New-York tribune., 1912-02-02
FINANCIAL MARKET
Stocks. Advance After a Day OF
lrreguIarity.

ON sales of nearly nine hundred thou-
sand shares. or only little less thah 'he
trarsac+ions of Wednesday, the STOCK
market moved with great irresularity
during most Of Yesterdays session ana
IN the last half hour advanced sharPN'
closing strong. with net gains in many VI
tho issues. The bear party. whose opera
tions on the preceding day had been
thoroughly successful, repeated ther
tactics yesterday. but met with ne'e'
mined opposition, and. although 'heN
brought about a considerable declihe
around noon. they were forced 10 cover
an an extensive scale in the late trading
tbeir buvjng being An important factor
IN the rally toward the close. The sud
don death of Edwin Hawlcy was MADE
the occasion for some selling, and Chesa-
mako G. Ohio. the leading stock OF the
HawIev group. yielded about points;
bu, the general list was not affected ano
Chesapeake e. Ohio itself recovered nan
of its loss by the close. The Ming OF the
answer Of the United States steel Cor
,oration with the court AT Trenton, on
,ybich there had been some selling on
"Wednesday. was also without influence
ON tho stock market yesterday. steel
common was again under pressure ana
declined TO 5S6s but it resisted the pear
attack we'll and closed points above its
low Of the day and nearly point higher
than on the preceding day. Union Pa
M
Steel common the target OF bear attack'
recovered even more sharply than that
stock from its early weakness. and ended
the day with a net gain equal TO that OF
steel. Southern Pacific also came in for
much short selling, but later rallied,
closing unchanged. The final rally was
led by Reading, which made the most
substantial gain Of any OF the active
issues-about 3t2 points.
Money market rates showed practically
no change from the nominal hgures
which have long been ruling. The re-
Ceipts Of currency from the interior were
rather less than usual, but the supply Of
loanable money was largely increased
through the release Of funds by the
stock market liquidation. The foreign
exchange market was strong. with rates
for demand sterling up 10 points. The
report Of commercial failures in Janu-
arv. which came out after the close OF
the stock market, made much less
favorable showing than that for De-
cembor. both in the number Of failures
and in the amount of liabilities; but the
liabilities were about A,2Jo,po under
the total for January, 1911.
The Pennsylvania Railroad Company
derives its traffic from all parts Of the
country. and it's statement Of earnings
for December. 1911, showing for all lines
Of the system an increase in gross re-
ceipts of S155,4SS and a gain in net in
come of Sl,270.7 .796. should encourage
confidence in the idea that the nations
industries are not going TO pieces. Heavy
gross returns are especially significant
i'm view of the fact that in many pre-
cedng months receipts compared un-
favorably with the corresponding time in
1910. Bear traders in the stock market
are working overtime in their efforts to
convince the public that the various cur
rent uncertainties. mostly Of a political
nature will drive the country out of
business: but, fortunately, actual hold
ers of American investment securities
exhibit no uneasiness over the future of
our industries. while they evidently are
giving little thought TO the activities OF
the Democratic statesmen" In the
lower branch of Congress who appar-
emily believe the Office of a Congressman
involves attacks upon vested rights.
Politicians who are unsettling business
conditions by their efforts TO make them
selves popular with their constituents
doubtless soon will be retired by the
votes of the old folks at home. who are
beginning 10 find out that their pocket
books are beginning to be affected by
the hammering of our corporations.
SUNDAYS NEW. WORK TPIaiINE