New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1912-08-23
STOCK MARKET REVIEW
Indifferent Trading and Profit
Takinq Cause Lower Prices.

reflected in yesterday mornings MAJ
ket opening on the Stock Exchange
Bulls and bears were mixed in an ui'-
certain attempt by each trading con-
tingent TO force movement into d
well defined plane. but further than 10
cause irregularity OF price movements
no positive effect resulted. Cams Oh
some stocks and considerable losses III
others were recorded, and il seelneu
10 be anybodys battle while the Initial
demonstration was in progress 1he
coppers showed fractional advances
and United States Steel held its own
hut some other issues presented losses.
For the first hour following the open
ing the market displayed an inane APP
pearance. and trading had no force
either to send prices up or down.
There seemed to be more inclination TO
sell than 20 purchase stocks, but move
ments were deSultorY and decidedly
uninteresting. American Tobacco
sagged off. while Canadian Paciilc dld
q horizontal bar act OF letting itself
down and pulling UP again. FRONT
taking in Louisville & Nashville was
in evidence. but Atlantic Coast Line
slept quietly through the ordeal with
ont making any attempt TO join the
marty. It may easily be imagined how
slow the action of traders was when 1t
is revealed that there was scarcely en-
ergy sufficient to start the daily ru-
mors on their rounds. National Bis
cult showed strength and advanced on
p report that sales Of the company to
August / show gains and net gains
AS the time Of afternoon trading
moved along and the noon hour had
passed the market sank into a soggy
channel and heaviness settled over II.
particularly the railroad issues. The
Hill stocks displayed weakness, but
some Of the specials preserved an even
tone. Such expressions Of Judgment as
the positively poised traders gave out
were so antagonistic that no conclu-
sions could be drawn from the market
gossip further than to attempt to ex-
tract a preponderance of sentiment.
The bulls thought the market was
being prepared for a rise. while the
bears were certain its action indicated
lower prices. The equipment stocks,
which were the specially strong issues
in previous days. were indisposed
Yesterday. Nothing in the later trad
ing inspired developing interest and
the market followed course Of Ian
guorous trading. simply keeping above
the low points Of the day, from eXhaus-
ton of the selling inclination. It was
the tired out exhibition of professional
opposition, in which contest neither
side was supported by real public
patronage The commission houses
were discouraged, the traders dis
gusted and sentiment on the Street. in
general was more bearish than other
wise. The last prices Of the days
transactions were toward the lowest OF
the days quotations. There was no
action, no trend and no distinct tone.
except one of indifference, leaving the
market to drift and go in either direc-
ton which the slight current suggested.
The market appears TO be lodging
shadows, az nothing in the actual de-
velopments OF the day or fundamental
conditions warranted the suggestion of
weakness that was evidenced by the
declining prices and losses along the
general list at the close. Politics is
one Of the bugbears-at present a
purely imaginary trouble; higher
money rates some time this fan is an
other, but at present not indicated by
New York banks. and fear Of vague
something which nobody seems able to
define is a third one. All really favor
able factors are ignored, and time is
passing into the ages, carrying with II
opportunities lost and unknown. If the
stock market be repeating its per-
formances OF previous years, which
nave given IL tne CTeult OF 1OrecdStlnR
the future of business, then all the
sense and perception Of bankers, mer-
chants and manufacturers who have
been predicting coming prosperity must
be thrown into a receptacle for false
prophecy. For once, at least, it would
appear that the stock market is out OF
joint.