The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1911-10-12
New York
Stock Market

New 49,. October ia spirited
bidding up OF prices in the last halt
hour OF trading on the Stock EN-
change to-day carried quotations to
point well above the final range OF
the previous day. The movement Was
the only one OF Importance in what
was otherwise listless dag. during
which the market manifestcd no
definite tendency in either direction.
Union Pacific, southern Pacific, Lee
nigh Valley. Northern Pacific. Amer
lean Smelling and American Beet
Sugar rose to point or more above
yesterdays close on the upturn. and
Reading. which had been the CON
spicuously weak figure Of ihe market
recovered its loss Profit taking sales
just before the close reauccd ,he
gains somewhat.
Concentrated selling OF Reading sent
ii down from 49, to 1855 SIS. lass than
two points above its low level of the
year. The stock fluctuated irre-u-
larly throughout the day Although
the general market offered effective
resistance to this influence. Readings
unsettlement initiated against any ey-
tended Improvement III prices Trad
ing was moderately active at the out
set, but the demand was limited Large
~ to requirements for short over
ing. Buying of this nature soon di-
minished, and the market remained in
d stagnant condition until near the
close. The upward movement at the
end was attributeu TO the closing out
of short contracts On account OF the
holiday tomorrow. Readings weak
ness, while associated with tie prog.
ress of the anthracite clse ..efore the
supreme Court. probably was due
chiefly to pressure by operators who
have been persistently bearish In this
stock for several days. United states
Steel was still under pressure. In the
late upturn it rose less proportionate-
~ than other market leaders and it
WAS the first TO yield when profit
taking sales were begun. Despite the
denial of the Attorney General that
suit against the United States Steel
Corporation has been prepared and
the statement of the corporations
heads that its -perations were with
in the law, there exists widespread
feeling that the government sooner or
later Will endeavor to establish more
clearly the status of the largest com
bination in the country. In the mean
time the shares do not $ ow resiliency.
The demand for bonds continues to
broaden, which is regarded as one of
the most hopeful signs of the present
situation. American Tobacco 4 per
cent. bonds rose to 90, their highest
price for the movement, which repre-
scented a gain of / SIS. Buying of
these bonds was stimulated by reports
that the plan Of reorganization had
been changed in such a way as to
benefit holders of these securities.
The tone OF foreign markets was
more cheerful, owing to the progress
in the Moroccan negotiations. The
foreign exchange market was some
what affected 10y remittances by banks
and trust compa MES to London and
Berlin, in which markets American
lenders were again an important fac
tor. American bankers arc also carry
ing a large amount of commercial
bills originating on this side, which
usually would be discounted In foreign
markets, but which now arc being
carried with American money. 1t is
estimated by some International bank
crs that this market has loaned more
than $500, 5000 to the European mar
kcts.
Bonds were strong. Total sales. par
value, S5,I1O.000.
United States bonds unchanged on
call. Total sales OF stocks. 331,1o0.
New York, October ll-Moncy on