Newark evening star and Newark advertiser. [volume] (Newark, N.J.) 1909-1916, 1911-01-17
MARKET CLOSES
STRONG; READING
IN UPWARD RUSH
Further Rise in United States
Steel Marks End of Active
Day in General List.

NEW YORK. Jan. IA further
marked advance in Canadian Pacific to
2lo5s, making a gain Of 3h points, was
the principal feature of the opening of
the stock market today, The entire list
was strong, with a gain of IA in Union
Pacific, Ia in Minneapolis. st. Paul
and Sault Ste. Marie, ~ in Sears, Roe
buck, / In Tennessee Copper and L. s..
Steel and material advances In all the
other active issues.
II Il. m,-The Street was disposed to
regard the buoyant rise in Canadian
Pacific as coloring the reports current
Of a forthcoming issue of new stock
will resultant valuable rights to stock
holders. Norfolk and Westerns gain
of 2% was similarly regarded as cor
roborating gossip of an increased divi-
dend and a possible merger with the
Pittsburg, Cincinnati. Chicago and St.
Louis under a lease to the Pennsyl-
vania, Speculation in general was
strong and there was an active inquiry
from the shorts which accelerated the
rise in the important stocks.
Noon-The principal argument heard
in explanation of the markets early
buoyaney was the favorable trad
statement for December. Arb tr &c
brokers reported some further demand
for Canadian Pacific from London and
the continent. Minneapolis, St. Paul
and Sault Ste. Marie and other issu !
related TO Canadian Pacific moved ~
In sympathy with the latter. NorfUlk
and Western issues made further SUI
stantial gains on rumors of Pennsyl-
vania control involving an increased
dividend, but Pennsylvania partici-
pated only slightly in the general adj
vance. New York Central buying was
accounted good. The grangers and
Pacifes sold higher after the marte ct
became dull, Union Pacific improving
2 points anr st. Paul /. Fractional re-
c~essions in Canadian Pacific, Rea5ing
and Norfolk and Western restricted
general buying, but prices were main
tanned.
i p. m.-U. S. Steel forged slowly up
ward on large transactions. touching
779s, a rise of ia. Pacific Telephone
was unusually %activie, and went to 80, a
gain OF 31a. American Telephone also
ruled a point higher. The investm mt
demand for the projected New York
city Az per cent. bonds increased
steadily, one block of $500, 900 changing
hands at 1Ol, the top figure. Amerit an
Tobacco As were also extensively dealt
in, advancing IA to S3A. The 6 per
cent. bonds, on the other hand, be-
trayed heaviness. There was very little
otherwise to the midday market, which
quoted down, as usual, in the absence
of any active speculative movement.
2 p. m.-Norfolk and Western tool
the lead In the rise In the afternoon
session, responding to a steady de-
mand, with a further advance to 1881
a gain of AZ. Pittsburg, Cincinnati,
Chicago and St. Louis jumped to 100,
compared with 97%, it's early low figure.
The Hill stocks advanced a point each.
Reading sagged back to yesterdays
closing figure. Operations In the bond
market have been on an enormous
scale, with sales averaging nearly a
million dollars an hour.
8 p. m.-The market closed strong.
Business expanded and there was a
more diversified inquiry, many stocks
which had not figured notably in the
earlier dealings rising a point or more,
particularly the southern and south
western stocks. Northwestern was
pushed up ga n Chesapeake and
Ohio L. Reading started vigorously
upward again and there was a further
rise in U. S. Steel and the general ac-
tive group.