New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-02-08

FINANCIAL MARKET
Stocks Weak. Then Strong
Tradinu Professional.

Dulness and declining tendency
characterized the stock market yester-
dav until the last hour. when degree OF
activity developed and prices advanced
partlv on covering of shorts, Following
the bidding up Of Reading and ono or
two other issues. The close was AT
around the high level Of the day with
fractional net gains for the majority ot
tho issues. St. Paul and Erie advanced
1as points each and Reading ] point
and some of the inactive issues ana spe-
cialties made larger gains, among them
ca in Detroit United, on which DIVIDENDS
have been resumed after a three-year
suspension: Federal Mining and Smelt-
ing. which gained another points
Pittsburg Coal preferred, which rose "a
points. and Wells Fargo. which ad-
yanced o7s points. The trading during
the session was almost wholly profess
sional, and there was practically no news
affecting the market. The announce
ment of an advance in the price OF TN
plate, following the recent price IN
creases i'm the steel wire market. had
some influence in rallying United States
Steel. although the Steel corporation
itself has not yet made the advance. and
the good showing made by the annual
report Of the Guggenhcim Exploration
Company probably had a similar slightly
beneficial influence on the Guggenheim
stocks. a counterbalancing factor being
the common impression that the
monthly report Of the Copper Producers
Association TODAY would be distinctly
upfavorable. There We're heavy transac-
tons in the bond department Of the ex-
change. distributed among an unusually
large number OF issues. The cotton mar
ket. which broke so sharply on Monday.
suffered q further decline in the early
trading Yesterday. and then recovered
it's losses on profit taking covering. the
leading futures closing a tri1e higher
than on the preceding day. The coffee
market came IN for attention ycterday,
prices falling 81 to 40 points on selling
in response 10 the severe break at Havre.
aud closing 10 TO IL points above tho
lowest
Call money ruled as low as Ia per cent
in the early afternoon. but advanced 70
Oh with the revival Of stock market ac-
tivity. closing at 90 Most Of the time
funds placed We're by out-of-town in
stitutions although rates were IN
changed. except for a trif1inC advance in
the figure for twelve months accom-
mediation. The foreign exchange market
was stagnant at unchanged rates.
That the advance in security prices
which was resumed IN the late trading
Yesterday IS to Coptinue much further
at this time may we'll be doubted. Rusi-
ness confidence generally is being re
stored. q development which was ma
terially assisted by the recent announce
ment Of the improvement plans Of the
Union Pacific system but the up-bid-
ding Of stocks since that announcement
has been effective in advancing prices TO
level which appears pretty we'll TO
have discounted the improved business
outlook. and with the Supreme Court
decisions in the great trust case and
the Interstate Commerce Commission's
freight rate decision 20 be handed down
not long hence. the probability IS that
the important market interests will con-
slider II the part Of prudence to halt their
operations for the rise in stocks.