New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1912-10-05
STOCK MARKET REVIEW
Early Strength and Activity
Reaction at Close.

The action OF the stock market
yesterday was typical Of the good be-
ginning and the bad ending. AT the
opening so much cheerfulness was ex-
hibited that stocks advanced easily
and the day promised well for the ouii
side. There was the same leadership
of Reading and United States Steel to
inspire confidence, and the buying ap-
peared to be so generous that. follow
ing the support afforded the market
during the heavy selling on Wednes-
day, the bears were timid. There was
a mental reserve among traders. who
were inclined to act cautiously IN view
OF the unfavorable cable dispatches re-
garding the Balkan disturbance The
situation did not appear to be as peace
full as the European markets indicated,
and Il was felt that repetition OF
selling orders such as the market had
been obliged to absorb from abroad
would cause considerable reaction.
Also the quick recovery Of the market
on Thursday had caused a general run
in Of the shorts. and technically there
was some reaction due. This deduc-
ton made the shifty traders the more
chary Of new commitments. The up
ward tendency Of the market continued
during the first hour, with little to sug-
gest any turn toward the other direc-
ton. United States Steel. Reading
Union Pacific and the copper stocks
were ell strong. Atchison made new
high record for the year and the oil
stocks displayed activity and higher
prices One Of the features among the
specialties was Loose-Wiles. Lehigh
Valley and Rock Island were strong on
buying attributed to a pool in which
Daniel @. Reid was the controlling
power. BY the end Of the first hour
the spirit of bull!sh activity began TO
subside and prices gave indications OF
sliding downward. Realizing began In
q few issues and gradually extended.
until by the early afternoon there was
an abundance Of bearish sentiment,
which continued to grow, while the
support which had been so pronounced
IN the early trading lessened. Late In
the afternoon the bears made raid
and prices declined sharply. Selling
orders from London were in evidence,
and liberal selling In this market be-
came general. Prices. however, were
given some buying support which pre-
vented very heavy losses. The closing
recorded losses and the selling move
ment was still in progress. Some con-
ISOLATION might be drawn by traders
from the fact that with all the raiding
some stocks made gains and that ANAL
quotations were irregular; also that in
stead of large individual losses most OF
them were fractional. and that even IN
United States Steel and Reading each
showed a loss Of less than 2 points. II
may be cited further that most II not
all the leaders Of Wall Street interests
are In New York. and barring acci-
dental situations. such as foreign liqui-
dalton, due to wars or q money strin-
gency, all the fundamental conditions
are extremely favorable for better in
vestment market. The news yesterday
from the various centres Of commerce
and industry carried the usual tone Of
good cheer, and nothing seemed to sus-
gest an interruption to the prosperous
period so favorably begun. The ar
rival Of the Lusitania yesterday
brought to New York s., 300, 900 in gold.
and more gold is due to arrive on the
Kronprinz Wilhelm and the Adriatic.
The local call money market was easy.
but time money reflected tho reported
cancellation Of some Of the gold en-
gagged In the open market in London.