New-York tribune., 1912-08-16
STOCK MARKET REVIEW
Profit Taking Caused Some Re-
action and Irregular Closing.

The stock market yesterday in the
early part of the session presented a
mixed sentiment. Traders were in
clined TO better prices, but were open
for sure profits; SO there was some re-
alizing which caused a reaction, and'
aside from the specialties. the market
presented an appearance of weakness.
There was a decided effort to break
prices by bearish traders, but the buy
ing. as has been shown lately during
attempts of this kind, proved to have
more vitality than the selling inter-
ests, and offerings were easily alb
sorbed by a variety Of large interests.
One Of the issues which was particu-
larly strong was Great Northern ore.
It's popularity was assisted by a well
colored rumor that some special gains
would be distributed TO the certificate
holders this fall. Guggenheim EX-
ploration. which had been in the back
ground. came out strong and sold up.
Bethlehem Steel made an advance, and
was particularly strong and active.
There have been some statistical sharps
figuring out the value Of this security,
and the information was circulated
that at its present selling price Beth
lehem Steel is cheap. The same may
he said of several other stocks; the
only drawback to the bargain side of
the contract is whether they can be
sold at a profit. Canadian Pacific.
which is always attended with encour-
aging news when II is actively bullish,
sold at new high record on prospects
of valuable rights which traders We're
sure would soon be distributed. In the
Street there appeared 10 be an enlarg-
ing public interest. Commission houses
exhibited a better attendance and Or
ders were reported TO be coming from a
wider clientele by the Stock Exchange
houses. The market had spell Of in
activity which extended into the after
noon, but the undertone was too strong
for any vigorous display of bearish OPP
erations, and the market, like ship
at anchor, seemed 10 be riding easily,
waiting for the period of moving to
come. Erie shares, which have shown
better tendency recently, were strong.
United States Steel seemed to be in a
debatable position, but the bulls on the
stock said 1t was simply waiting, and
I that sooner than expected by traders
generally the stock would advance.
The bears, however, held TO the theory
that the short interest had been ex-
hausted and that technically the stock
was not in a position TO show q good
rise. The market as a whole did not
prove to have much spirit in its action.
except as a sort of defensive one. The
bears made attacks on stocks during
the afternoon, which caused some reac-
tion, but no declines which could be
characterized as features to show a
bearish trend. New York Central was
one Of the heavy issues, but its lack OF
stability did not find any satisfactory
explanation among the traders who
specialized in that stock. The close of
the market brought fairly good support
and prices made some recovery from
their low quotations Of the session
The news Of the day from London was
not discouraging, and American shares
had sufficient attention to make trad
ing active. The general money market
both in London and New York dis
played sufficient elasticity to provide
for the present indicated demands, and
conditions continued to offer favorable
| prospects.