New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1912-10-18
STOCK MARKET REVIEW
Irregular Movement of Prices,
CLOSING FractionaIly Lower.

Foreign markets In their movements
yesterday held steady tone. though
the Bank Of England and the Bank OF
France raised their discount rates
The unsettlement abroad, however haa
suggested an increase in discount rates.
so the effect had been largely dis
counted, and no market disturbance in
either the Continental bourses or the
London stock market was In evidence
1t is generally conceded that the other
banking institutions In Europe VINO
have not already done so will fall IN
line and raise discount rates, ano there
will be a generally uniform movement
TO conserve foreign banking credits
The statements Of the banks OF Eng
land, France and Germany, which were
made public yesterday, as whole were
not unfavorable. The Bank OF England
showed a small loss Of gold, but COM
pared with the same week In 1911 the
return was encouraging. The Bank OF
Germany's return was decidedly better
showing an increase in cash and de-
crease in note circulation, while the
Bank Of France presented an unfavor-
able statement, showing loss OF cash
I and an increase Of notes In CIRCULATION
American securities sold of In the
London market and there were oner-
ings in the New York stock market
after the opening. The initial sales on
the New York Stock Exchange yester-
day betrayed a strong undertone' ana
though stocks were offered Freely
prices advanced on fairly active trad
ing. The trend Of prices in most stocks
was toward q slightly stronger position
during the first hour. but occasional
dips developed into a reactionary ten
dency around II o'clock. and pronts
we're accepted by some Of the traders
Amalgamated Copper was selected by
the bears as vulnerable, and attacks
were made on 1t in selling move
ment. accompanied by rumors concern
ing the doubtful action regarding the
dividend declaration. But the selling
met with good buying support and the
predicted break did not go far. Pitts
burgh Coal trading interest was re-
yived again by the renewed talk OF a
plan to retire the preferred stock and
pay the back dividends around the first
Of the year. Tobacco stocks were
strong, particularly Liggett & Meyers
and Lorillard. The market lost much
of its activity, except in Amalgamated
Copper, in the late forenoon, and be-
came dull and featureless Consider
able bearishness was developed, and
among many traders a disposition was
shown to realize and wait for a reac-
ton. The trading grew narrow and no
aggressiveness was apparent on the
bull side, except in some specials, which
were strong. The afternoon sentiment
was mixed, while trading was ex-
tremely dull, waiting for the Amalsa-
mated Copper dividend to be an
nounced. There appeared TO be an In
clination TO turn toward politics,
though there were only minor incidents
which could be construed as definitely
pointing in that direction. When the
news was received Of the declaration
by Amalgamated directors Of a quar-
terIy rate Of IL per cent the market
displayed only moderate recognition.
but near the closing time stocks were
sold sufficiently to cause a reaction in
) standard issues, and many declines
were shown compared with Wednes-
days final quotations.