New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1912-07-16
STOCK MARKET REVIEW
Apparently Midsummer DulneSS
Fair Showing of Strength.


ing Yesterday. but the bulls displaSeo
some superiority by opening some
prices above Saturdays closing. Inc
advocates of lower prices were not con-
WINGED. as they believed the market
had been opened at an advance FOR the
purpose. affording a latitude for the
sale of stocks. There seemed to be no
selling of importance, however. ana
bullish sentiment gained popularity
during the first half hour ana the
shorts began TO show signs OF worry
United States Steel. Union Pacific 81
Paul. Norfolk d Western, New YORK
Railways and American Can all sofa
above Saturdays prices. There was
rumor that Union Pacific was bein.
purchased by certain interests that
wished to get control, but that story
was discrcdited by the Street generally
Diurnal dulness settled over the mar
ket around II o'clock, and the market
was as heavy as the weather, which
was hardly relieved by breath OF cir
culating air. In the absence Of any
bear attack and the early display or
advance prices appeared to be in course
of adjustment for higher levels. Con-
soldated Gas was a strong feature,
and some of the traders who usually
seek new market reflections thought
they discovered a bull factor in Erie,
although just what the stock had
suddenly disclosed was not defined.
The quiet attitude Of the market, con-
tinuing as it did into the afternoon.
brought traders to the conclusion that
n regular midsummer dulness haG
made its initial bow and that prece-
dent was being followed. Between The
hours of l. and l o'clock about l,OOO
shares only were dealt in. The bears
at times worked various deductions and
put forth rumOrs in an endeavor 70
bring about pressure and lower levels,
but the market seemed to have suffi-
cient strength 10 ignore the tactics Of
the bears. and a feeling of comfortable
security was enjoyed by the market
supporters. Close observers of the
coppers asserted that the copper mar
ket had been oversold, and the notice
able strength Of these issues appeared
to confirm such belief. ST. Paul exhib-
tied considerable rallying power and
sold up on the report that the road had
ordered one hundred new locomotives
and was preparing for big business TO
come in the late season and that pro-
spective earnings were encouraging.
The quiet tone Of the market was In
evidence during the late trading. and
no special declines were established by
the bears On the contrary, Union Pa
cihc presented a tendency to increased
strength, and Brooklyn Rapid Transit
was the subject Of friendly rumors OF
prospective increased dividends and
was given some cheerful attention on
the upward side. The closing was dull,
but the market was inclined 10 firm
ness. The news Of the day was chiefly
from Washington. giving the agricult-
ural reports and national bank returns.
The volume Of agricultural exports de-
clined in June TO the lowest amount Of
any month in seventeen years, except
in July, 1904 and 1910, the total be-
ing SCI, 9S4 900, as compared with $40
$4,000 in June, 1911. and S53,659,0O0
in June, 1905, which period was the
highest ever recorded. The Controller
Of the Currency's report brings to no
tice an interesting comparison Of 1911
and this year covering tho national
bank call as Of June IA this year and
June last year. The loan increase, as
exhibited, Of $347000,0OO for this year,
with $1SO,679,OOO for June in 1911. will
allow some idea TO be formed of the in
creased business development which is
going on, requiring the use of funds
that last year were idle. The foreign
market situation yesterday was not
particularly encouraging. English
consols touched a new low record for
the year and the lowest since 1881.
This decline was due TO selling bv
banking interests, owing TO rumors Of
large Treasury bill issue OF $4,000.
600 in connection with the purchase Of
the telephone lines. American shares
enjoyed a fairly active market and
closed higher.