New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1912-10-01
STOCK MARKET REVIEW
Early Depressed Sentiment Fol-
lowed by Active Market.

from the London stock market yester-
day, which found some cooperative
sentiment among bear traders in the
New York stock market. Prices de-
clined, and for practically an hour fol-
lowing the opening the trend Of trans
actions was so uncertain ii was diff
ficult to define the markets position.
Around II o'clock the spirit of confidence
which prevailed last week began TO eX-
hibit itself in the support accorded, and
activity with a wider range Of trading
soon followed The European markets
were affected chiefly by the prospect
Of war in the Balkans, which, for the
present at least, is of little particular
interest to American investors, except
by the indirect influence coming
through the liquidation of American
securities in foreign markets. What
was of more pertinent interest to the
New York stock market was the an
nounced engagement of more gold for
shipment to this country. The money
situation was not disturbing, and soon
afterward stock trading got into swing
on an upward tendency. United States
Steel became the leading issue and car
ried a good following to range higher
than opening prices, and some OF the
gains showed quotations at the highest
levels of this year. Reading was very
active, and after heavy selling move
ment advanced up the scale on tips Of
some disbursement in the way OF in
creased dividends, the August earnings
being cited as proof Of the ability of
the road TO carry out such pro-
gramme. In the years since the first
agitation of a ship subsidy bill, Pacific
Mail has been an issue which periodi-
cally has enjoyed some pool operations
and has been advanced to attract
following. 1t is cheap stock, and has
been a favorite among that class of
traders who pick the low priced issues
for a turn Yesterday Pacific Mail sold
I'D to IS. its highest price since 1910,
but that point was not held and a re-
action followed. The market was
strong throughout the day, and the
range Of quotations until toward the
end Of the day was higher than the
high points of previous days. While
some profit taking caused reaction In
the late trading, the closing in the main
was above Saturdays closing prices,
and the sentiment of traders and brok-
ers was comparatively cheerful. 1t
might be summarized that yesterday
was the period after digestion, when
the good reports of August earnings OF
railroads, the improved monetary out
look of the New York banks, due to the
relief 10 be afforded by liberal importa-
lions of gold and the general cheerful
ness aided, of course, by the very IA
vorable trade reports piling UP each
week, all contributed to a revivifying
effect on stock market sentiment.
While the volume of the trading in
Guided diversified list Of stocks, there
were no suggestions Of lack Of leader
ship among the standards, and the
small issues were not futured to the
degree when they were expected to sup
port the market: always sign or en-
couragement to the bears. Call money
touched a new high at IA per cent, but
q hardening Of money on call was ex-
pected in view Of the october ] require
ments. No apprehension was shown in
the Street, and the announcement yes-
terday Of a further engagement or
100000 in gold, part Of which was
known during the hours Of trading,
offers a favorable view for market fol-
lowers.