New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1912-07-09
STOCK MARKET REVIEW
Irregular, with Weakness Pre-
dominating-SmalI ReCoveries.

Sentiment was so mixed yesterday
morning that the stock market was like
a ship without a rudder. Movements
could not be defined. and, while there
was an apparent weakness in the fluct-
uation OF prices, there were also sporadic
evidences Of strength, which left the
traders divided in their estimates of
future tendencies. Some Of the rails
looked strong, while the coppers dis
played an inclination to much lower
levels. Local fractions seemed TO be
firm. and Southern Railway followed its
Saturday start on the upward line and
showed an individual exception during
the first hour while the market was
TANNED by the bears. The professional
hammer users found some material for
their special purpose in the form Of the
reported loss by the local banks to the
sub-Treasury Of practically 100000
since last Friday. The uncertainty Of
inside information which was freely
distributed a few weeks ago IN reference
to the continuous upward movement in
the price Of American Tobacco has been
demonstrated during the last week. This
stock has gone sliding down the scale
during the last few days and shows n
decline from its high Of over % points.
The Hill stocks possessed vitality and
had a bull following on the improved
crop outlook. AtChison came along at a
rather frisky gait and attracted atten-
ton by its performances on the strong
side To Offset the strong position Of
the Hill stocks, Union Pacific was weak,
though on the surface there seemed to
be no real good reason why this stock
should sell down. But it did, and its
action affected the whole list. United
States Steel came under the weight OF
pressure and sold off. Canadian Pacific
was firm in this market, though foreign
reports reflected instability. In the early
afternoon there was an attack on prices
and sharp declines were recorded. The
decline was assisted by stop orders in
Steel around 20, and the contention Of
the bearish traders was that the market
had stop orders at different levels on
the way down and that they could all
be reached by liberal selling. The selling
Of Steel was rather unexpected by the
bulls, and the downward gliding Of the
stock was disconcerting to believers in
higher prices. All sorts Of theories were
talked over. 1t was argued that the Hill
issues were being supported to cover
liquidation in other stocks by big in
terests On the other hand, there was a
contingent Of the faithful who could dis
Germ an accumulation Of the good issues
whenever prices We're under pressure.
The whole market was so limited in its
speculative advances and declines that
any theory found sympathetic followers,
and the market was like d bobbin on
nibble In the late afternoon, the de-
cline appeared to be checked, but there
was not enough 10 force conviction Of a
bullish recovery. In the matter OF news
aside from the local bank reports, there
was nothing that carried a discouraging
tone. Crop reports appeared TO be eX-
cellent, and money was not in state OF
hardness to warrant apprehension. The
fundamental position Of business was as
strong as, if not stronger than, at any
time during this year. There was some
show Of a rally at the close, but It lacked
steam, and only small gains were made
on the low prices Of the day. London
did not contribute any encouraging signs
in reported market movements Ameri-
can shares were below parity, English
consols continued TO exhibit weakness