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

New York, December 1I.-Wall
Street heard more good news to-day
than an any other day for many q
week. The stock market. which has
ben rather heavy of late. responded
with generous gains.
The days occurrences touched the
market directly at several points, and
buying was carried on much more
confidently. Union Pacific was raised
points above Saturdays close, United
States Steel and several others OF
more points and virtually all the re-
naming stocks OF prominence from !
to 2 points.
It was assumed that the market at
the outset would reflect the uneNpect-
eddy favorable bank statement for last
week. and the large gain Sin upnlled
orders for November reported by the
United States Steel Corporation.
Opening gains, however, were small
and were not long maintained
Before noon the character of the
market changed again, and during the
remainder Of the session prices were
on higher plane.
The bank statement and steel fig
ures were supplemented as market
factors by annnuncemen of an adj
vance In the price of copper. sales of
which were quoted Mt Is IL cents, the
highest OF the movement. The Euro
pean demand was reported as espe
cially heavy. OF greater Importance
as market factors was the announce
ment that United States Steel had
raised Its price for wire and nails
inc especial strength of Union
Pacific may be traced in part to the
action of the Commerce Court in per-
nanently restraining the Interstate
Commerce Commission from making
effective the proposed reductions in
,ntermountain freight rates.
All the Northwestern roads which
are directly affected made good gains
after announcement OF this decision.
The tenor OF tho report of the Hadley
commission In respect to railroad Sc
curities was regarded as favorable
from the stock market viewpoint. An
other occurrence which helped the
bulls was the rofuoal of the Supreme
Court to interfere with the American
Tobacco reorganization plan. Ameri-
can Tobacco rose ~ points on the
''ourb." and tho bonds and preferred
stock also advanced briskly.
The governments cotton crop esti-
mate confirmed expectations of a yield
exceeding all records. The report was
one more OF the days happenings which
helped to bring about a more cheerful
sentiment
Call loans We're placed at 2l-2 per
cent. but the ruling rate was at 4 IL
per cent.
An abrupt rise OF ass points in
Canadian Pacific shortly before the
close was explained In the announce
ment that slS,ooo.ooo of new stock
was to be issued on terms which con-
ferred valuable rights" upon share
holders.
The bond market closed firm. after
an early period of irregularity, with
especial weakness in the Wabash is
sues. Total sales, par value. s+,S59,ooo
United States bonds unchanged on
call. Total sales OF stocks to-day
were $4,000 shares
New York, December ll.--Money on
call steady, 21oG4l-2 per cent: rul.
ing rate, 4l-2: closing bid. 8, offered |
at 3. Time loans easier: sixty days |
and ninety days Ia Ia per cent; six
4Gt4l-i. Prime mercantile !
paper, 1-4@4l2 per cent Sterling |
exchange firm. With actual business in
bankers bills at Si.s2s5 for sixty day
bills, and at s4.S6 for demand. Com
mercial bills, s4.s2. Bar silver, 55.