now on. The
general market was strong IN the last
hour and sentiment was more cheerful
The larger houses reported investment
buying
In the time money market three
months loans were slightly frmer and
more active. but otherwise the general
market was dull and undressing, the
demand in most departments being
light. with no indication Of improve
rneut in the immediate future. Business
in time money naturally tends 70 con-
tract as a consequence Of the unsettled
conditions in the stock market, which
Of course. serve 10 induce extreme con-
servatism on the part OF both borrower
and lender. a reflection Of the present
attitude Of the mercantile borrower
being found in his uuwiIliuEuess 10
make commitment involving future OPP
erations i'm business. Local banks are
doing little in commercial paper. De
mauds for currency from the South and
West show some Improvement over the
inquiry recently reported, but out-of-
town exchange rates on New York indi-
cate no urgent necessities calling for
heavy Withdrawals Of funds from this
centre Interior institutions are suffer
ing from a lack Of mercantile inquiry
for loan accommodations, and they
F Therefore are not compelled 20 reduce
/ their balances here 10 meet the usual
demand for money incident 20 the gath
eriug and marketing Of the crops. al
though Canadian banks furnish an ex-
ceptiOn as they are now taking a con-
/ siderable amount OF money from this
market for Canadian harvest needs.
/ Foreign discounts are strong and in
the f0rtuighty settlement on the Lon
| don Stock Exchange yesterday the con-
! tango on American stocks was AZ per
cent, compared with 81 per cent two
| weeks ago, while Stock Exchange loans