New-York tribune., 1912-06-12
STOCK MARKET REVIEW
Bears Have Their Day and Most
Prices Decline.

II is automatic in stock market move
ments that when either good news or
bad news is out the good or bad effects
which usually have been discounted
leave the market open for reverse
movement. Following this unwritten
law the market yesterday In the early
part OF the session was subjected 10
heavy pressure and prices declined con-
siderably. The traders seemed to be In
for general bear raid. and winter
wheat conditions. steel tonnage and the
pending Stock Exchange investigation
all were used as bear arguments. lhere
were some who were inclined TO accept
the lower levels as the opportune time
for buying, and some commission houses
advised purchases, but in the main tho
leading spirit seemed to be to sell any
thing and everything. Around the noon
hour, after a little rally. the selling or
ders appeared TO como from quarters
that had shown support Sll along our =
ing the recent past, and the fine ltalian
hand of Daniel C. Reid on the selling
side was thought to be in evidence.
American Can was offered in liberal
blocks. and one house was credited with
selling 10000 Steel The money trust
Investigation was worked for all sorts or
runners, and the busy travellers VINO car
ried gossip kept the imagination OF trad
| ers worked up to q high pitch. Just
when ii seemed that everybody was sell
ing the rumor was circulated that the
! Puio committee had subp9naed two
Stock Exchange houses, one Morgan
concern. Another tale was sent over
| the floor that the Rockefeller Fund was
selling it's holdings in st. Paul. The
| difficulty Of the Pennsylvania with Its
trainmen was used as another supply OF
ammunition for the bears, and altogether
! the day appeared to be success for the
professional iconoclast in prices. In the
early afternoon the selling had ouieted
and some traders were inclined TO cover
| their shorts, but the mai tority seemed -
take the stand that rs the market had
started down il was destined 10 sec
lower prices
was q considerable rally. but It had a
professional coloring and did not inspire
any great amount OF confidence in an
upward move. In the face Of general
decline all DAY Colorado Fuel and Iron
advanced abou, :; points on reports of
market inconsistency, but such is the
uncertainty Of market fluctuations.
Viewed from the point OF reason, there
was nothing To warrant decline except
what has been known for some time--in
fact, there have been several periods
during the progress of the bull movement
in the last three weeks when conditions
offered better reasons for selling than
at present. Really the prospects of a
wider range Of betterment are more ap-
parent now than they have been. and the
fact that market can lose its force OF
progress in a few hours illustrates how
largely it is made no OF pool and profes-
sional support. The public buying SO
much in evidence during many bull mar
kets In the past has been almost entirely
missing during the advance of the last
month or more. The foreign reports
were not of such character as TO dis
courage trading on the buying side.
Prices in London were irregular on more
| la Dor trouble talk, but by this time Eng
lishmen are getting used to labor strikes.
The Imperial Bank of Germany reduced
its discount rate. but in the light of Ger
many's money troubles which have not
yet entirely passed. this reduction is not
very impressive. Money IN New York
was easy.