New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1912-07-20
STOCK MARKET REVIEW
Stocks Open Down, but Become
Active and Close Higher.

shown Yesterday, when stocks opened
fractionally lower than Thursdays
closing. With the stimulation which
an apparent upward swing had re-
ceived Just at the closing on Thursday
there was well grounded expectation
that the opening would be strong on
Friday. Steel, which had been ac-
copied as the bull leader in the stand
ard issues OH 800 shares at the open
ing, showed a decline Of Il. Amalga-
mated Copper, however, displayed
strength and recorded a gain in its
opening price. Union Pacific and st.
Paul opened a off. American Can APP
peared clothed with strength. After
the market had really opened and the
list covered a variety Of issues the
leaders began to exhibit bullish ten
denotes. ST. Paul rallied and Union
Pacific became strong and was among
the specials, attracting particular at
tention on accounts Of its strength.
There is always considerable room for
gossip, but yesterday morning traders
were busy with all sorts Of rumors and
tips. Everything was discussed and,
in the minds of some, was settled,
from the decline of British consols, the
war between Italy and Turkey and the
crop situation down to the probable
effect of politics on the market in the
near future. For an hour prices fol-
lowed a general course Of strength
with considerable activity; then the
relaxation, so common, began to be in
evidence. AS during other days lately,
the market became quiet, but main
tanned a strong undertone. Stocks
showed q gradually advancing position,
and each upward fraction Of a point
gained inspired fresh confidence for
a prospective and decided bull mar
ket. Consolidated Gas was a factor on
the buying side, owing to the persistent
talk Of extra dividend distributions. AS
the days session extended into the
afternoon there was an increasing ac-
tivity and a pronounced development
Of strength. This showing Of increas-
gave the traders on the buying side
sustained hope that there will be real
market, ably supported by important
interests. Always an evidence Of
growing feeling Of certainty on either
side Of a market is when traders leave
the standards and pick up some ordi-
narily inactive issue or issues and at
tempt 70 put forth blood into the weak
lings so they can get in the race.
Yesterday in tho early part Of the ses-
sion Lehigh Valley was well bought on
selling which was said to be for some
large interests, and the price advanced.
a disposition to pick up some Of the
less important stocks and bring them
into active publicity was shown when
Southern Railway was selected by the
operators and favorable gossip was
started. But the talk was not suffl-
cient to attract the popular buying
class, SO comparatively little effect was
shown. The excuse for the selection Of
Southern for an advance was due
le fact that the Virginia Carolina
nical Company was given an adj
e decision in its action against the
dthern Railway. The late afternoon
tading was less active, but there was
no special weakness exhibited. Mis-
souri, Pacific showed some REALIZING
power from declines Of the forenoon on
reports OF good earning prospects. The
closing was quiet and the volume OF
trading lighter, but the element of sup
port still was in evidence. Reports OF
favorable character included increased
business for steel companies, new
equipment orders for railroads, i'm
proved general crop outlook and the
strong local bank showing, forecasting
net gain Of 100000 for this week.
compared with S1.O0O,OOO a week ago
which indicated an encouraging return
to-day. The gold exports to South
America were again in evidence by the
withdrawal yesterday Of $3.50, 800 to be
shipped to-day. The foreign news con-
cerned largely the financial markets in
London and the further decline Of con-
soils, which touched "a, the lowest fig
ure since 1926, when they we're quoted
at the same figure.