New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1912-05-03
STOCK MARKET REVIEW
Strong Opening but Quick Re-
action-Irreqular Closing.

The action OF the stock market !eS'ei
day, on the whole, was reassuring' Out
there were spots In it which indicated
heaviness, particularly in the late after
noon. when the market assumed dun
and rather irregular tone. THOSE VINO
were bearish In sentiment contendeo
that Wednesdays buying was simply 70
support the market and that the STOCKS
bought would be offered for sale at the
first favorable opportunity. on the
other hand. the bulls claimed that there
was a strong undertone which promised
higher prices. At the opening OF the
market there was considerable buying IN
evidence and gains were MADE IN sew
eral issues, but the high range lasted
for only a few minutes
Among the stocks which showed me
strongest advance was Canadian "a
cifc. which reached 25612, new high
record. Quick reaction brought the
arice to 254&4. American Smelling also
touched It's high point during this move
rnent. advancing 10 SSA Reading, Le-
high Valley and New York Central indi-
Gated accumulation. National Lead
among the specialties, reached 5s12' a
gain Of III, and there were fractlonai
advances in the Nevada Consolidated
Consolidated Gas and Sugar. American
Can common, following the prediction OF
It's supporters, made new high record
There was great deal OF bulllsh IN
formation on Reading. the friends OF
this old market leader confidently as
serted that at the coming dividend meet
ING beading would be placed on an per
cent basis
There was comparatively little selling
OF Steel, which is due probably to the
fact that there Is a dividend Of IA per
cent I'm the price. Bears are not In
clined to sell a stock short between the
declaration of the dividend and the time
Il Is to be deducted, as shorts at the
latter date have 10 pay the dividend.
While surmises as to what might have
happened cannot be accepted as more
than approximate, the fact that the
London Stock Exchange was closed on
Wednesday possibly helped the Steel
situation III this market. The London
market reopened after the May Day
holiday in a surprisingly cheerful mood,
with Steel common almost point
higher than at It's closing. American
Can rose to a new high record. and It's
London supporters express great conii-
dence in a continued rise.
Contrary to the expecta tons OF Lom-
bard Street, the Bank OF England did
not reduce it's discount rate, but money
conditions in both London and Paris
are easier, and the banking sentiment
throughout Europe is better. So far as
the news Of the day is concerned. there
was little TO indicate either bullish or
bearish sentiment. Viewing the situa-
ton as a whole, the public seems to
have been surfeited with so much of
politics, labor troubles and reports from
flooded sections and irregular business
that now there Is a lethargy. and senti-
ment seems to be assuming normal
attitude In business generally. This in
itself should have favorable effect on
investment issues as a natural reaction
and materially assist the markets sup
porters in an Upward movement II
any analogy can be drawn from past
performances, however, some prices Of
specialties which have been bulled IN
reasonably within the last two weeks
are dangerously near a point when a
break may come. In a market Of this
kind It is we'll to be cautious.