The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1911-09-29
New York
Stock Market

New York. September 2S.-ouota-
lions were advanced in most impress
sive manner on the stock Exchange
to-day. In contrast TO yesterdays tur-
MOL and acute weakness 1t was u
striking one. With scarcely an inter-
ruption, the forward movement was
continued. until III the last hour heavy
pront-taking caused a reaction. United
States Steel which has been the Cen
trail Point IN the violent fluctuations
of the week. was carried up "a
points. and the preferred stock rose
3-s. other gains were as large.
Union Pacific advance 5 points. Read
ing and American Smelling. SIS, and
Lehigh Valley, ST. Paul and Console
dated Gas. 3. The upward movement
was general. the other active stocks
with few exceptions rising from 2 to
points. The reaction in some cases
cost the market half OF its rise, but net
gains were substantial. In the cases
OF United States steel. Union Pacific
and American Smelling the gains eX-
cee6ed 8 points.
The day was devoted largely to,
driving the bears TO cover. The snort
interest was extended largely during
yesterdays rush OF selling. and the
bears found themselves in a vulnerable
position to-day. Stocks wer in scant
supply at prices approaching yester-
days close. and an urgent demand
from the shorts arose, which sent up
prices with increasing force as the
session progressed. The move nent
was helped by a widely CT Huiated re-
port that q statement which would be
reassurinE 10 corporate interests would
enannte soon from administration
sources.
Announcement that the long deferred
on n ina lines inn
minent caused only momentary weak
LESS. Union Pacific fell to a point be-
low It's best prices. and the rest OF
the list reacted fractionally. but the
losses were soon more tina made up. !
Baltimore and Ohio was heavy, in con-
trast with the general market. The
Wabash per cent. debenture bonds
rallied after yesterdays break, but |
failed to hold the rise America To-
bacco bonds made further gains. The
enormous transactions in these securi-
ties of recent days were explained as
due TO the reorganization plan, which
provided. 1t was said, for retirement
OF three Issues at figures considerably
above recent quotations.
European markets were depressed
by the Tripoli ultimatum and the APP
preaching halfmonthly settlement on !
the Paris Bourse. Loncon again traded
heavily in this market Transactions
for this account were estimated at 30,-
900 shares, at least thirds on the
selling side Paris was heavy bor-
rover III this market to-day in con-
nection with payments on the Afgen-
tine loan of S70,000.0 900. Another heavy
decline in Paris exchange on London
showed that the French money market
has still strain TO undergo. The
Bank of France reported in its week
~ statement decrease OF S4,600,0o0 in
gold and silver. while discounts were
England reported a loss for the week
in cash reserves of SS,100.000. !
Trading in bonds, while still large,
generally were firm. Speculative issues
par value. si,525,000. United States
bonds unchanged on call
Total sales for the day, 1880. 500
shares.
call steady, 2q2 3-s per cent; ruling
rate. la closing bid. is, offered
at IA per cent. Time loans steady.
ninety days. 8 1908 S-4 per cent;
tile paper, S-4 per cent. Sterling ex-
bankers bills at si.S310 for sixty day
mercial bills. s4.s2 Ss. Bar silver,
SO SIS. Mexican dollars, 45.