New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1912-06-06
STOCK MARKET REVIEW
Higher Range of Prices and
Much Good Buying.

! Following the impetus given the move
ment toward higher levels on Tuesday
| the market yesterday morning came into
action with vigor and a fighting senti'
ment for the bull side which bewildered
the feeble bears and started renewed
| buying After the first burst Of enthusi'
asm was over the market quieted and
prices sold down, but il was not des-
| tined TO be relieved from its bullish posi-
ton at that time, as Re, ling and Lee
| high took the lead for an upward swing
and scored an advance which carried
strength to most of the standard issues,
advances ranging from fractions to one
| or more points.
The strong tone in the general list
continued throughout the morning, as
, sisted by the shorts, who tried to cover to
avoid unseen dangers which might Turk
behind the bull corners. The weakness
| in the crop markets also came in as a
factor in the upward tendency. In the
early afternoon prices eased off some,
owing TO q lack Of fighting energy. and
the market relapsed into dulness. The
technical position of prices was then
considered by traders, and the reason
ing was deduced that the shorts had
covered extensively; consequently. prices
should show greater weakness than
strength. To offset this theory and to
keep the bears in position of uncer-
tainty the rumor mill was put into op-
Nd IA
something was coming in the way of
good news that would keep the market
boiling and that better prices were
surely In line within the next day or
more. OF course, no one seemed TO
know what is cue or anything definite
as TO the origin Of the rumor. Like all
market stories, this one was hay, and
the only virtue It possessed was in its
usefulness 10 supporters Of prices. But
the market continued to be strong. and
the evidence Of buying which came from
different sources put 10 fight all
thoughts of break for the time being.
Coppers showed considerable vitality
and prices were up. Anaconda was par
ticusarly attractive on the rumor that
the dividend would be increased at the
next declaration. Steel exhibited good
buying, and the inference drawn was
that the forthcoming statement Of I'M
filed tonnage would be exceptionally
good.
There was marked strength among the
specials, and advances by these ranged
from fractions 10 more than two points.
The real news Of the day was marked
by absence, as, aside from such politi-
mere generalities TO concrete figures, no
outside influences were recognized in the
days schedule Of talkfest- As a fact,
such information as could have had a
bearing was ignored. London exhibited
weakness after a rather strong opening,
and the news reached this market be-
fore Stock Exchange operations began,
which could have been Used 10 depress
this market. News OF an indirect bear
ing in business and industry was OF the
same optimistic character that has been
IN evidence for some time. and aside
from the European situation, which tust
now IS not IN the brightest OF zones,
there Is much TO stimulate confidence.
There is, however, too much uncertainty
in the foreign outlook affecting our re-
lations TO be ignored. and for the pres
ent conservatism should be given the
preference.