The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1911-11-02
Ne w York
Stock Market

New York, November lit has been
many weeks since Wall street has wit.
messed an upward movement in stocks
ginning with the stroke of the gong
which sisnaled the opening OF the
market STOCKS were carried forwar"
steadily to the enc OF the day.
The buying WAS aggressive through
out United states steel rose nearly
points to IS 81; passing above the
Ilsure ut which it closed last Thurs
day. before ming OF the government
suit broke the price to 81
Lehign Valley and American Smelt-
ang eavn gained points. Canaoian
Pacific. 3-S. keading. 5. and Union
lacibc. ? rs
The upward movement was ascribed
Sencraiiy 10 heavy huyIns Tor the long
account. OWING 10 the unexpectedly
Sood quarterly report Of United States
Steel AND the -UNerhment's attitude To-
ward The American Iouacco reorgam-
@auon plan. y secondary cause OF the
advance was the scramnle OF the snort
interest 10 cover contracts. The de-
mana from TINS source was unusually
extensive. but IN ltsuiI was not SUI
hcient TO account Tor the course Oh
prices. The United states Steel re-
port indicated, TO the minds oil many
traders. that the industrial sltuauur
was not as bad as it had been repre-
scented. The prospect of u peaceful So
luton OF the tobacco compuny's dif-
licultics was seized upon as showing
that the position of corporations un-
der the sherman law was less precar.-
GUS than had been imagined. The
combined effect OF these two iniiu-
cnces was TO snange speculative senti-
ment considerably.
An important development of the
week as regards the United States
Steel Corporation was a change in at
titudc OF the railroads. which indi-
Gated that they have nearly reached
the limit OF the postponement vi
equipment buying. Semi official state
ments We're to the effect that new or
ders OF the United State Steel Corpo-
ration last month We're larger than
was expected u fortnight ago. prob
ably ranging around $4,000 tons daily.
The September report OF the New
York Central system helped to i'm
prove sentiment. The increase in net
revenues of sl,363o0o was unexpecl-
edly large. The Pennsylvania sys-
ten. on tho other hand, reported a
shrinkacc III net revenue OF more than
100000 The strength OF Nlinnoapo.
lis. ~. Paul and Sault Ste. Marie. was
explained by its showing OF an in
crease OF $4,000 III operating incom,
last month.
Call money touched 3 per cent to.
day for the first time since january
10. The advance in rates vas due to
the requirements for November inter.
est and dividend disbursement, and the
temporary retirement of many banks
from the market.
Tic bond market exhibited decided
iirmness to-day, in line with The I'M
proNcment in stocks Trading in
American Tobacco bonds fell off large.
~, but there was incrcas.i business
IN other issues.
Total sales. par value, S+,S40.0OV.
United States bonds unchanged on call
Total sales for the day, $4,000
shares. including sugar. 400; Tobacco,
1000: American Smelling, $1,000; A. e.
J.. 1900 Chesapeake and ohio. 1900;
Eric. 22.600: Louisville and Nashville.
1000; Reading. 14l,Soo; Southern Rail-
way. ll.so0; Southern, preferred, 1000;
Union Pacific. $4,000; United States
Steel. $500; Virginia Carolina Chemi-
cal. 1900; Lehigh Valley, $4,000.
New York. November Money on
call steady. 3-Su3 per cent; ruling
rate. 3S; closing bid, 2I-s; offered at
!. Time loans easier: sixty days, 3l-4
W3 l2 per cent; ninety days. 3l-2d
S-4; six months, ) 3-4ai. Prime mcr-
cantuc paper, 4l-2Q4 a. per cent
sterling exchange steady. with actual
business in bankers bills at S4.S315 for
sixty day bills, and at siS6S5 a S4.S69O
for demand. CONNIE rcial bills S4SS
Bar silver. "a SIS Mexican dollars 40
RICHMOND STOCK MARKET