The Washington herald., 1912-07-10
BEARS GO WRONG;
BULLS STRONGER
Market, Weak at Opening, Gathers
Strength and Closes
Fairly Strong.
BUYING Is ACCUMULATIvE
BUYING IS AcCUMULATIvE
By BARRON SERVICE.

New York, July s-The market was
weak at the opening to-day, but recov-
cred soon after. There were some fair
gains made in the early afternoon above
the closing prices of Monday. and while
stocks were not freely produced the ad-
vances were firm. The anthracite sotcks
were among the strongest features based
on the great activity in the trade after
the period OF idleness during the fol-
lowing the miners suspension. Con-
solidated Gas scored a big advance on
reports of increased earnings. Bear tips
on specialties went wrong and were
followed by bullish sentiment and ac-
tivity. Minneapolis. ST. Paul and Sault
Ste Marie stock was the strongest of
the railroad issues, making an advance
Of over three points. The buying
throughout the list was more of the ac-
cumulative kind without any aggressive
bullishness showing up.
The figures of the Copper Producers
Association showing the stocks of copper
metal on hand July / was published this
afternoon and showed decrease OF g.
2So,6Se pounds on hand July ! as COM
pared with June l. There are only A.
SS5,o4 pounds OF copper shown to be on
hand the first of the month, or less than
two weeks supplies at the present rate
OF demand. Deliveries during June to-
tailed 127.5s5,S7s pounds of copper. while
production totaled 122.315.240 for the
month. There was a falling off of over
$4,000 pounds in production and over
l4.SN,0O0 pounds in deliveries during the
month With the continued decrease of
stocks both here and abroad. the statisti-
cal position of the metal is stronger than
IT has been in years. A further decrease
is expected to be shown in the stocks
on hand abroad when the report of that
supply is made on July Is.
Burlington Changes Rumored.
The decision Of the Burlington to take
a physical valuation of its properties is
regarded as a move to expand the capt.
talization in some manner or other. Dur
ing the eleven years that James ]. Hill
owned control of the property, he spent
all of his time building up the value
and strength of the road. but with his re-
ttrement from Great Northern affairs,
stockholders OF the lines controlling the
Burlington may wish to make changes
in the roads policy. The Burlington has
been earning Is per cent and paying
Per cent dividends for years under Mr..
Hills plans 1t is regarded as a sterling
investment proposition. but stockholders
may also wish to make IL a valuable
speculative medium through increasing
dividend rates nearer TO earnings.
The Locomobile Company of America
earned sidz,0oz net IN lsll, ana lsl2 earn
ings are expected 10 exceed $4,000.
The report of the American Thread
Company for the year ended March 81.
1872 showed $3s7.663 net profits available
for common dividends after paying the
preferred a decrease Of see, ,332 as COM
pared with tfle 1911 fiscal year.
The failure of both the foreign ex-
change market and the local call and
time money market to reflect the poor
bank statement Of last Saturday is con-
sidered remarkable. Excepting for a tenn
porary very slight advance in call and
time rates, later followed by a reaction
to the old rates, the bankers did not
show that they took the statement at
all seriously.
The inactivity of Pennsylvania stock
for long time has placed that issue
among the has beens' of market lead
ership, but the activity in the steel trade,
which means increased earnings for the
road, is expected to cause a renewal of
activity in the shares of the road soon.
The directors of the Southern Railway
will meet for dividend action in August,
but IL the cotton crop outIocI is not
good there is little likelihood OF an in
crease in the rate, as a large part of
the roads earnings are dependent on
cotton movements.