The Birmingham age-herald., 1912-05-12
DNDERTONE STRONG
 IN STOCK MARKET
Much of Activity Centered About the Minor
 Specialties

New York. May 11.-Although much of
 the activity of today's stock market cen
 tered about the minor specialties, the
 mos ement was at all times broad and the
 undertone distinctly strong. Lehigh Val
 ley was the most prominent rise, which
 soon increased to points and before
 the end of the first hour had extended
 to g. Some of the old rumors affecting
 Lehigh Valley were in circulation; for
 example, one to the effect that the diree-
 tors would ere long decide upon another
 Issue of valuable rights" This report.
 however, found no countenance in off
 cial quarters. Reading. which at first
 vas inclined to lag soon took it's part in
 the rise, though at no time was it so
 conspicuous as Lehigh Valley. Union Pa-
 clfic and few other high grade railway
 securities advanced to higher prices, but tfe entire movement was overshadowed by
 Lehigh Valley.
 lr the industrial division United States
 Steel was the most active issue, renectlng
 by its strength yesterdays announcement
 or another rise in prices of finished prod
 ucts, the second of the week, and it's
 unexpectedly good showing of untitled or
 ders as of May l. Other industrials that
 advanced from l to ? points included h.
 ternationa Harvester, American Tobacco, General Electric, Westinghouse. North
 American and American Writing Paper. Irreferred American Can common and preferred repeated it's now familiar feat . of advancing to higher prices than be-
 lore fact which may not have been
 unrelated to the strength of anthracite
 ccalers. Coppers were firm on slight re- newal of foreign demand, but the mar
 ket as whole derived much of it's bull ish impulse from the optimistic views as
 to general conditions expressed by rec ognized leader of the steel and iron in- dustry.
 The movement gathered greater force
 in the second hour, Lehigh Valley ris- ing over points and Reading 2, while score of ordinarily dormant industrials were advanced from 1 to points. The one-sided character of the market was demonstrated in the fact that aside from the coalers less than half a dozen active railroad stocks shared in the rise. Prices fell back here and there in the final dealings, but the closing, while less &C., tive was very strong.
 Our securities made a cre0itable show Ing in London, where United States Steel was the leader and later operations for foreign account in that stock were con- tnued here. Purchases for London In this market were estimated at over 20,0 shares.
 Adverse crop prospects and the severe floods in the south are among the mii- tating factors but confidence begotten of more seasonable weather is reported from active centers.
 An actual loan increase of practically Sz3,000,000 by local banks may reasonably
 be attributed to the recent New York city $65, 000 bond sale. The actual cash gain was s3,36i000, compared with an in- considerable gain. The actual surplus was reduced by $2,356, 450, leaving the excess oasE reserves at approximately $l2,0O0 GOO. Bends were fairly active, with a de- gree of firmness. Total sales, par value. S, BOG, GOO.
 United States bonds were unchanged on call throughout the week.