New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1912-07-02
STOCK MARKET REVIEW
Strong. but Not Snappy-The
Financial News and Views.

Analysts ed they recognized pent
up bullishness that Was simply marking
time until the Baltimore convention had
reduced the chaos 20 order and had
reached q decision in the choice OF
nominees. There appeared to be an in
! cluation 10 open M real movement
was accentuated by the Court OF Ap-
peals' decision sustaining subway con-
tracts and the natural impetus given 70
higher prices IN Brooklyn Rapid Transit
and marlborough stocks. United States
Steel gave evidence Of strength at the
opening, and Canadian Pacific reflected
better German financial feeling by
showing an advance. But the opening
effervescence, like the foam or the soda
soon exhibited signs of settling, and
trading sank into the same quiet channel
characteristic Of the average days bust
ness since the conventions began. Anal
gamated Copper after q dull opening
made some Improvement, and tho only
stocks that displayed weakness were
American Can and Iehigh Valley. The
rumor yesterday was reversed from Sat
urday, and gossip had II that Daniel G.
Reid Will soon start on his trip to Eu-
rope, and that &. NJ. Baruch had post
poned his sailing date. But a market
without gossip would be like side show
without q barker. in the early part OF
the second hour the market revived and
showed come activity, but relapsed into
comparative dulness around noon. Such
features as we're conspicuous were
strong. and the bears we're lacking In
any movement OF short selling. The
Tobacco stocks continued 10 advance,
also American Snuff. In contrast to the
weakness Of Can common was Can pre-
ferred. which vas firm. The Texas Com
pany and Realty were among the strong
specialtes. and Brooklyn Rapid Transit
held It's bulish position. In the trading
Of the carly afternoon stocks failed 10
betray any weakness. but the stocks
which gave evidence Of any emphasized
strength we're few. The long drawn out
Baltimore contest seemed 10 get on the
nerves OF the customers in commission
houses, end there were many vacancies
among the stalUarts who daily keep
their eyes on the ticker and the boards
during the hours OF the Stock Exchange
session. The convention deadlock at Ral-
timore called for some discussion Of the
two prominent candidates, Wilson and
Clark, and the attitude Of the orator
publisher correspondents prohibitionist-
candidate, William Jennings Bryan. The
deep for even the keenest foresight OF
the Stock Exchange warriors, 50 by
unsignaled asquicscence rather than visi-
bic demonstration the leading traders
fell back into q waiting position and held
the reins ready for any signs of Cncour-
agement that might he Forthcoming.
The market closed with some irreg
ularty but majority ~ plus signs
visible 10 indicate the result OF the days
transactions. The news OF Importance
was general rather than special. The
volume Of new securities which have
appeared during the half year and the
international demand for capital caused
comment OH the Street. The money
prospects we're discussed by financial
men who keep close tab on the past,
present and future Of money, and by
some expression was given 70 the
thought that any general advancement
Of commerce will be attended 10y har-
dened money conditions, as the demand
will be very great coming from all
branches Of commerce. industry and pub
lie utility necessities. The Chinese loan,
Germanys financial requirements, the
railroad necessities Of this country. all
we're features which commanded atten-
ton. OF course there are those who look
with alarm on these developing giants
Of business, which possess tho dcyouring
qualities Of wolves in their quest for
money. but others who belong to the
ymphatic-sanguine class View the whole
as Incidental in the range Of growing
greatness and see only an era of more
wonderful financing made easy by tho
broader openings Of tho worlds grow tn
In people and resources. Bankers
throughout the United States os D class
are cheerful and believe that with good
crops our trade win respond with spon-
taineity. Good securities will also re
spond and the country will 80 march
ing on.
The preliminary estimate from Wash
ineton Of thc impressive record breaking
total oI foreign trade, reaching the
stupendous figures OF $1,000 100000 for
the fiscal year rather casts d damper
on the r.essimism ~ these who see only
business and financial restrictions ahead.
The railroads present a miSed array Of
returns, which cannot be accepted as de-
pr, ssing. Pcnnsylyania'S net gain was
AMY $4,000. while tho gross totalled
81, $1,000. On the other hand. missouri
Pacific showed a gross increase Of SIT
On0. while the net gain Vas given as
%921 900, and New York Central gained
500 600 I'm gross. but lost SoOOoo net.
The veteran railroad builder and de-
yclopcr 81 the Northwest, James j. Hill,
in his farewell address to his stock
holders. carried a strain of confidence
that inspired checrfuness. The Eu-
ropean money requirements were re-
pCrted 80 be heavy. and there was said
10 be an inclination On the part Of lead
crs to adopt conservative methods and
discourage further extensions on loans