New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1912-12-05
STOCK MARKET REVIEW
Liberal Selling Sends Prices
DoWn-Southern Pacific Strong.

The action of the stock market
yesterday exhibited disturbed mental
condition of traders regarding the out
look. The building up of stock mar
ket on doomed specialties, such as
American Can, Union Bag and Paper
and some others that were conspicu-
ously strong during the spring months,
evidently does not afford very strong
foundation, particularly when the spe-
cialties failed to show promised results
in dividends. The opening of the mar
ket yesterday presented a rather strong
appearance, although many traders
were bearish and failed to respond to
the exhibition of strength by Southern
Pacific, which was a firm feature OF
the days trading. When the American
Can preferred with the extra dividend
was announced there was general
selling movement started, which car
ried both the common and preferred
stocks down several points. For
months there has been talk of not only
an increase Of American Can preferred
to per cent, but an extra dividend Of
at least / per cent on account Of &C
cumulated back dividends, and when
only one-fourth of I per cent was an
nounced the disappointed followers Of
this heavily bulled special began liqui-
dating as rapidly as possible, The
break in this stock seemed to be about
the only thing needed to bring around
generally bearish tone. and near the
noon hour the market turned very
weak, with an increase Of activity on
the decline. United States Steel sold
off easily and continued weak to the
close. Bethlehem. Steel was also soft,
and bear rumors filled the Street.
American Smelling and Refining ex-
hibited marked weakness; in fact, few
stocks presented anything like bull
ish appearance.
In the midst Of the heavy selling
movement Southern Pacific continued
to be distincly strong. and there was
frmness exhibited by some other rail-
roads.
| The announcement that the Union
Bag and Paper Company had passed
its dividend certainly did not materially
assist in restoring confidence, and
traders were very much upset by the
combination of influences of an un-
favorable character which appeared.
The day was one of active liquidation,
and a larger volume Of business was
| transacted than on any other day Of
recent date. Many special issues which
during previous selling movements
have shown strength failed to respond
with their usual bullish tendencies, and
recorded losses on the days trading.
A few gains were exhibited, but they
were few compared with the array OF
In the general news Of the day affect
ing trade and industry some exhibits
of a favorable character were con-
spicuous aside from the spectacular
movements Of the market, and there
was much of stimulating character to
inspire confidence. Regular dividends
were declared by many corporations,
and the Central Railroad of New Jer-
sey declared an extra dividend. as did
also the p. Lorillard Tobacco Com
pany and the Guarantee Trust Com
pany. The interest in the outcome Of
the Hartman merger segregation was
manifested all day, and continued to
attract the attention of many who en-
deavored to forecast the final distribu-
ton. Foreign cables were not opti-
mistic. The Continental bourses and
the London stock market were heavy,
particularly the Berlin and Paris
bourses. The local money situation
was more favorable, and the call money
renewal rate was 8 per cent, as against
8 per cent on Tuesday. A gold en-
gagement amounting to 100000 was
announced, and some Of the new gold
arranged for during the last week or so