New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1912-07-12
STOCK MARKET REVIEW
IrreguIarity, with Tendency to
Weakness in Most Stocks.

The market assumed a wider range OF
trading at the opening yesterday than
has been the rule for. some time past.
There was no special activity. Trading
was moderately interesting, but prices
appeared to have a firmer tendency, and
pressure by the aggressively inclined
bears at first was met with evidence OF
resistance. However, after the market
got into swing in a short time after the
opening the bears came up smiling ana
renewed their battering methods In evil
dence Yesterday, and the bulls were
routed, leaving prices to the mercy OF
the rapacious traders, who saw the
lowest prices recorded since the highest
point Of the spring rise. The decline
disconnected those inclined to support
the market and scattered liquidation re-
suited, as well as a considerable volume
of short selling. Consolidated Gas was
an exception to the rule OF weakness IN
most issues. and presented strong
position by comparison. This old war
horse of the market, which has probably
side information from tipsters as any
stocks in the list, is again in the open
and rumors are plentiful of possible
melons, which have been promised times
without number. but so far have never
been cut There was some irregular re-
covery In prices after the selling move
ment showed signs Of abatement, but no
substantial buying more than to hold the
general list was shown by traders.
United States Steel came up from its
slumping prices, and there was some re-
siliency i'm the Tobacco stocks. The
marlct relapsed into one Of its daily dull
- ellis which have marked some period Of
each session during several weeks, and
movements Of recovery were lacking;
the buying energy seemed to have dis
appeared AS usual. reasons were
sought for the action of the market. and
several were unearthed by those who
make it a business 10 provide reasons
for every little movement in stocks.
Following the rule Of such theories, the
ones advanced yesterday were chiefly
hypothetical. and the good news of basic
prosperity was ignored. The possibility
of higher money rates was one OF the
scarecrows hung up by the bears, and
another was that the congested condi-
ton of the worlds bond market will pre-
vent any active recovery in the stock
market There were several others, all
problematical and less injurious in their
effects than some Of the real hazardous
conditions which have been In evidence
at various times during the progress Of
the recent upward movement in stocks.
The late afternoon found the market
with few optmists. There was talk Of
a rally but the rally failed to come, ex-
cept in the form Of strength In few
issues. such as the TobaCCos American
Snuff. American Can and Texas Com
pany and some fractional gains by few
others The bears seemed to have OPP
portunity for any display Of force they
might attempt I'm an endeavor to break
prices The closing saw some activity
and slightly better tone, but the buy
ing was largely short covering and the
final range was irregular. In the mat
ter Of news there was an encouraging
tone and the foreign contribution from
London was more cheerful than for some
time. The good showing Of the Bank Of
England in its weekly return and the
general feeling in the London market at
some other time would have stimulated
this market. Paris reported weakness,
due TO decline in coppers, but in some
other shares the trend was upward.