New-York tribune., 1912-12-10
STOCK MARKET REVIEW
Heavy LiquidatiOn-Large VOL
ume of Trading-Big Declines.

ume of TradIng-Blg Declines.
Wall Street is always mercurial, but
it has periods of dependency which
are extreme and indicate an entire
lack of reasonable understanding
When IT is considered that the opera
tions Of the New York Stock Exchange
reflect an influence of billions of dol
lars worth of securities and that some
times a very small incident will in
volve losses and gains running into
millions, it is easy TO comprehend how
the daily outcome of the sales and
purchases of securities is awaited by
the world Of finance and business. 1t
is not strange that the stock market
is so sensitive to so many elements
which contribute to the commercial
and political, national and international
phases. Yesterday was a striking ex-
ample Of the uncertainty which holds
stock movements under subjection.
The opening was very quiet, but TO all
appearances the market had a firm
tone. So far as any influence derived
from Saturdays bank statement was
concerned, II was favorable, but the
market seemed to be waiting. TWO
things were expected-one was the
Copper Producers report and the other
a decision from the Supreme Court
in the Minnesota rate case. Sentiment
was decidedly bearish, however. and
the tendency was TO sell rather than
purchase stocks.
After the market began 10 display
activity there was a repetition of liqui-
dation which began last week, includ-
ing not only some large holdings, but
numerous small amounts OF stock.
Continued short selling in connection
with the liquidation helped TO send
prices down, and the result was some
heavy losses in both rails and indus
trials at the close Of the market.
Amalgamated Copper, American Can'
American Smelling. American Tobacco,
California Petroleum, Chicago. Mil
waukee & st. Paul. Corn Products,
Distillers' Securities. Lehigh Valley,
Mexican Petroleum, Peoples Gas, Union
Pacific and United States Steel were
among the stocks selected for the sell
ing movement. and all of them showed
heavy losses for the day. The list as
q whole presented an array Of minus
signs. and while there were a few
gains, with the exception of Delaware.
LackaWanna e. Western. which on 2OO
shares advanced over II points. there
were no plus signs which indicated
more than fractional improvement.
The volume Of trading was heavy, ap-
proximately a million shares being
dealt I'm. and this amount compared
with about one-half million on the
same date year ago. There was con-
siderable talk Of money and the calling
OF loans was reported among the banks
and trust companies, which on Satur-
day reported less than the stipulated
reserves. The call rate, however, did
not indicate an increased strain, as
most of the loans We're renewed on a
per cent basis, but there was an ex-
pressed apprehension that the period
ahead until after the first of the year
will be attended with considerable
hardening in money rates.
There is yet considerable uncertainty
abroad regarding the money outlook,
and New York bankers who have been
importing gold were given a hint that
further importations at this time would
not be agreeable TO the London mar
ket, so it is assumed that further ar
rangements for gold imports for the
present are not probable. 1t is evident
that all available money will be needed
to carry the foreign market over the
period Of requirements until settlement
has been made in the issues of the
Turkish war No attention was given
to the news developments Of the day.
Traders were too busy with the actual
movements OF the market to attempt
any analysis of fundamentals or draw
inferences from tendencies that might
be indicated by the reports Of the COM
mercial and industrial world. The Cop
per Producers report did not bring TO
light anything more than had been
talked Of; In fact II was rather under
the estimated stocks upon which Wall
Street had based its expectations. All
values were ignored and only the
gloomy side was presented in most OF