The Birmingham age-herald., 1911-11-01
STOCKS SHOW UPWARD TENDENCY Advance Based Upon De- yelopment in American
 Tobacco Case

New York. October 31.-Prices rose II spirited fashion on the stock exchahse today toward the close, what up to tha' time had been a. dull session. The rise apparently was based upon Wall street construction of the days development II the American Tobacco's case. rms case end the uncertainty of the Umted Sta'es Steel corporations quarterly mee'ihe feld after the close of the stock mar ket were the main factors of the day. Prices held firmly and toward the close the upward movement became pro- nounced, with the inquiry much wilder.
 Attorney General Wickersham's willing ness to accept the tobacco reorgamza- tion plan provided it be modified In ac- cordance with his proposals was regaro- ed in the street as of large importance. While 1t would be some time before the mind of tho court Is known, the case has been carried far enough to see some indications as to the propapie oo'- come The opinion is gaining grouho that the scheme of reorganization as ui- timately accepted, will not be as ohoreous to holders of the securities as vas 1eareu by some interests. It is proDaple tnat feeling of relief on that score was largely responsible for the course Of tbe market, which betrayed evidences Of hullishness in a quiet way, throughout the day.
 Declaring of the usual dividend on United States steel was expected, ih spite of the conditions of iron ana steel trade. The .quartely earnings or $2e5Oo,OO0 were unexpectedly good, some estimates having run as low as $22ooo'ooo.
 The standard railroad stock led the market. Union Pacific was especially ac- tive and strong, advancing 2ls points, while most of the high priced issues, ln- cluding Northwestern, Canadian Pacihc, Northern Pacific and Lehigh Valley gain ed a point or more. Among the indus- trials attention was centered on the American Tobacco issues and United States steel The tobacco issues rose sharply in the afternoon, following the attorney generals statement of his po- sition The preferred stock gained points. the per cent bonds nearly as much and the fours a point. On the ''curb' the common stock shot up 34 points, United States steel rose nearly 2 points.
 Copper stocks were active and strong, sentiment toward those issues being im- proved by the Attorney Generals state ment that no dissolution against the American Smelling and Refining com pany had been prepared. American cotton oil fell 3asc to 421Ac, it's lowest price of the year.
 Reports of a number of western rail- roads for September were received to- day and in almost every case an unfav- orable showing was made. Northern Pa cific reported a drop of $6O9,OO0 in gross recepits. Toledo, St. Louis and Western. Rock Island, St, Louis and San Fran cisco and Minneapolis and St. Louis re- ported shrinkages, gain of $33S, GOO in the September net income of the National Railways of Mexico was reported and this was followed by an advance in the sec oud preferred stock.
 Trading in bonds was quiet aside from the American Tobacco issues. Prices were well maintained Total sales, par value, 8. .53S, 900; Limited States bonds un- changed on call.