New-York tribune., 1911-11-11
FINANCIAL MARKET
Steel Common Sells Is Points
Above Recent Low Level.

Irregular tendencies In prices reported |
In yesterdays early stock market were
not at all surprising in view of the
heavy advances recorded in the preced-
ing day. Indeed. the larger number OF
traders came into the Street with the
firm conviction that after Thursdays
tumutuous bull operations substantial
declines would be made In all parts OF
the list on realizing sales and bear press
urc Realizing was enormous in volume
and many professional spectators ex-
ercised their best talents to bring about
big losses, hut az the close declines when
reported were not extensive, while In
Lost Of the prominent issues substantial
net gains were shown. particularly in
Reading and Lehigh Valley. At one
time IN the day Lehigh Valley showed
maximum advance of moro than -
points its net gain being just as large.
The oldtime practice of attacking the
Wabash issues in expectation Of attract
ing. general liquidation was tried and
while Wabash securities declined easily,
the market. as a whole, was not affected
conservative interests expressing the
opinion that a raid on Wabash could not
he considered as possessing any signin>
osnce in relation TO the market at large
Even the shares of this Gould company
rallied slightly before the close.
Sales Of American Cotton OH were
readily absorbed. People identified with
the American Cotton Oil Company look
upon the passing of the dividend on the
common stock as nothing more than
development arising from special rather
than general conditions. The market at
ELL times I'm the day was compelled 10
take a large volume of selling, but the
power Of absorption was better than
that reported I'm many weeks. especially
in Union Pacific. Reading and United
states steel common. Prices developed
decided strength in the last hour, Anal
ramated Copper. American Smelling and
refining. Union Pacific, Lehigh Valley
United States steel and Reading being
features. Traders who put out short
contracts I'm the early dealings made
haste TO cover before the close. The late
advance i'm United States Steel ana
Reading was accompanied by heavy
volume Of business throughout the mar
ket. the rise in the latter stock evil"
IDENTIFY being based in part on the ex-
recitation of important developments in
the Central Railroad Of New Jersey, the
stock of which is largely controlled oE
the Reading. There were sales of Jersey
Central at 307, an advance Of - points
over the last preceding transactions
1,ackawanna. on light dealings, also ad-
vanced. steel common crossed 90 I'm the
final trading. showing a gain OF Id
POINTS from its recent low level Natu-
rally. the injunction granted 10y the new
Court % Commerce to the railroads
against the Interstate Commerce Com
mission i'm the matter Of the long and
short haul rates decision helped Wall
street septiment.
According to the known movement OF
money in the current week the loca'
banks have lost upward of S2,OoO,Oop in
e. IN holdings. "A substantial gain on IN
terror operations and new gold having
recn more than offset by heavy excess
ravnents to the Sub-Treasury. Re
ccirts Of currency came chiefly from
nearby and Eastern points. while SHIP
ments were in large part TO the Middle
West and Southwest. The hanks last
week lost more than SS,00oO00 in cash.
IS shown by the statement Of actual con
ditiops. and while no heavy decline Is
looked for in to-days exhibit. the en-
largement of stock market speculation
in recent days may he reflected in an
evanston in loans large enough to effect
2 material decline in the reserve above
legal requirements. Money market rates
YESTERDAY. however. did not reflect any
important change in monetary conol-
tions. although the demand for time
funds showed Improvements In Lon
don discounts were somewhat hrmer.
a.