Evening star. [volume] (Washington, D.C.) 1854-1972, 1912-05-12
MARKET TONE FIRM
Activity Centers Largely
Around Minor SpeciaIties.
LEHIGH VALLEY ADVANCES
Rise More Than Four Points in Last
Hour Of Trading.
READING Is ALSO STRONG
Score Of Ordinarily Dormant Indus
trials Advance From One to
Three Points.
READING Is ALSO STRONG

NEW YORK, May 11.-Although much
OF the activity OF today's stock market
conferred about the minor specialties. the
movement was at all times broad and the
undertone distinctly strong. Lehigh VAL
ley was the most prominent rise, which
1t soon increased to 2 points, and before
the end Of the first hour had extended to
g. Some OF the old rumors affecting Lee
high Valley were in circulation, for ex-
ample one to the effect that the directors
would ere long decide upon another issue
Of valuable rights" This report, how
ever, found no countenance In official
quarters. Reading. which at first was in
olined to lag, soon took its part in the
rise, though at no time 50 conspicuous
as Lehigh Valley. Union Pacific and a
few other high grade railway securities
advanced to higher prices. but the en-
tire movement was overshadowed by
Lehigh Valley.
In the Industrial division United States
Steel was the most active issue, reflect
ing by its strength yesterdays announce
ment Of another rise in prices of finished
products, the second Of the week. and It's
Unexpectedly good showing of untitled
orders as OF May 1. Other industrials
that advanced from I to points included
International Harvester, American To
bacco. General Electric. Westing house.
North American and American Writing
Paper preferred.
American Can Advances.
American Can. common and preferred.
vancing to higher prices than before. a
fact which may not have been unrelated
to the strength Of the anthracite coalers.
Ifr~l~k NJ
Of foreign demand, but the market as q
whole derived much Of its bullish i'm
pulse from the optimistic views as to
general conditions expressed by recog-
niSed leader Of the steel and iron in
dustry.
in the second hour, Lehigh Valley rising
more than four points and Reading two.
while q score of ordinarily dormant in
dustr1als were advanced from one to three
points. The one-sided character OF the
market was demonstrated In the fact
that, aside from the coalers, less than q
half-do3en active railroad stocks shared
in the rise. Prices fell back here and
there in the final dealings, but the closing.
while less active. was very strong.
Securities Strong Abroad.
Our securities made a creditable show
ing in London. whore United States Steel
was the leader. ana later operations Tor
foreign account in that stock were con-
tinued here. Purchases for London in
this market were estimated at over 10000
shares.
Adverse crop prospects and the severe
floods in the south are among the mill
tating factors, but confidence. begotten OF
more seasonable weather, Is reported
from other active centers.
An actual loan increase of practically
So, OOO, 600 by local banks may reasonably
be attributed to the recent New York
city $65. O0O.O 900 bond sale. The actual
cash gain was 50, 1884 600, compared with
an uncomfortable average gain. The
actual surplus was reduced by $2,356, $50.
leaving the excess cash reserves at ap-
proximately 81. 900 600.
Bonds were fairly active with a degree
OF flrmness. Total sales (paf value) ag-
gregated s. los, 900.
United States government bonds were
unchanged on call throughout the week.