New-York tribune., 1911-09-06
FINANCIAL MARKET
Prices Advance on Moderate
Trading-Money Unchanged.

The stock market opened quietly
Yesterday after the three-day holiday
with prices fractionally under FRIDAY
closing figures, due to selling oruers
cabled over from Europe, where uneas'-
ness over the Moroccan situation stiii
continued to he felt. This supply OF
stocks was. however. quickly absorbed
and the market then began to improve
steadily. the advance becoming vigorous
In the later trading and continuing unth
the close. which showed net gains In
most of the active stocks, ranging from
good sized fractions up to la points
Canadian Pacific was notable excep-
ton. losing " point on the days trans
actions after having opened 31s points
down: and still another leading stock
that showed a net decline at the end OF
the day was Baltimore e. Ohio. which
lost Il point. Both Of these issues hao
been the weakest feature Of the London
market. and they failed to rally as well
ss the rest of the list. Union Pacific
and United States Steel common were
two Of the firmest issues on the board.
A growing belief that a strike OF the
shopmen on the lines Of the former COM
pany would be averted helped that stock.
while Steel common was strong on the
announcement that shipments OF steel
from Pittsburgh In the month or August
had broken all records. Both stocks ad-
vanced nearly points from the low
point touched a few minutes after the
opening. and With Reading which was
also in good demand, made up more than
three-fourths Of the days transactions.
Although the vigorous upturn that
took place in the market In the after
noon was generally attributed to short
covering, there were indications that
some Of the buying was for the account
of important interests. The advance in
prices was also aided by the announce
ment that textile mills in New England
employing an aggregate Of $1,000 hands
had resumed operations after having
been closed down for some time, and by
reports that the crop situation had much
IruDTONtu anu tliut ldbOi o6iboliOh S'
several Of the Western railroads was
about at an end and that the men would
not go on strike Toward the close the
market broadened considerably, and
many issues that have not been dealt in
for some time became active and Joined
in the upward movement. A factor that
had a favorable influence on the mar
ket was the strength displayed by the
American Tobacco securities, the pre-
ferred stock moving up about points
and the bonds about points. In con-
nection with the advance in the Tobacco
securities IL was said that satisfactory
progress was being made with the plan
for the reorganization Of that corpora
ton, which Is something that Wall
Street is anxiously waiting for. Once
this is successfully accomplished and 1t
is shown that a corporation that has
been ordered dissolved by the Supreme
Court can successfully readjust itself so
as to carry on business under the law,
Wall Street will breathe easier.
Although the demand for currency
from the interior is beginning to make
itself felt at this centre, as shown by the
loss in cash reported in last weeks bank
statement, II has not yet been Of suffl-
cient volume to have hardening effect
on the money market here. and rates for
both cali and time money were practi-
cally unchanged from last weeks quota
tiOns