New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1912-07-18
STOCK MARKET REVIEW
Firmness Followed the Days
Distinguishing Was Active.

A dull and irregular opening was tic
record yesterday, with declueu pd'
ance Of bearishness in the sentiment
expressed by traders and COMMISSION
houses. Notwithstanding this menlhi
attitude of/the men who are now con-
spcuous in market movements S'ocN'
held an apparently firm position anu
strength was exhibited in the Nor'h-
western group. Great Northern
Northern Pacific and Chicago Il North
western all showed overnight advances
on their initial sales. Amalgamateu
Gopher was on the opposite side ana
onened at q decline of three eightEs
from its closing price on TUESDAY
Considerable selling pressure was
thrown on the market, but support
seemed to be sufficient TO accept all
offerings and the market held very well
around tho opening prices. United
States Steel preferred was quite firm
and Steel common evidenced some gooi
buying, which gave that stock some
STA DllllN. L ITO lbOul NicbNAiSii" w.
firm, but not active, said to be due to
accumulation. Central Leather was a
specially strong speciality in the early
trading. The buying move was largely
due TO expectation of favorable quar-
terly earnings statement soon to be
published. The bears showed some
spirited effort to reduce prices during
the first hour, and though stocks were
literally offered prices remained firm
and the market presented a sold-out
appearance. Consolidated Gas AMI
Brooklyn Union Gas displayed bullish
activity. Both companies were backed
up by rumors Of better earnings, and
Consolidated Gas enjoyed a revival %
many times worked report OF an
extra dividend and probable distrbu-
ton of other extras. Repeating its
performances of the last several days.
the market settled into dull spell and
business simply waited on some new
impetus. Several of the leading com
mission houses were favorably inclined
toward buying good stocks on declines,
owing to the natural vitality which
was in evidence during attempts II
weaken prices. For want Of a better
subject the decline in British consols
was discussed, and there was suddenly
evinCed a keen interest in the English
situation which brought no source OF
comfort 10 the bears, although they
tried to make an application of market
Importance on the bear side. In the
mean time fresh courage was stimu-
lated on the buying side by the fact
that under the pressure shown UP to
that time the market had made suffi-
Client resistance to hold prices on A
reassuring level. But this feeling Of
superior position did not help the mar
ket's activity. as trading came practi-
cally to a standstill from - to I
o'clock when sales recorded showed
only $500 shares dealt In. AS the late
afternoon came along the market
broadened and prices displayed consid-
cradle strength. The shorts were
forced TO cover and there was a scar
city Of stocks which caused prices u
reach higher quotations. The bullish
showing expanded toward the close of
the session, and there was in evidence
real vigorous movement; the closirg
saw gains for the day Of one or more
points among the leaders. Some Of the
specials showed fractional gains. whila
others displayed minus signs. The
home news OF the day was cheerful.
particularly crop reports from the
Northwest, and the probability of an
advance in wages OF steel workers.
The foreign budget Of information was
depressing, especially from London.
where consols sold down TO a new low
Tor the year; In fact, the lowest figure
since 1876. The selling Of these gov
eminent securities, with their contin-
ued declines, is disturbing the foreign
financial markets. The return OF the
Bank Of Germany was exceptionally
good showing an increase In gold hold
ings, reduction in discounts and con-
! traction Of circulation