New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1912-10-11
STOCK MARKET REVIEW
Strength in Early Trading
CIoSjnq Prices Hiqher.

The New York stock market occupied
o position of independence yesterday In
it's ignoring of foreign sentiment and
a apparent breaking away from the ef-
feet Of the Balkan war scare. In some
ways the situation abroad during part
Of the day was more acute than on
previous days, as 1t was believed by
many that the period OF peace
negotiations which might have resulted
in an early ending Of the conflict had
been passed, and fears were expressed
that consequences Of n more serious
character would follow. But as the
day advanced a change in sentiment
was shown by the lessening OF market
pressure and tendency toward a bet
ter tone in the Continental bourses.
During the early part of the day selling
orders from the Continent kept the
London market depressed. but In the
late trading a recovery was shown ana
investment issues displayed firmness.
Viewed from London fundamentals,
there was little to warrant depression.
The statement Of the Bank OF Eng
land, under the circumstances, was
favorable. and money rates did not in
dictate any immediate stringency. al
though they were flrmer. The New
York stock market opened with good
tone and evidences of activity. which
continued during the first half hour.
Reading was a favorite, and on heavy
transactions rose easily to point well
above Wednesdays closing price.
There was strong upward inclination
shown by United States Steel, and q
movement toward recovery was started,
which eventually developed aggressive
support, and the price was carried to a
considerably higher level. Specials
such as National Enameling and
Stamping, American Can, Virginia
Carolina Chemical and the local trac-
lions were features displaying bullish
tendencies. There was some strength
exhibited among the minor coppers, but
AmaIgamated did not show the same
tone. The Steel tonnage statement,
which made known an increase OF 1885,
1872 tons, was so much better than had
been predicted that sentiment In Steel
became very positive, but the closing
price Was below the high OF the day.
Favorable sentiment was assisted ma
terially by the generally good reports
for the day Of business in Steel prod
ucts and other channels Of trade.
The announcement of an increase in
the common stock issue Of Atlantic
Coast Line was followed by a sharp
advance by that stock, but later there
was q reaction and the rise was lost,
and the closing was off from Wednes-
days price. In the afternoon interest In
baseball detracted from trading inter
est, and while the undertone of trading
appeared to be strong the market re-
solved itself into speciality affair
which discouraged some Of the over
irregular closing. Every factor offered
by the days development Of news was
extremely favorable. and it was not
unnatural that the ambitious traders
on the buying side should have ex-
pected a much stronger exhibition OF
supporting energy by the pools, who
are supposed to be DESTROYS OF seeing
prices much higher than at present
However. 1t was consoling as a whole,
with a foreign weakness In American
shares. that this market displayed re-
Operative power and that many gains
for the day were shown.