New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1912-05-30
STOCK MARKET REVIEW
Strong Opening, Followed by De-
cIines-Some ReCoverieS Made.

change which would follow so dull a
DAVIS operations in the market as were
in evidence on Tuesday. it was not
strange tina, the market yesterday would
assume firm tone at its opening.
Trading was still narrow. but prices
ruled higher. and there seemed 10 he
more soliditv behind the market than
week. Union Pacific was distinctly
strong. Influenced by the favorable re-
port issued and discounting the dividend
which will be deducted on Friday.
Reading seemed 10 have had its IN
favorable earnings discounted, and.
though orening Is down, soon scored a
higher level.
The bullshness in trading continued
for the first hour and then followed re
verse. which showed ConClusively that
the market was yet in a purely profess
| sional channel. and tho generals Of III"
| floor expressed belief that for the
| present nothing more than profes-
siOnal market may be expected. on the
reaction Kansas City Southern common
| broke ~ points and the preferred de-
clined o. from the last sale on Tuesday.
Rock Island stocks were weak tho Cos
sin being that Judge Moore has sailed
and Daniel G. Reid is preparing to de-
part. so there will be no strong force left
TO take care Of the buying side Of these
| issues As a consequence OF this change
Of temperament toward the Rock Island
issues American Can stocks lost Their
vim, and tho traders suddenly assumed
! that the largo interests that have been
supporting the market were now willing
to see it decline.
Tho morning session continued TO dis
play a lack of support, and standard
issues like steel. Reading and Union Pa
CiflC, which had previously been firm
and shown good buying, began TO eX-
hihit weakness, with no buying orders.
Copper stocks stood fairly well, owing to
the strength IN the metal market, but
the aggressiveness in these issues ap-
parently lacked a tone Of confidence,
and such hullish talk as was in Circula-
ton was for tho fall prospects rather
than any immediate betterment In mar
ket quotations. Although tho Hill
stocks showed strength based on good
crop prospects, sentiment ignored their
! influence, and pessimism was prevalent.
The local fractions did not display any
degree of stability and there was con-
sldera bic liquidation Of a scattered Ciass.
composed Of such holdings as had been
purchased with expectations Of n gen
erous rise in conjunction with new
financing.
Before noon stop orders had been
reached in the coalers. Reading and Le-
/ high Valley. and they went down easily,
the former from 49, earlier in the day
! 20 17O1l, and the latter declined from
1774 to 49,.
| During the early afternoon the market
showed q rallyinG tendency. but there
was no steam to the move and it was
slow Union Pacific held good under
tone and Canadian Pacific displayed re-
markable strength. as at | O'Clock the
price was 3l2 points above Tuesday,
close. This strong force IN the midst OF
such Respondent company had for its
reasons among the traders the first that
the road is showing good earnings and
the returns from land sales are growing
owing to the continuous demand Of now
settlers. The market continued during
the afternoon To- show Improvement, but
| il was of a sort which could not he con
st Ia.iJ,1 I'm i'll,
| Steel and Union Pacific displayed re-
Operative strength. and the list gen
orally had recovered. except Rock Island
issues. Lehigh and Reading.
| The closing prices were on the av-
eragc above the low of the day. but
there were only few plus marks in the
list. as COMPARED with Tuesdays closing