The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1911-02-02
New Y ork
Stock Market

New York. February 1-With scarce
~ break through the day. prices
swept upward on the Stock Exchange
In consequent fashion until at the
close some of the active stocks showed
net gains OF two points or over. 1t
was the most Impressive denonStra-
ton of strength which Wall street has
witnessed in many weeks and was at
1rlouted III tho main to the IN fucnce
OF yesterdays favorable devclopments
notably the Hartman SYSTEMS huge
Improvement projects and tho cheer
ful view expressed by Chairman Gary
of the United States Steel Corporation
as to present and prospective condi-
tions in that industry. Moro signin-
cant than developments on the Stock
Exchange itself WAS the marked
change in sentiment which they re-
fccted. Wall Streets professionally
pessimistic attitude of recent months
was replaced, for the time Il least by
feeling Of confidence ami Inc belief
that a genuine turn for the better had
now been reached. The volume OF
business on the exchange WAS neariy
double that Of most recent days but
In spite Of large offerings at success
sirely higher levels. the upward move
ment continued until the final hour,
when there was slight recession
NHltli, noNeNcl, ola not seriously ms
turh quotations. Extensive profit TAX
ing and report from Washington that
another effort would be made in Con-
gress to force an investigation of tile
United states steel Corp oru tom com
bincd to make the tone at Inc close
slightly easier
Northern Pacific rose in spectacular
fashion touching 12S 81, live points
above last nights closing. and was
a n n for IF Ia, ~
ing.
There We're reports to-day that tho
rise In Northern Pacific was due to
valuable rights" which were to be
conferred in connection with new fl
nancing. The strength which was dis
played by United States Steel common
was somewhat Of surprise 10 specu-
lators in view of the fact that the
quarterly report of the Steel Cor
poration showed earnings of $4,000, 900
or more below popular expectations.
The showing for the year. however,
was regarded as satisfactory. when
coupled with Chairman Gary's state
1nent that marked impro, ement had
been shown in recent weeks.
An Offering OF nearly $4,000. 600
Reading 4 per cent bonds Increased
the already large total OF new sec,lri-
ties recently placed upon the market
Rotation OF new securities to the
value of so25,169, 600 in the month lust
ended established a new high record.
The increase was confined TO railroad
securities. which We're more than $780,
Npo,ooO greater in January, 1910 In
dustrial issues falling off considerably.
Bonds Were firm. Total sales, par
value, S+o29.ooo. L. S, as registered
advanced 1-Sc on call
Total sales of stocks for the day,
$4,000 shares.
New York, February 1-Money on
call steady 1-46 81 per cent rul-
ing rate, SIS; closing bid. IS: Of
fered at 50. Time loans firm. SIXTY
days 3 per cent, and ninety days. sl-4
MS IL; six months, 3 So Prime
mercantile paper, 4 to 4l-2 per cent.
Sterling exchange steady, with actual
business in bankers bills a, siSs1ooD
s+SS.25' for sixtyday bills, and a,
S4S6l5 for demand. Commercial bills
~ IA S4s2 5-s, Bar silycr. - "a
Mexican dollars Az