New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1912-06-01
STOCK MARKET REVIEW
Prices Opened Strong-Weak'
ness Followed by Heavy Declines.

At the opening Of the market yeste'-
day stocks seemed to have some resiH-
ency, and a few of them came up "l'h
advances and indications of better
prices. There was some covering by tnc
shorts who had taken that side OH
Wednesday, but there was sui pearlsil
sentiment, and soon after the start OH
the market began TO show weakness
The leaders on the bull side were Ca
madam Pacific. which sold at 2o'12' max
ing a full recovery Of its 21a per cent
dividend; Union Pacific, 1925, an al
vance of 81 over Wednesdays close. and
limited States Steel. selling ex-dividend.
which touched SOS, an equivalent or
7O5t. or a gain of l. point Amalgamated
Copper also started strong, at an advance
of II point. About 1870 o'clock the
hears made 81 rather vigorous RAID on
the REID stocks" which caused a break
IN Rock Island and American Can is-
sues, but the effect on the standards was
not sympathetic and the market did not
respond as whole to what was intenoeo
to be a general decline.
There was, however. a feeling or de-
spondency among large class OF TRAD
ers, and the market dropped into an H.
active condition which provided for no
basis on which to forecast movements
There was little buying Of stock, and the
shorts seemed to be satisfied TO wait tor
DEVELOPMENTS before attempting an ex-
+enslve covering or further selling. Read
,us reached stop loss orders around l'o'
and about $1,000 shares were liquloateu'
Since the good news of the settlement or
vbA coal troubles came out the pool
;srb,ch buIled the stock on its sudden up
ward flight a few weeks ago has teen
taking such profits as were in sight and
letting the question Of higher prices go
over TO some later period.
I In the early afternoon the stock mar
.s,et gave some signs of Improvement
THE selling pressure Iessened and only
small lots were in evidence. Some raj
lies occurred, caused by short covering.
hut as a. whole the market acted In
way TO cause debate as to Its probable
movement, and such strength as pre-
.ented itself was in the way OF Support
with no aggressiveness. Amalgamatea
Copper held very well, based on the I'M
proved metal selling price, and Canadian
Pacific touched a new high record when
a. sold equivalent to 211, the previous
high point being on May 16, when 30
was quoted. The first crop rumor was
revived, but yesterday it was that tho
crop is not so promising, so of course
Can and Beet Sugar were weak.
The final bear attack in the late after
noon on United States Steel was the
straw that broke the camel's back, and
the whole market exhibited weakness
which caused a general decline of prices.
Union Pacific held strong for the hrst
part Of the bear movement but finally
succumbed TO the apparently downward
tendency, accompanied by Southern Pa
ciNc. The bull leaders having vanished,
the speciality market was left TO take
care of itself. with the usual result after
such manipulation as has been IN evi-
dence during the last month.
The close was weak and the prices
we're down throughout the whole list.
Reading scored the biggest loss. total
Of y$s points. Analyzing the market
from day 60 day indications is not easy,
as its action has been paradoxical. Con-
ditions generally continue 10 improve;
money is easy. financing is still going Oh
and the London market was strong over
our holiday. particularly in Union and
Steel. which were bid up Thursday above
Wednesdays closing. But irrespective
Of such favorable factors the strong is
sues. as a rule. were as soft as the spe-
cialties yesterday, and they went down
with the same ease that Isaac Newton 5
apple fell. thus proving that stocks ara
subject 10 certain laws of stock gravity
and go down more easily than they
20 up.